| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 27th | Poor |
| Demographics | 31st | Poor |
| Amenities | 13th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 13606 Union Ave, Cleveland, OH, 44120, US |
| Region / Metro | Cleveland |
| Year of Construction | 2005 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
13606 Union Ave, Cleveland OH Multifamily Investment
2005-vintage, 48-unit asset positioned to compete against older local stock while tapping a mixed-tenure renter base; according to WDSuite’s CRE market data, neighborhood fundamentals favor workforce housing strategies over premium positioning.
Livability is shaped by an inner-suburb context with limited neighborhood-level amenities but reasonable access to everyday services at the broader Cleveland scale. Restaurant density tests strong versus neighborhoods nationwide (top quintile by national percentile), while cafes, groceries, parks, and pharmacies are comparatively sparse within the immediate neighborhood footprint. For investors, this points to demand anchored more by necessity-based living and commute patterns than lifestyle-driven retail.
The local housing stock skews older (average vintage early 1920s across the neighborhood), making a 2005-built property relatively modern and competitively positioned versus nearby assets. That age gap typically reduces near-term capital exposure to building systems while supporting renter preference for newer finishes; still, plan for periodic updates as the 2005 systems continue to season.
Neighborhood occupancy levels trend below both metro and national benchmarks, which suggests the need for disciplined leasing and resident retention programs. Renter-occupied share at the neighborhood level sits well below half, indicating a mixed-tenure area; in contrast, the 3-mile radius shows a near-even renter/owner split, providing a broader tenant pool for stabilized operations.
Within a 3-mile radius, recent years show population edging down while household counts held roughly stable, implying smaller household sizes. Forecasts point to modest population growth alongside a notable increase in households and further reductions in average household size by 2028, supporting a larger tenant base for multifamily and helping stabilize occupancy over time. Median contract rents in the 3-mile radius remain accessible relative to major coastal markets, yet rent-to-income dynamics in the immediate neighborhood indicate some affordability pressure, suggesting measured rent growth and active lease management.
Home values in the neighborhood are low in a national context, which can create some competition from ownership options. However, for renters prioritizing upfront cost and flexibility, multifamily can maintain relevance, particularly when paired with quality management and unit-level improvements that differentiate from older single-family alternatives.
Compared with Cleveland–Elyria neighborhoods (569 total), this area ranks in the lower tier for safety, indicating higher crime exposure than the metro average. Nationally, the neighborhood sits well below typical safety levels. Investors should underwrite with realistic assumptions for security measures and resident communication.
Trend-wise, property offenses show a year-over-year decline, which is a constructive signal, while violent offense indicators remain elevated. Framing safety at the neighborhood scale—not the property—supports balanced planning: incorporate appropriate lighting, access controls, and partnerships with local resources to support retention and leasing performance.
The employment base within a 6–8 mile radius includes corporate offices and headquarters that underpin steady commuter flows and workforce housing demand. Notable nearby employers include Airgas Merchant Gases, Time Warner Cable, PNC, Sherwin-Williams, and KeyCorp.
- Airgas Merchant Gases — industrial gases (5.4 miles)
- Time Warner Cable Payment Center — telecommunications offices (5.6 miles)
- PNC Center — financial services (5.8 miles)
- Sherwin-Williams — coatings & corporate offices (6.0 miles) — HQ
- KeyCorp — banking headquarters (6.1 miles) — HQ
Built in 2005 with 48 units averaging roughly 1,100+ square feet, the property offers a newer alternative to an older neighborhood housing base. That relative vintage advantage supports competitive positioning and moderated near-term capital needs, while unit size can appeal to renters seeking value and space. Based on CRE market data from WDSuite, neighborhood occupancy sits below metro norms, so performance will hinge on hands-on leasing, resident services, and selective unit upgrades rather than outsized rent pushes.
The 3-mile radius indicates a broad tenant pool with households expected to increase and average household size to trend lower by 2028, which can expand renter demand. Low surrounding home values can introduce ownership competition, but professionally managed, modernized multifamily stock often captures renters prioritizing flexibility, predictable costs, and updated finishes. Underwriting should balance value-add potential against affordability pressure in the immediate neighborhood.
- 2005 construction offers a competitive edge versus older local stock, with manageable near-term systems exposure.
- Larger average unit sizes support family and roommate demand segments, aiding leasing velocity.
- Growing household counts within 3 miles point to a wider tenant base and potential for steadier occupancy.
- Proximity to multiple corporate employers supports workforce housing demand and retention.
- Risks: below-metro neighborhood occupancy and affordability pressure require disciplined rent strategy, resident programs, and security planning.