| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Best |
| Demographics | 46th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 14050 Cedar Rd, Cleveland, OH, 44118, US |
| Region / Metro | Cleveland |
| Year of Construction | 1985 |
| Units | 82 |
| Transaction Date | 2007-12-07 |
| Transaction Price | $11,600,000 |
| Buyer | CEDAR & WARRENSVILLE APARMENTS LP |
| Seller | JEWISH COMMUNITY HOUSING INC |
14050 Cedar Rd Cleveland Multifamily Investment Opportunity
Neighborhood occupancy trends remain strong and support income stability, according to WDSuite’s CRE market data, with a renter-occupied housing base that offers depth for leasing. Location fundamentals in Cleveland’s inner suburb position the asset for durable demand while allowing selective repositioning.
Situated in an Inner Suburb of Cleveland with an A- neighborhood rating, the area performs above metro median (ranked 93 among 569 metro neighborhoods). High neighborhood occupancy supports leasing resilience, while the renter-occupied share of housing (around one-third) indicates a sufficiently deep tenant base without over-reliance on transient demand.
Daily-needs access is a relative strength: grocery and restaurant density are competitive among Cleveland-Elyria neighborhoods and land in the top quartile nationally, and pharmacies are even stronger. Childcare and park access are limited locally, which may modestly affect family-oriented appeal. Average school ratings in the neighborhood trail regional leaders, so investors should calibrate expectations for family-driven demand segments.
Vintage matters for positioning: built in 1985, the property is newer than much of the surrounding stock (area average construction year skews older), which can enhance competitive standing versus pre-1970s assets. That said, capital plans should still consider modernization of aging systems and common areas to capture value-add upside.
Within a 3-mile radius, demographics point to a larger tenant base over time: population and households have grown in recent years and are projected to expand further, with smaller average household sizes. This combination typically supports multifamily demand and occupancy stability. Local home values sit in a middle band for the region, and rent-to-income metrics suggest manageable affordability pressure, which supports retention while reinforcing disciplined rent management rather than aggressive pricing.
Safety indicators for the neighborhood are roughly around the metro median (ranked 295 out of 569 Cleveland-Elyria neighborhoods), indicating neither a top-quartile nor bottom-quartile position. Compared with neighborhoods nationwide, current readings suggest middling safety, but recent year-over-year trends point to meaningful improvement.
Property-related offenses show notable declines over the past year, and violent-offense rates have also moved lower, according to WDSuite’s data. For investors, the key takeaway is trajectory: while not among the highest-ranked for safety today, the direction of change has been positive, which can support leasing and retention if these gains persist.
The nearby employment base features a mix of headquarters and major corporate offices that underpin demand for workforce and professional rentals, supporting retention through commute convenience to Parker-Hannifin and Progressive’s campuses.
- Parker-Hannifin — diversified manufacturing (3.7 miles) — HQ
- Progressive — insurance (4.9 miles) — HQ
- Progressive Discovery Building — insurance operations (5.7 miles)
- Progressive Greens Building — insurance operations (6.5 miles)
- Time Warner Cable Payment Center — telecom offices (7.3 miles)
This 82-unit, 1985-vintage asset offers a balanced combination of occupancy stability and location fundamentals. Based on CRE market data from WDSuite, the neighborhood posts elevated occupancy versus metro norms with a renter-occupied housing share sufficient to sustain leasing without oversaturation. Strong access to daily needs (grocery, restaurants, pharmacies) bolsters livability, while the property’s newer-than-area-average vintage positions it competitively against older stock, with targeted renovations providing a path to value-add.
Within a 3-mile radius, recent and projected growth in population and households points to a larger tenant base and supports ongoing demand for rental units. Ownership costs are moderate for the region, and neighborhood rent-to-income readings imply manageable affordability pressure—favorable for retention and steady rent rolls—though operators should remain disciplined on renewal strategies.
- Elevated neighborhood occupancy supports income durability and lease-up confidence.
- 1985 construction offers competitive positioning versus older local stock, with targeted modernization upside.
- Strong proximity to major employers (Parker-Hannifin, Progressive) underpins workforce demand and retention.
- Daily-needs amenities are robust, supporting livability and resident satisfaction.
- Risks: school ratings below regional leaders, limited parks/childcare, and safety that is near metro median despite recent improvement.