| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Poor |
| Demographics | 52nd | Fair |
| Amenities | 10th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1476 Warrensville Center Rd, Cleveland, OH, 44121, US |
| Region / Metro | Cleveland |
| Year of Construction | 1977 |
| Units | 100 |
| Transaction Date | 2001-03-19 |
| Transaction Price | $2,515,000 |
| Buyer | WARRENSVILLE SENIOR HOUSING LTD |
| Seller | WARRENSVILLE MANOR DEVELOPMENT COMPANY |
1476 Warrensville Center Rd Cleveland Multifamily Investment
Positioned in an inner-suburban pocket of Cleveland where neighborhood occupancy trends sit near national norms and renter demand is supported by major employers, according to WDSuite s CRE market data. The 1977 vintage offers a competitive edge versus older local stock while leaving room for targeted upgrades.
This inner-suburb location balances workforce access with steady renter demand. Neighborhood occupancy is around the national mid-point, and contract rents track below fast-growth markets, supporting retention and lease stability for value-focused assets. The neighborhood ranks 373 out of 569 for occupancy, indicating performance near the metro median in the Cleveland Elyria area based on WDSuite s commercial real estate analysis.
Amenity density inside the neighborhood footprint is limited (amenities rank 463 of 569), though dining options are comparatively better (restaurants density competitive among Cleveland Elyria neighborhoods). Schools rate below national norms (around the lower quartile nationally), which investors may weigh when positioning unit mixes and marketing. These are neighborhood-level indicators and not property-specific performance metrics.
Tenure patterns indicate a meaningful renter base: the neighborhood s renter-occupied share is above the national median, and within a 3-mile radius renters account for roughly a third of housing units. This supports a stable tenant pool, particularly for well-managed, mid-market apartments.
Within a 3-mile radius, population has inched up in recent years and households increased, with projections pointing to additional household growth over the next five years. That trend expands the local renter pool and underpins occupancy stability, even as household sizes edge smaller. Elevated homeownership accessibility in the immediate area can introduce some competition from ownership alternatives, but it also reinforces the value proposition for professionally operated rentals at attainable price points.
Vintage matters: built in 1977 versus a neighborhood average from the 1950s, the asset skews newer than much of the surrounding stock. That positioning can help on leasing, while still leaving room for modernization of interiors, common areas, and building systems to capture outsized value-add returns.
Safety indicators for the neighborhood sit around the metro middle of the pack (crime rank near the median among 569 Cleveland Elyria neighborhoods). Compared with neighborhoods nationwide, safety levels trend below the national median, but recent year-over-year data show notable declines in both violent and property offenses, which is a constructive signal for long-term stabilization.
Investors should treat these as neighborhood-level trends rather than block-specific conditions, monitor ongoing trajectories, and align security measures, lighting, and resident engagement accordingly.
Nearby anchor employers create a sizable commuter base and support weekday leasing stability, led by manufacturing, insurance, banking, and coatings headquarters: Parker Hannifin, Progressive (including nearby campuses), PNC Center, KeyCorp, and Sherwin Williams.
- Parker-Hannifin diversified manufacturing (4.0 miles) HQ
- Progressive insurance (4.6 miles) HQ
- Progressive Discovery Building insurance operations (5.3 miles)
- Progressive Greens Building insurance operations (5.8 miles)
- PNC Center banking offices (8.0 miles)
- KeyCorp banking (8.3 miles) HQ
- Sherwin Williams coatings & corporate (8.3 miles) HQ
The property s 1977 construction is newer than much of the surrounding 1950s-era stock, offering relative competitiveness on fundamentals while leaving scope for targeted capital projects to refresh interiors and systems. Neighborhood occupancy trends sit near national and metro medians, and the rent-to-income profile indicates attainable rents that can support retention without overextending residents, according to CRE market data from WDSuite.
Within a 3-mile radius, modest population growth and a projected increase in households suggest a larger tenant base over the next five years. Proximity to several headquarters-scale employers supports weekday traffic and lease stability. Counterbalances include below-average school ratings and a more accessible ownership market locally, which may moderate pricing power and place a premium on operational execution.
- Newer 1977 vintage than nearby stock, with value-add and modernization upside
- Occupancy around metro/national medians supports stable leasing expectations
- Attainable rent-to-income profile aids retention and steady cash flow
- Access to major employers (HQs and campuses) bolsters renter demand
- Risks: limited neighborhood amenities, below-average school ratings, and potential competition from ownership options