| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Poor |
| Demographics | 52nd | Fair |
| Amenities | 10th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1496 Warrensville Center Rd, Cleveland, OH, 44121, US |
| Region / Metro | Cleveland |
| Year of Construction | 1982 |
| Units | 101 |
| Transaction Date | 2007-12-07 |
| Transaction Price | $11,600,000 |
| Buyer | CEDAR & WARRENSVILLE APARMENTS LP |
| Seller | JEWISH COMMUNITY HOUSING INC |
1496 Warrensville Center Rd Cleveland Multifamily Opportunity
Neighborhood occupancy sits in the low 90s with steady renter demand, according to WDSuite’s CRE market data, suggesting durable leasing fundamentals for a 101-unit asset. The 1982 vintage is newer than much of the area stock, supporting competitive positioning with targeted upgrades.
Located in Cleveland’s inner suburb of Cuyahoga County, the property benefits from a neighborhood occupancy rate of about 91.5% (above the national midpoint), indicating generally stable lease-up and renewal patterns at the neighborhood level. The neighborhood’s renter-occupied share is measured separately from occupancy; locally, renter concentration is moderate, and within a 3-mile radius renters account for roughly one-third of housing units, supporting a workable tenant base for multifamily.
Vintage matters: the asset was built in 1982, while the neighborhood’s average construction year skews older (1957; rank 334 out of 569 metro neighborhoods). Being newer than much of the surrounding stock can aid competitiveness versus older comparables, though investors should still underwrite modernization of interiors and building systems as needed to meet current renter preferences.
Livability signals are mixed. Restaurant density is competitive among Cleveland–Elyria neighborhoods (rank 265 of 569), but broader amenity access (grocery, parks, cafes, childcare) rates lower locally, which can influence leasing velocity and marketing strategy. Average school ratings in the area are below national medians, which may weigh on family-oriented demand; positioning toward workforce and price-sensitive renters could be effective.
Income levels benchmark slightly above national medians at the neighborhood level, and within 3 miles both median and mean household incomes have trended higher over the last five years. Home values remain comparatively accessible for the region, and the neighborhood’s low rent-to-income ratio signals manageable rent burdens—conditions that can support retention while offering room for disciplined rent growth and revenue management.
Demographics aggregated within a 3-mile radius point to modest population growth historically and a projected increase ahead alongside a decline in average household size. That combination typically expands the renter pool and supports occupancy stability, even if household formation outpaces population growth.
Safety indicators sit around the metro middle: the neighborhood’s crime rank is 292 out of 569 Cleveland–Elyria neighborhoods, placing it near the regional median. Compared with neighborhoods nationwide, overall safety is close to average, though violent and property offense measures trend below the national median.
Recent momentum is constructive. Estimated violent and property offense rates both declined materially over the last year, according to WDSuite’s data. For investors, the key takeaway is a neighborhood tracking near metro norms with improving year-over-year trends—useful for underwriting assumptions, while still warranting prudent security and operating practices.
Proximity to major employers supports workforce housing demand and commute convenience, notably anchored by Parker-Hannifin and Progressive’s nearby facilities, plus regional telecommunications operations. These job centers can help deepen the renter pool and aid retention.
- Parker-Hannifin — diversified industrial manufacturing (4.0 miles) — HQ
- Progressive — insurance (4.6 miles) — HQ
- Progressive Discovery Building — insurance offices (5.3 miles)
- Progressive Greens Building — insurance offices (5.8 miles)
- Time Warner Cable Payment Center — telecommunications (7.0 miles)
This 101-unit, 1982-built asset sits in a neighborhood with occupancy around the low 90s and a moderate share of renter-occupied units—signals that point to a stable tenant base and manageable turnover. Rents and the rent-to-income ratio benchmark favorably, indicating retention support with potential for measured pricing gains. According to CRE market data from WDSuite, the area’s restaurant access is competitive locally while broader amenities and schools are mixed, suggesting value-oriented positioning and targeted upgrades can sharpen leasing performance.
Within a 3-mile radius, population and household counts are trending upward and are projected to continue growing, with smaller average household sizes that typically expand the renter pool. The property’s newer-than-neighborhood vintage provides a competitive edge versus older stock, while still allowing for value-add through unit renovations, common-area refreshes, and system modernization. Key risks to underwrite include modest amenity depth and below-median school ratings, balanced by proximity to major employers and improving safety trends.
- Low-90s neighborhood occupancy and moderate renter concentration support demand stability
- 1982 vintage is newer than area average, enabling competitive positioning with targeted upgrades
- Rising incomes and manageable rent-to-income ratios favor retention and calibrated rent growth
- Nearby anchors (Parker-Hannifin, Progressive) deepen the workforce renter pool
- Risks: limited amenity depth and below-median school ratings may temper leasing velocity