| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Poor |
| Demographics | 41st | Fair |
| Amenities | 30th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 16015 Lake Shore Blvd, Cleveland, OH, 44110, US |
| Region / Metro | Cleveland |
| Year of Construction | 1982 |
| Units | 24 |
| Transaction Date | 2021-09-14 |
| Transaction Price | $3,750,000 |
| Buyer | LAKESHORE BEACH OWNER LLC |
| Seller | CLEVELAND LEASED HOUSING ASSOCIATES I |
16015 Lake Shore Blvd Cleveland Multifamily Investment
Investor takeaway: a high renter-occupied share in the surrounding neighborhood points to a deep tenant base and steady leasing potential, according to WDSuite s CRE market data.
Located in Cleveland s inner-suburb fabric, the area around 16015 Lake Shore Blvd skews renter-heavy, which supports multifamily demand depth and day-one leasing velocity. Neighborhood occupancy trends have been steady rather than tight, suggesting disciplined underwriting on renewal assumptions and modest lease-up pacing for renovated units.
Amenity access is mixed. Dining options are comparatively dense (top quartile nationally for restaurant presence), while everyday conveniences like groceries, pharmacies, parks, and cafes are sparse within the immediate neighborhood. For residents, this dynamic often shifts routine trips to nearby corridors, a consideration for marketing toward car-reliant renters.
The property s 1982 construction is newer than the neighborhood s older housing stock profile. That vintage can offer a competitive edge versus prewar buildings on systems and layouts, though investors should still anticipate selective modernization to drive rent premiums and reduce near-term capital risk.
Within a 3-mile radius, recent years show flat-to-soft population trends but projections indicate an increase in households and population ahead, implying a larger renter pool over the medium term. Paired with rising median incomes locally, this supports demand formation even as affordability management remains central to commercial real estate analysis.
Safety indicators in the immediate neighborhood track below both national and metro norms. The area s crime rank is in the lower tier relative to Cleveland s 569 neighborhoods, signaling that investors should account for security measures and property management practices when underwriting.
Trends are mixed: property offenses show a notable one-year decline (competitive improvement relative to many neighborhoods nationwide), while violent offense measures have moved in the opposite direction recently. For risk management, position on-site protocols, lighting, and coordination with local resources as part of operating plans rather than as assumptions in rent growth.
Employment anchors within commuting range include Progressive, Parker-Hannifin, Time Warner Cable operations, and Progressive s nearby campuses. Their presence supports workforce housing demand and can aid retention for residents prioritizing commute convenience.
- Progressive Greens Building 2 corporate offices (6.5 miles)
- Progressive 2 insurance 2 (6.8 miles) 2 HQ
- Time Warner Cable Payment Center 2 telecom offices (6.9 miles)
- Progressive Discovery Building 2 corporate offices (6.9 miles)
- Parker-Hannifin 2 industrial & engineering (7.5 miles) 2 HQ
This 24-unit asset, built in 1982, offers relative competitiveness versus the area s older housing stock while leaving room for targeted upgrades to capture rent lift and reduce reactive maintenance. The surrounding neighborhood shows a high share of renter-occupied housing, supporting a deeper tenant base; occupancy trends are stable but not tight, favoring conservative renewal and lease-up assumptions. Based on CRE market data from WDSuite, local home values are low compared with many markets, which can increase competition from ownership alternatives; pairing value-oriented positioning with renovations can sustain pricing while protecting retention.
Within a 3-mile radius, projections point to population growth and a material increase in households over the next cycle, indicating renter pool expansion that supports occupancy stability. Rising household incomes alongside forecast rent gains signal room for disciplined rent management, but affordability pressure and safety considerations warrant active operations and resident experience investments.
- 1982 vintage newer than neighborhood average, enabling competitive positioning with focused modernization
- High neighborhood renter concentration supports leasing depth and renewal potential
- 3-mile outlook indicates population and household growth, underpinning demand and occupancy stability
- Low local ownership costs may compete with rentals 2 2position value and upgrades to sustain pricing power
- Risks: below-average safety metrics and limited nearby conveniences; mitigate via security, resident services, and conservative underwriting