| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 74th | Best |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 16650 Van Aken Blvd, Cleveland, OH, 44120, US |
| Region / Metro | Cleveland |
| Year of Construction | 1984 |
| Units | 82 |
| Transaction Date | 2014-11-26 |
| Transaction Price | $4,545,000 |
| Buyer | CAMPBELL COURT LP |
| Seller | SHAKER HEIGHTS HOUSING ASSOCIATES |
16650 Van Aken Blvd, Cleveland OH — Income-Oriented Apartment Asset
Neighborhood fundamentals point to a stable renter base and competitive positioning for a 1984-vintage building, according to CRE market data from WDSuite. Investor focus: sustained renter demand from nearby employment centers and schools rather than outsized rent growth.
Located in an Inner Suburb of the Cleveland–Elyria metro (neighborhood rating: B+), the area ranks 162 out of 569 metro neighborhoods, placing it above the metro median. Grocery access is a relative strength (competitive nationally), and restaurants are reasonably available, while parks, pharmacies, and cafes are limited—suggesting everyday convenience with some amenity gaps.
School quality is a notable upside for leasing: the average school rating is 4.0 out of 5, ranked 38 of 569 metro neighborhoods—top quartile locally and strong versus the 84th national percentile. This can aid retention for family-oriented renters and support steady demand.
Renter demand is supported by tenure patterns and incomes. Within a 3-mile radius, 43.3% of housing units are renter-occupied, indicating a sizable tenant pool. Median household incomes in the immediate neighborhood are high relative to the metro, and the rent-to-income ratio benchmarks favorably, which can mitigate affordability pressure and help lease stability.
Demographic trends within a 3-mile radius point to incremental support for occupancy: over the last five years, household counts increased while average household size declined, indicating more households even with relatively flat population. Forward-looking data shows projected growth in both households and incomes by 2028, which would expand the renter pool and support pricing resilience. Neighborhood occupancy is around the metro median with some softening over five years; investors should underwrite prudent lease-up and renewal assumptions.
Vintage matters here: the property was built in 1984, newer than the neighborhood’s average 1950 stock. That relative youth can offer competitive positioning versus older buildings, though investors should plan for ongoing system updates and selective renovations to meet current renter expectations.
Safety indicators are mixed but broadly competitive within the region. The neighborhood’s crime rank is 278 out of 569 metro neighborhoods—roughly above the metro median. Nationally, the overall safety reading sits around the 53rd percentile, indicating it compares slightly better than the average neighborhood nationwide.
Trend signals are nuanced: estimated property offenses declined materially year over year (stronger improvement relative to many areas), while estimated violent offense rates rose over the same period. Investors should consider standard security measures and lighting, and continue to monitor local trends alongside citywide initiatives.
Proximity to major employers supports workforce housing demand and commute convenience. Nearby anchors include Parker-Hannifin, Airgas, Time Warner Cable, PNC, and Sherwin-Williams—providing a diversified white-collar employment base that can help sustain renter demand and renewal rates.
- Parker-Hannifin — industrial/manufacturing HQ offices (6.0 miles) — HQ
- Airgas Merchant Gases — industrial gases (6.3 miles)
- Time Warner Cable Payment Center — telecom/customer services (6.5 miles)
- PNC Center — financial services offices (6.9 miles)
- Sherwin-Williams — coatings/corporate (7.1 miles) — HQ
This 1984-vintage, 82-unit asset in an Inner Suburb location benefits from a sizable renter pool, competitive school quality, and proximity to diversified employers. Compared with the neighborhood’s older 1950 average stock, the vintage provides a relative edge, while still warranting capital planning for systems modernization and selective value-add to meet current renter preferences. Neighborhood occupancy trends sit near the metro median, suggesting stable but not overheated demand; underwriting should emphasize retention and steady lease management.
Home values in the immediate area are elevated for the region, which helps reinforce reliance on multifamily rentals, while grocery and restaurant access support livability despite some amenity gaps. According to CRE market data from WDSuite, local incomes benchmark well and rent-to-income levels indicate manageable affordability pressure—factors that can support rent collections and renewal rates alongside prudent expense controls.
- Newer-than-neighborhood vintage (1984) offers competitive positioning versus older local stock, with targeted upgrades for modernization.
- Sizable renter base within a 3-mile radius and strong school ratings support occupancy stability and renewal potential.
- Proximity to diversified employers (industrial, financial, corporate HQs) underpins steady workforce housing demand.
- Favorable rent-to-income dynamics and elevated local ownership costs support pricing resilience and collections management.
- Risks: amenity gaps, recent mixed safety trends, and metro-level occupancy softening warrant conservative lease-up and capex planning.