| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Best |
| Demographics | 33rd | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1715 E 115th St, Cleveland, OH, 44106, US |
| Region / Metro | Cleveland |
| Year of Construction | 1976 |
| Units | 21 |
| Transaction Date | 2012-02-17 |
| Transaction Price | $119,747 |
| Buyer | NEW CIRCLE VISTAS LP |
| Seller | CASE WESTERN RESERVE UNIVERSITY |
1715 E 115th St Cleveland Multifamily Investment
Renter-occupied housing is prevalent at the neighborhood level, supporting depth of tenant demand, according to WDSuite s CRE market data. Investors should underwrite for active leasing management given uneven occupancy across nearby assets.
Situated in Cleveland s Inner Suburb context, the property benefits from strong day-to-day amenities: the neighborhood ranks 18th of 569 Cleveland Elyria neighborhoods for grocery density and 5th of 569 for restaurants, placing it firmly in the top quartile nationally for food access. Caf e9 availability also trends competitive, helping support resident convenience and leasing appeal.
Vintage matters for positioning. Built in 1976, the asset is newer than the neighborhood s average construction year of 1944 (430th of 569), which can provide a relative edge versus older stock. Investors should still budget for system updates typical of 1970s buildings while exploring value-add common-area and unit modernization.
Tenure patterns signal multifamily demand: renter-occupied units comprise a large share at the neighborhood level (ranked 32nd of 569), indicating a broad tenant base and potential leasing depth. At the same time, neighborhood occupancy has trailed many metro peers in recent years, so asset-level performance will hinge on execution, unit quality, and management discipline.
Within a 3-mile radius, demographics show a modest population contraction in the historical period but forecasts point to renewed growth and a meaningful increase in households, implying a larger tenant base ahead. Rising incomes in the 3-mile area and projected rent gains support achievable rent benchmarks, while elevated ownership costs relative to income in the neighborhood context can reinforce reliance on multifamily housing rather than ownership, aiding retention.
Safety indicators trail many Cleveland Elyria neighborhoods: the neighborhood s overall crime rank sits in the lower tier (519th of 569). In national terms, both violent and property offense rates align with lower safety percentiles. That said, property offenses show a recent year-over-year decline, which investors can monitor as a directional improvement rather than a definitive trend.
For underwriting, consider enhanced onsite controls, lighting, and partnerships with local patrols to support resident confidence and retention. Compare insurance, security, and turnover assumptions to similar Inner Suburb assets that operate successfully under comparable conditions.
The neighborhood sits within commuting distance of major Cleveland employers that draw a diversified workforce. Nearby corporate offices and headquarters support renter demand through steady employment and commute convenience, including Time Warner Cable, PNC, KeyCorp, Sherwin-Williams, and Parker-Hannifin.
- Time Warner Cable Payment Center telecom services (3.4 miles)
- PNC Center financial services (4.5 miles)
- Keycorp banking (4.7 miles) HQ
- Sherwin-Williams coatings (4.7 miles) HQ
- Parker-Hannifin industrial & motion control (7.5 miles) HQ
1715 E 115th St is a 21-unit, mid-1970s asset positioned near strong daily-needs amenities and major employment nodes. Based on commercial real estate analysis using CRE market data from WDSuite, the surrounding neighborhood exhibits high renter concentration and robust grocery/restaurant access, which can support leasing and resident convenience. The 1976 vintage is newer than much of the immediate housing stock, offering a platform for targeted renovations to enhance competitiveness.
Forward-looking indicators within a 3-mile radius point to population and household growth, with rent benchmarks projected to rise, expanding the local renter pool over time. Key underwriting considerations include below-average neighborhood occupancy, safety differentials versus metro peers, and affordability pressure for some renter cohorts; thoughtful capex, security, and unit-mix strategy can mitigate these risks and improve retention.
- High renter concentration at the neighborhood level supports a deeper tenant base and leasing stability.
- 1976 vintage offers value-add potential versus older neighborhood stock, with room for modernization.
- Amenity-rich location (top-tier grocery and restaurant density) enhances day-to-day livability and appeal.
- Forecast household growth within 3 miles expands the renter pool and supports rent targets over time.
- Risks: neighborhood safety ranks below metro average and occupancy volatility require active management and prudent underwriting.