| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 22nd | Poor |
| Demographics | 30th | Poor |
| Amenities | 40th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1821 Noble Rd, Cleveland, OH, 44112, US |
| Region / Metro | Cleveland |
| Year of Construction | 1986 |
| Units | 65 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1821 Noble Rd Cleveland — 1986 Multifamily, 65 Units
Newer construction than surrounding 1920s housing positions this asset competitively for workforce renters even as the neighborhood’s occupancy trends lag metro norms, according to WDSuite’s CRE market data.
Livability leans toward daily necessities over lifestyle amenities. Grocery access is comparatively strong and childcare density is high, while parks, pharmacies, and cafes are limited. For investors, this supports workforce demand but suggests fewer amenity-driven rent premiums.
The 1986 vintage stands materially newer than nearby 1920s-era stock, often translating into relative competitiveness versus older walk-ups. Targeted modernization of systems and interiors can add value without the heavier repositioning typically required by prewar buildings.
Within a 3-mile radius, renter-occupied housing represents roughly half of units, indicating a meaningful tenant base for multifamily. Neighborhood-level median contract rents are on the lower end locally, which can aid lease-up and retention but may temper near-term rent growth. Home values are also lower than most U.S. neighborhoods, creating potential competition from ownership and moderating pricing power.
Demographic metrics aggregated within a 3-mile radius point to smaller household sizes ahead and an increase in total households, implying a larger tenant base and support for occupancy stability for well-positioned assets. School ratings trend lower relative to national benchmarks, which can matter for family-oriented mixes but is less determinative for smaller-format apartments.
Safety benchmarks sit below metro and national averages for this neighborhood, placing it below the metro median among 569 Cleveland-Elyria neighborhoods. Underwriting should account for enhanced security and active on-site management to support resident retention.
Year-over-year momentum is mixed: estimated property offenses have improved, while violent offense measures have edged higher. In comparative terms, the area remains below average for safety nationally, but improving property crime trends are a constructive signal to monitor over subsequent periods.
Nearby employment includes telecom operations and major insurance and industrial headquarters within a short commute, supporting workforce renter depth and day-to-day leasing stability.
- Time Warner Cable Payment Center — telecom services (5.7 miles)
- Progressive — insurance (6.0 miles) — HQ
- Parker-Hannifin — industrial manufacturer (6.1 miles) — HQ
- Progressive Discovery Building — insurance operations (6.5 miles)
- Progressive Greens Building — insurance operations (6.6 miles)
Built in 1986, this 65-unit asset is materially newer than the surrounding 1920s-vintage neighborhood stock, offering relative competitiveness on building systems and curb appeal while still presenting value-add potential through targeted updates. Neighborhood rents skew toward the lower end of the metro, aiding absorption and retention, and grocery/childcare access supports day-to-day livability for workforce renters. According to CRE market data from WDSuite, neighborhood occupancy trends run below metro norms, so leasing strategy and concessions discipline will matter.
Within a 3-mile radius, projections indicate growth in total households alongside smaller household sizes, which can expand the renter pool and support occupancy stability for well-managed properties. Ownership costs remain comparatively low locally, which may create competition from for-sale options and could moderate pricing power; underwriting should balance this with proximity to large employers and the asset’s newer vintage versus much of the immediate competition.
- 1986 vintage offers competitive positioning versus predominantly 1920s neighborhood stock, with targeted value-add potential.
- Workforce-oriented location with strong grocery/childcare access and major employers within a short commute supports leasing.
- Lower neighborhood rent levels aid absorption and retention; household growth within 3 miles points to a larger tenant base.
- Key risks: below-average safety benchmarks, softer neighborhood occupancy vs. metro, and competition from relatively low-cost ownership.