| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Good |
| Demographics | 46th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 19350 Puritas Ave, Cleveland, OH, 44135, US |
| Region / Metro | Cleveland |
| Year of Construction | 1981 |
| Units | 101 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
19350 Puritas Ave Cleveland Multifamily Investment
Neighborhood occupancy trends are holding in the higher tier for the metro, according to WDSuite's CRE market data, supporting a case for steady leasing and retention for professionally managed assets. Note these are neighborhood-level signals, not property performance.
Situated in Cleveland’s Puritas area (inner suburb), this location favors housing fundamentals over lifestyle amenities. Local retail, parks, cafes, and daily services are limited within the immediate neighborhood, so residents typically drive to nearby West Side corridors for shopping and employment. School quality ranks 91 out of 569 metro neighborhoods (top quartile locally) and sits above national medians by percentile, which can help attract and retain workforce households.
Operations-wise, the neighborhood’s occupancy ranks 156 out of 569—above the metro median—and places in the top quartile nationally by percentile, indicating demand depth that supports lease stability. The share of renter-occupied housing is 43.7% (ranked 128 of 569), a top-quartile renter concentration among Cleveland–Elyria neighborhoods, reinforcing the depth of the tenant base for multifamily.
The asset’s 1981 construction is materially newer than the neighborhood’s average vintage of 1951, which can improve competitive positioning versus older local stock. Investors should still plan for targeted system upgrades and strategic renovations to meet current renter expectations and preserve relative advantage.
Within a 3-mile radius, population has been relatively steady while household counts are projected to increase, pointing to smaller average household sizes and a gradually expanding renter pool. Neighborhood rent-to-income levels sit near national midranges—supportive of retention and measured pricing—while lower local home values are balanced by ownership costs that rank higher relative to incomes within the metro. This combination can sustain reliance on rental housing and support occupancy stability.
Safety indicators are mixed and should be viewed comparatively. Within the Cleveland–Elyria metro, the neighborhood’s overall crime rank is 258 out of 569, indicating conditions that merit standard operating vigilance. Nationally, overall crime trends modestly better than the U.S. median by percentile, while violent incidents track below national medians. Property offenses show notable year-over-year improvement, landing in the top quintile nationally for the downtrend—an encouraging directional signal to monitor.
For underwriting, investors typically emphasize on-site controls (lighting, access, staffing) and compare to comps with similar metro ranks. Continued monitoring of trend data is prudent.
Nearby corporate nodes support commuter convenience and a steady renter base, led by TravelCenters of America, Texas Instruments, Sherwin-Williams, KeyCorp, and PNC Center within roughly 3–9 miles.
- TravelCenters of America — corporate offices (3.4 miles) — HQ
- Texas Instruments — semiconductor offices (3.5 miles)
- Sherwin-Williams — coatings & corporate (8.6 miles) — HQ
- KeyCorp — financial services (8.7 miles) — HQ
- PNC Center — financial offices (8.9 miles)
A 101-unit 1981-vintage asset offers scale and a competitive age profile versus an older local housing stock, supporting positioning among workforce renters while leaving room for value-add through targeted modernization. Neighborhood occupancy trends above the metro median and in the top quartile nationally by percentile suggest a supportive backdrop for lease-up and retention, according to CRE market data from WDSuite. Within a 3-mile radius, households are projected to expand and average household size to edge lower—both consistent with a larger tenant base and sustained multifamily demand.
Affordability dynamics are balanced: rent-to-income at the neighborhood level sits near national midranges—supportive of retention—while ownership costs relative to incomes rank high within the metro, reinforcing reliance on rentals despite generally lower home values. Amenity density is limited locally, and the property’s age still requires ongoing capital planning, but fundamentals and employer access provide a workable platform for durable operations.
- Occupancy above metro median with nationally competitive standing supports lease stability
- 1981 vintage is newer than area average, with potential to add value via targeted upgrades
- Expanding household counts within 3 miles point to a larger tenant base over the forecast period
- Balanced affordability profile can aid retention while preserving measured pricing power
- Risks: limited nearby amenities, mixed safety signals within the metro, and ongoing capex for 1980s systems