| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 23rd | Poor |
| Demographics | 24th | Poor |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1946 E 79th St, Cleveland, OH, 44103, US |
| Region / Metro | Cleveland |
| Year of Construction | 1986 |
| Units | 40 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1946 E 79th St, Cleveland Multifamily Investment
Positioned in an inner-suburban pocket of Cleveland with steady renter demand, the asset benefits from a renter-leaning housing stock and improving neighborhood occupancy, according to WDSuite’s CRE market data.
This Inner Suburb neighborhood in Cleveland carries a C+ rating and sits in the lower half of the metro’s 569 neighborhoods by overall standing, indicating a value-oriented positioning rather than a premium address. Essentials are close at hand: neighborhood access to grocery, parks, and pharmacies ranks strong nationally, while cafe density is limited. For multifamily, this mix favors needs-based traffic over discretionary amenity seekers.
Construction skews older across the neighborhood, but this property’s 1986 vintage is materially newer than the local 1910s-era housing stock. That relative youth can offer a competitive edge on basic systems and layouts versus older comparables, while still leaving room for targeted modernization or value-add upgrades where returns pencil.
Renter concentration is high at the neighborhood level (a majority of occupied units are renter-occupied), supporting a broader tenant base for leasing and renewals. Neighborhood occupancy is under 100% and has improved over the past five years; investors should view this as progress from a soft baseline rather than full stabilization, with leasing strategy and turn management remaining important.
Within a 3-mile radius, demographics show a large working-age share and a renter-leaning tenure profile today, with forecasts calling for population and household growth over the next five years. That outlook points to a larger tenant pool and supports occupancy durability if assets are priced and operated to local incomes.
Home values in the immediate neighborhood are low in national context, which can introduce some competition from entry-level ownership. At the same time, neighborhood rent-to-income ratios indicate affordability pressure for some renters, suggesting operators should emphasize retention, expense control, and measured rent steps to sustain performance.
Safety metrics benchmark below both metro and national norms for this neighborhood, reflecting elevated incident rates relative to many peer areas in the Cleveland-Elyria metro (569 neighborhoods total). However, one-year trend data indicates meaningful declines in both property and violent offense estimates, placing recent improvement in a stronger band compared with many U.S. neighborhoods.
For underwriting, this context argues for prudent assumptions on security measures, insurance, and operating protocols, while recognizing that the directional trend has been favorable over the past year.
Nearby employers span telecom services, banking, and corporate headquarters in coatings and diversified industrials, supporting workforce housing demand and commute convenience for renters. Specifically, Time Warner Cable Payment Center, PNC Center, KeyCorp, Sherwin-Williams, and Parker-Hannifin are within a practical commute.
- Time Warner Cable Payment Center — telecom/customer services (2.03 miles)
- PNC Center — banking & financial services (2.85 miles)
- Keycorp — banking HQ (3.12 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (3.13 miles) — HQ
- Parker-Hannifin — diversified industrials (8.99 miles) — HQ
The 40-unit, 1986-vintage asset at 1946 E 79th St competes against much older neighborhood stock, offering practical differentiation on building systems and layouts while leaving room for targeted renovations. The surrounding neighborhood is renter-leaning, and, according to CRE market data from WDSuite, neighborhood occupancy has improved in recent years from a soft baseline. Within a 3-mile radius, projections indicate population and household growth over the next five years, supporting a larger renter pool and sustained leasing velocity if pricing aligns with local incomes.
Investors should balance these positives against measured risks. Low neighborhood home values can increase competition from entry-level ownership options, and rent-to-income levels point to affordability pressure that requires thoughtful rent setting and strong renewal practices. Safety benchmarks remain below metro averages, though recent declines in estimated offenses are a constructive sign.
- 1986 construction versus older neighborhood stock supports competitive positioning with selective value-add upside
- Renter-leaning neighborhood and 3-mile forecasts point to a larger tenant base and support occupancy stability
- Needs-based amenity access (grocery, parks, pharmacy) underpins everyday convenience and leasing durability
- Operational focus: manage affordability pressure with measured rent steps and renewal strategy
- Risk: below-average safety and low ownership costs may temper pricing power; recent crime trend improvement is a positive