| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Good |
| Demographics | 46th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 19640 Puritas Ave, Cleveland, OH, 44135, US |
| Region / Metro | Cleveland |
| Year of Construction | 1990 |
| Units | 106 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
19640 Puritas Ave Cleveland Multifamily Investment
Neighborhood occupancy has been resilient, with the area s apartment stock showing high utilization relative to the metro, according to WDSuite s CRE market data. A meaningful share of nearby housing is renter-occupied, supporting consistent demand for a 106-unit asset.
This Inner Suburb location sits within the Cleveland Elyria metro and is fundamentally renter-supported. The neighborhood s renter-occupied share of housing units is elevated (43.7%), indicating depth in the tenant base and potential demand stability for multifamily assets. Neighborhood occupancy trends are competitive among 569 Cleveland Elyria neighborhoods and sit in the top quartile nationally, a constructive signal for leasing and renewal performance.
Rent levels in the immediate neighborhood track below national norms (around the 30th percentile), which can provide room for disciplined repositioning while preserving leasing velocity. Median home values are also below national medians, and the value-to-income profile trends above the national midpoint; in practice, this high-cost ownership context for some households can reinforce renter reliance on multifamily housing and support pricing power over time.
Schools near the area average a mid-tier rating and rank within the top quartile among 569 metro neighborhoods, which can support family-oriented renter retention. Amenity density (cafes, grocery, parks, restaurants) is limited inside the neighborhood footprint, so residents may rely on nearby corridors for services; investors should account for this in marketing and resident experience planning.
Within a 3-mile radius, demographics show a stable population and a modest increase in households, with forecasts pointing to further household growth and smaller average household sizes through 2028. This points to a gradual renter pool expansion and supports occupancy stability. Income distribution in the 3-mile radius is mixed, with a sizable middle-income cohort, suggesting steady demand for well-managed workforce housing.
Safety indicators are mixed but improving. Overall crime performance sits slightly above the national midpoint, and the neighborhood s crime rank is above the metro median among 569 Cleveland Elyria neighborhoods. Recent trends are constructive: estimated property offenses declined sharply year over year (top quartile nationally for improvement), and violent offense rates also improved, ranking above the national median for year-over-year progress.
Investors should interpret these figures as neighborhood-level context rather than property-specific conditions and monitor ongoing trends as part of standard underwriting and asset management.
Proximity to diverse employers supports a broad renter base and convenient commutes, including TravelCenters of America, Texas Instruments, Sherwin-Williams, KeyCorp, and PNC Center.
- Travelcenters Of America travel centers & logistics (3.2 miles) HQ
- Texas Instruments semiconductors (3.3 miles)
- Sherwin-Williams coatings & corporate offices (8.7 miles) HQ
- Keycorp banking & corporate offices (8.8 miles) HQ
- PNC Center finance offices (9.0 miles)
Built in 1990, the asset is materially newer than the neighborhood s older housing stock, offering relative competitiveness versus pre-1970 inventory while leaving room for targeted modernization to enhance rents and retention. Neighborhood fundamentals are supportive: renter-occupied housing concentration is elevated, and occupancy performance is competitive in the metro and top quartile nationally both constructive for cash flow stability.
Within a 3-mile radius, population is steady and households are projected to grow, implying a larger tenant base and support for lease-up and renewals. According to CRE market data from WDSuite, local rent levels sit below national norms and ownership costs trend comparatively high for some households, which can sustain rental demand; however, amenity scarcity and mixed income profiles warrant disciplined expense control and thoughtful resident programming.
- 1990 vintage offers competitive positioning versus older neighborhood stock with value-add upgrade potential
- Elevated renter-occupied share and top-quartile neighborhood occupancy support demand and retention
- 3-mile household growth outlook suggests a gradually expanding renter pool
- Submarket rents below national norms enable strategic renovations without sacrificing leasing velocity
- Risks: limited amenity density and varied incomes require careful pricing, marketing, and expense management