| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 29th | Poor |
| Demographics | 31st | Poor |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2000 Denison Ave, Cleveland, OH, 44109, US |
| Region / Metro | Cleveland |
| Year of Construction | 2009 |
| Units | 61 |
| Transaction Date | 2008-10-30 |
| Transaction Price | $50,000 |
| Buyer | DENISON ELDERLY LLC |
| Seller | REAGON DENNIS |
2000 Denison Ave Cleveland Multifamily Investment
Newer 2009 construction in an older-stock submarket positions this 61-unit asset to compete on quality while serving value-focused renters, according to WDSuite s CRE market data. Neighborhood occupancy has trended soft, so durable demand will hinge on workforce appeal and operational execution.
Neighborhood and Livability
The property sits in an inner-suburb location of Cleveland where the average building vintage skews early-1900s, while this asset s 2009 construction offers a relative quality edge and potential maintenance advantages versus much of the surrounding stock. Grocery access is a local strength (competitive nationally), while parks, pharmacies, cafes and childcare are limited in the immediate neighborhood.
Renter concentration inside the neighborhood is about two-fifths of housing units, indicating a workable tenant base but not a renter-dominant pocket. Within a 3-mile radius, tenure is roughly balanced with a slight renter tilt, which supports leasing depth for multifamily. Neighborhood occupancy sits below the metro average (ranked toward the lower end among 569 Cleveland Elyria neighborhoods), so underwriting should emphasize leasing efficiency and retention rather than aggressive rent-ups.
Household incomes nearby are lower relative to national benchmarks, and median contract rents in the neighborhood are also on the lower end, reinforcing a value-oriented renter profile and suggesting pricing power will be earned through asset quality and management. At the same time, broader 3-mile demographics show an improving income mix and modest population stabilization ahead, which can support steady absorption for well-positioned units.
Ownership costs in this area remain comparatively accessible, which can introduce competition from entry-level homeownership. For investors, that argues for careful product-market fit (functional layouts, clean finishes, and reliable operations) to sustain occupancy and limit turnover.
Safety Context
Relative to the Cleveland Elyria metro, this neighborhood ranks toward the higher-crime end (below metro average among 569 neighborhoods), and national comparisons place it in a lower safety percentile. For investors, this typically translates into a stronger emphasis on visible property standards, lighting, and resident engagement to support retention.
Trends can vary by block and over time, so operators often focus on professional management practices and coordination with local resources to help stabilize on-site conditions. Use submarket and property-level history in tandem with this neighborhood view when calibrating risk.
Employment Base and Commute Drivers
Proximity to downtown anchors helps support renter demand, with nearby roles across coatings, banking, and corporate services. Key employers include Sherwin-Williams, PNC Center, KeyCorp, Airgas, and a Time Warner Cable payment operations site.
- Sherwin-Williams D coatings & corporate (3.2 miles) D HQ
- PNC Center D banking offices (3.4 miles)
- Keycorp D banking HQ & corporate (3.4 miles) D HQ
- Airgas Merchant Gases D industrial gases offices (4.6 miles)
- Time Warner Cable Payment Center D corporate services (4.7 miles)
Why Invest
Built in 2009 with 61 units, the property is materially newer than surrounding neighborhood stock, offering competitive positioning versus older assets while still leaving room for targeted updates as systems age. Based on CRE market data from WDSuite, the immediate neighborhood shows softer occupancy and value-oriented rents, which points to an execution thesis centered on consistent operations, resident experience, and careful pricing to capture demand from the local workforce.
Within a 3-mile radius, households are projected to increase even as average household size trends smaller, indicating a larger tenant base over time and support for occupancy stability if units remain well-maintained and appropriately priced. More accessible ownership options in the area can create competition, but a clean, well-run 2009-vintage asset with smaller average unit sizes can resonate with renters prioritizing functionality and total housing cost.
- 2009 vintage offers a quality edge versus older neighborhood stock with manageable value-add potential
- Workforce demand supported by balanced renter concentration within 3 miles and downtown adjacent employment
- Operations-led thesis: focus on retention, cleanliness, and lighting/security to perform in a below-metro-average occupancy area
- Risk: competitive pull from accessible homeownership and neighborhood safety context requires disciplined leasing and pricing