| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 73rd | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2018 Center St, Cleveland, OH, 44113, US |
| Region / Metro | Cleveland |
| Year of Construction | 2000 |
| Units | 30 |
| Transaction Date | 2000-03-20 |
| Transaction Price | $300,000 |
| Buyer | STONEBRIDGE WATERPOINT INC |
| Seller | CLEVELAND METAL PRODUCTS CO INC |
2018 Center St Cleveland Multifamily Investment
Urban-core setting with a deep renter base and newer 2000 vintage positions this 30-unit asset for steady leasing, according to WDSuite s CRE market data. Neighborhood rents trend on the higher side locally, reinforcing demand while still requiring disciplined operations.
Located in Cleveland s Urban Core, the property benefits from a concentrated renter-occupied housing base at the neighborhood level, indicating a sizable tenant pool for multifamily. Neighborhood rents benchmark above many metro peers, which can support pricing power for well-managed assets, though maintaining occupancy may still require active leasing strategies.
Lifestyle access favors urban renters: restaurants are abundant (among the highest concentrations metro-wide), parks are plentiful (top tier nationally), and grocery access ranks above the metro median. In contrast, cafes and pharmacies are relatively sparse within the immediate neighborhood, so day-to-day convenience skews toward dining, parks, and basic shopping rather than boutique services.
The average neighborhood construction year is older than the subject s 2000 vintage. Being newer than much of the local stock can help the property compete on features and building systems; investors should still plan for targeted modernization to support lease retention and rent premiums versus aging comparables.
Within a 3-mile radius, household counts have increased and are projected to grow further, pointing to a larger tenant base and more renters entering the market over the next five years. Population growth is modest today but is expected to accelerate, and smaller average household sizes over time typically support steady demand for multifamily units. Based on CRE market data from WDSuite, these local dynamics compare favorably to many U.S. urban districts with similar demographics and amenity mixes.
Safety indicators for the neighborhood trail metro and national benchmarks, placing the area below average compared to U.S. neighborhoods. Investors should underwrite with prudent assumptions for security measures and tenant communications, consistent with Urban Core environments.
That said, recent year-over-year declines in both property and violent offense estimates suggest improving trend lines, according to WDSuite s CRE market data. Monitoring trajectory and block-to-block variability remains important in leasing and asset management plans.
Proximity to major downtown employers supports commuter convenience and renter demand, led by headquarters and offices in finance and manufacturing that help stabilize weekday populations. The employers below reflect the near-term catchment for residents seeking short commute times.
- Sherwin-Williams manufacturing HQ (0.6 miles) HQ
- KeyCorp banking HQ (0.7 miles) HQ
- PNC Center banking/office (0.9 miles)
- Time Warner Cable Payment Center telecom offices (2.3 miles)
- TravelCenters of America transportation services (10.2 miles) HQ
Built in 2000, the property is newer than much of the surrounding inventory, offering competitive positioning versus older Cleveland stock while leaving room for selective upgrades to capture premiums. The neighborhood shows a high share of renter-occupied housing units and above-median rent benchmarks, supporting a deep tenant base and potential pricing durability for well-executed operations. Based on CRE market data from WDSuite, household growth within a 3-mile radius and an expanding working-age cohort point to a larger renter pool over the next five years, which can support occupancy stability.
Key considerations include neighborhood occupancy running below many metro peers and safety metrics that lag national norms, both of which call for active leasing, asset-level security, and measured rent growth assumptions. Homeownership remains relatively accessible in the broader region, which may temper long-term pricing power; however, proximity to major employers and dense urban amenities helps sustain renter demand.
- Newer 2000 vintage vs. older local stock supports competitive positioning with targeted modernization upside.
- Deep renter base and above-median neighborhood rents underpin demand and potential pricing resilience.
- 3-mile household growth and strong employer proximity expand the tenant pool and support leasing.
- Risks: below-metro occupancy and below-average safety require proactive leasing and security planning.
- Relatively accessible ownership options may limit rent upside; focus on retention and value-add features.