| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 28th | Poor |
| Demographics | 36th | Poor |
| Amenities | 88th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3100 Devonshire Rd, Cleveland, OH, 44109, US |
| Region / Metro | Cleveland |
| Year of Construction | 1980 |
| Units | 68 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3100 Devonshire Rd, Cleveland Multifamily Investment
Amenity-dense inner-suburb location with stable renter demand signals and potential value-add upside, according to WDSuite’s CRE market data for the neighborhood and surrounding area. Neighborhood occupancy trends sit below national norms, but proximity to jobs and daily needs can help support leasing durability.
Cleveland’s inner-suburb setting around 3100 Devonshire Rd is competitive among Cleveland-Elyria, OH neighborhoods, supported by strong daily-needs access. The area scores in the top quartile nationally for groceries, parks, pharmacies, and cafés, indicating convenient living that can aid resident retention and reduce turnover risk for multifamily assets.
Neighborhood rents trend toward the lower end of national benchmarks, and the rent-to-income ratio indicates moderate affordability — factors that can support renewals and lessen delinquency risk. That said, neighborhood occupancy has trended softer in recent years versus national norms, so asset performance will rely on effective operations and targeted upgrades to capture demand.
Within a 3-mile radius, approximately 44.8% of housing units are renter-occupied, pointing to a meaningful renter concentration and a broad tenant base for a 68-unit property. Recent 3-mile trends show population contracted over the last five years, but projections point to household growth and smaller average household size, which can expand the renter pool and support occupancy stability over time.
Median home values in the immediate neighborhood sit well below national averages. In investor terms, a high-cost ownership market is not the driver here; instead, relatively accessible ownership can create some competition with rentals, making asset positioning and amenities important for pricing power. Average school ratings are lower than national averages; operators often offset this by emphasizing convenience, renovated interiors, and commute advantages.
Constructed in 1980, the property is newer than much of the surrounding housing stock (which skews early-20th-century). This vintage often benefits from more contemporary layouts than pre-war assets while still presenting value-add opportunities through system modernization, common-area refreshes, and unit renovations to improve rent premiums.
Safety indicators for the neighborhood rank below metro averages and fall in lower national percentiles, signaling elevated crime relative to many U.S. neighborhoods. Recent data shows a modest year-over-year decline in violent incidents and a relatively flat trend in property-related offenses, suggesting incremental improvement but not a structural shift.
For investors, underwriting should incorporate security-conscious property management, lighting and access controls, and resident engagement. Positioning the asset’s convenience and amenity access can help offset perception risk while focusing on tenant quality and retention strategies.
Proximity to downtown and near-west employment supports workforce housing demand, with nearby offices anchored by Sherwin-Williams, Airgas, PNC, KeyCorp, and the Time Warner Cable Payment Center. These employers broaden the commuter base and can aid weekday occupancy and renewals.
- Sherwin-Williams — coatings HQ and offices (4.0 miles) — HQ
- Airgas Merchant Gases — industrial gases office (4.2 miles)
- PNC Center — financial services offices (4.3 miles)
- Keycorp — banking HQ and offices (4.3 miles) — HQ
- Time Warner Cable Payment Center — telecom customer operations (5.6 miles)
This 68-unit, 1980-vintage asset sits in an amenity-rich inner-suburb location where daily-needs access is a clear strength. According to CRE market data from WDSuite, the neighborhood’s rent levels and rent-to-income dynamics indicate relative affordability that can support renewals, though occupancy performance lags national benchmarks — making hands-on operations and thoughtful renovations important drivers of returns.
Demographic data aggregated within a 3-mile radius shows a sizable renter base and forecasts point to growth in households alongside smaller household sizes, a setup that typically expands the renter pool over time. With home values below national norms, rental product competes more on finish level, convenience, and management quality than on price alone — creating a pathway for value-add repositioning to capture demand while managing retention risk.
- Amenity-rich location with top-quartile national access to groceries, cafés, parks, and pharmacies supporting resident retention.
- 1980 construction offers more contemporary layouts than older local stock, with clear value-add and system-upgrade potential.
- 3-mile radius shows meaningful renter concentration and projected household growth, expanding the tenant base.
- Affordability profile supports leasing durability and renewal probabilities when paired with professional management.
- Risks: below-median safety metrics and softer neighborhood occupancy require security-forward operations and disciplined leasing.