| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Good |
| Demographics | 5th | Poor |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3800 Longwood Ave, Cleveland, OH, 44115, US |
| Region / Metro | Cleveland |
| Year of Construction | 2001 |
| Units | 54 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
3800 Longwood Ave Cleveland 54-Unit Multifamily Investment
Neighborhood occupancy is above the metro median, supporting stable tenancy and cash flow potential, according to WDSuite’s CRE market data. With a 2001 vintage relative to older local stock, the asset can compete for renters while leaving room for targeted upgrades.
Located in Cleveland’s Inner Suburb fabric, the property sits in a renter-driven pocket where neighborhood occupancy trends rank above the metro median (235 of 569), indicating comparatively steady demand across nearby multifamily assets. The submarket’s average construction year skews older (1964), so a 2001 build typically offers a competitive positioning against legacy properties while still warranting routine capital planning as systems age.
Daily needs are well covered: the neighborhood scores near the top of the metro for grocery access (ranked 3 of 569; 99th percentile nationally), while restaurants are comparatively dense (85th percentile). Other amenities such as parks, cafes, and pharmacies are thinner locally, which may shift some lifestyle demand to adjacent districts but does not appear to disrupt core renter appeal.
Within a 3-mile radius, demographics point to a broad renter base: renter-occupied housing units account for roughly three-quarters of stock (about 76%), and households have grown in recent years, with further growth projected through 2028. Population and household expansion signal a larger tenant base ahead, which supports occupancy stability and leasing velocity for well-positioned assets.
Rent levels in the 3-mile radius remain accessible relative to many coastal markets, and have trended upward with additional increases forecast, which can support measured pricing power. For investors, this combination of high renter concentration, above-median neighborhood occupancy, and expanding household counts suggests durable demand, while income dispersion implies ongoing attention to affordability and retention strategies.
Safety conditions are mixed but improving. The neighborhood’s overall crime standing sits below the metro middle (ranked 340 among 569 metro neighborhoods), indicating higher incident levels than many Cleveland-Elyria areas. However, recent trend data is encouraging: estimated property offenses declined meaningfully year over year and violent offenses also moved lower, pointing to directional improvement compared with prior periods and competitive gains versus national peers.
Investors should underwrite with prudent operating assumptions and appropriate security and lighting upgrades where warranted, while recognizing that trending reductions in both property and violent incidents can support resident retention and curb-side perception over the medium term.
Proximity to major downtown employers underpins renter demand through short commutes and diversified job access, notably in banking, manufacturing, and coatings. Nearby anchors include PNC Center, Sherwin-Williams, Time Warner Cable, KeyCorp, and Airgas.
- PNC Center — banking & offices (1.57 miles)
- Sherwin-Williams — coatings & corporate (1.75 miles) — HQ
- Time Warner Cable Payment Center — telecommunications services (1.79 miles)
- Keycorp — banking & corporate (1.84 miles) — HQ
- Airgas Merchant Gases — industrial gases (6.49 miles)
This 54-unit, 2001-vintage asset benefits from neighborhood occupancy that is above the metro median, supporting steady tenancy across cycles. The property’s newer construction relative to a 1960s-leaning local stock enhances competitive positioning versus older buildings, while leaving room for focused value-add to modernize finishes and common areas. Within a 3-mile radius, a large renter pool and growth in households point to a deepening tenant base, and rent levels are rising from a relatively accessible starting point—favorable for measured revenue growth and lease-up resilience, per commercial real estate analysis from WDSuite.
At the same time, underwriting should reflect below-median safety standing within the metro and income dispersion in the surrounding area. These factors call for attentive leasing practices, resident services, and expense planning to balance retention and pricing power as demand expands.
- Above-metro neighborhood occupancy supports stable tenancy and cash flow potential
- 2001 vintage competes well against older stock with targeted value-add upside
- Expanding 3-mile renter base and rising rents underpin demand and pricing
- Strong employer proximity (downtown financial and corporate hubs) aids retention
- Risks: below-median safety standing and income dispersion require careful lease management