| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Fair |
| Demographics | 32nd | Poor |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3843 Payne Ave, Cleveland, OH, 44114, US |
| Region / Metro | Cleveland |
| Year of Construction | 1997 |
| Units | 43 |
| Transaction Date | 1997-01-21 |
| Transaction Price | $67,000 |
| Buyer | ASIAN EVERGREEN HOUSING CORP |
| Seller | PRENGLER STEVEN R |
3843 Payne Ave Cleveland 43-Unit Multifamily
1997-built asset positioned amid older housing stock with a high neighborhood renter-occupied share, supporting a deeper tenant base according to WDSuite’s CRE market data.
The property’s 1997 vintage stands out versus a neighborhood housing stock that skews much older, offering more competitive positioning against legacy units while leaving room for targeted modernization as systems age. Neighborhood occupancy has trended upward in recent years, which supports lease stability even if the current level is below the metro median.
Local convenience is a relative strength: grocery and pharmacy density rank near the top among 569 Cleveland–Elyria neighborhoods, and restaurant access is strong, while parks, cafes, and childcare options are limited. School ratings are below average, which can modestly influence family-oriented demand but tends to be less decisive for workforce-focused studios and one-bedrooms.
From a tenure perspective, the neighborhood’s share of renter-occupied housing units is in the top quartile among 569 metro neighborhoods and in a high national percentile, indicating depth in the renter pool and support for multifamily leasing. Rent-to-income dynamics suggest some affordability pressure, so asset management should emphasize renewal strategy and amenities that drive retention over pure rent push.
Demographics aggregated within a 3-mile radius show households have increased modestly in the last five years despite a small population decline, implying smaller household sizes and sustained rental demand; projections point to further population and household growth through 2028, expanding the nearby tenant base. These trends, combined with strong daily-needs access, underpin the submarket’s livability narrative for investors conducting multifamily property research.
Safety indicators are mixed. The neighborhood ranks below the metro average on safety (in the weaker half among 569 Cleveland–Elyria neighborhoods) and below the national median. However, both property and violent offense estimates have improved materially over the past year, suggesting a positive directional trend. Investors should underwrite to current conditions while noting the recent improvement trajectory.
Proximity to downtown Cleveland anchors a diverse employment base that supports renter demand and commute convenience, led by telecommunications, banking, coatings, and industrial employers highlighted below.
- Time Warner Cable Payment Center — telecommunications services (0.62 miles)
- PNC Center — banking offices (1.58 miles)
- Keycorp — banking (1.81 miles) — HQ
- Sherwin-Williams — coatings manufacturer (1.89 miles) — HQ
- Airgas Merchant Gases — industrial gases (7.80 miles)
This 43-unit, 1997-built community offers relative competitiveness versus the neighborhood’s older housing stock while benefiting from a high renter-occupied concentration nearby that supports demand depth. Neighborhood occupancy has been improving, and daily-needs access is strong, though household incomes and school quality suggest emphasizing value and retention in the operating plan.
Within a 3-mile radius, households have grown and are projected to expand further by 2028, pointing to a larger tenant base and support for occupancy stability; nearby downtown employers add leasing tailwinds. According to CRE market data from WDSuite, recent safety metrics show year-over-year improvement, but investors should still underwrite prudent security and community engagement measures.
- 1997 vintage competes well against older local stock with targeted modernization potential
- High renter-occupied share nearby supports demand depth and leasing velocity
- Strong access to groceries, pharmacies, restaurants, and downtown employers aids retention
- Risks: below-median safety and lower school ratings; affordability pressures warrant conservative rent growth and a renewal-focused strategy