| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 28th | Poor |
| Demographics | 37th | Poor |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5125 Hector Ave, Cleveland, OH, 44127, US |
| Region / Metro | Cleveland |
| Year of Construction | 1996 |
| Units | 50 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
5125 Hector Ave Cleveland Multifamily Opportunity
Neighborhood data point to a deep renter base and commute access to core employers, supporting leasing durability according to WDSuite’s CRE market data. Metrics reflect neighborhood conditions, not this property’s operations.
Situated in Cleveland’s Inner Suburb, the area skews value-oriented with restaurants and grocery options present, while cafes, parks, and pharmacies are limited. Relative to neighborhoods nationwide, restaurants and groceries are competitive (both in the upper quartile nationally), but other daily conveniences trail, which may modestly affect lifestyle appeal for some renters.
The neighborhood’s housing stock is older on average (early 1900s), while this asset’s 1996 construction positions it newer than much of the immediate competitive set. Investors can frame this as relative competitiveness on systems and finishes versus prewar product, while still budgeting for targeted modernization to strengthen leasing velocity and retention.
Unit tenure signals depth for multifamily: the neighborhood records a high renter-occupied share (about half of housing units are renter-occupied, ranking in the upper tiers among 569 metro neighborhoods). Within a 3-mile radius, roughly two-thirds of homes are renter-occupied, indicating a sizable tenant base that supports demand for apartments at various price points.
Demographic trends within a 3-mile radius show households increasing even as recent population trends were slightly negative, implying smaller household sizes and sustained need for rental options. Forward-looking projections indicate growth in both population and households by the midterm horizon, pointing to renter pool expansion that can support occupancy stability and measured rent growth. Neighborhood occupancy today is below metro norms, so underwriting should emphasize unit readiness, thoughtful leasing strategy, and competitive finishes to outperform local averages.
Public safety indicators trail both metro and national benchmarks. The neighborhood ranks near the lower end of the Cleveland–Elyria metro (520 out of 569 neighborhoods), and national comparisons place violent and property crime in lower percentiles relative to neighborhoods nationwide. Investors should underwrite with added attention to lighting, access control, and resident engagement, and consider how concentrated management and renovations can support tenant retention.
Proximity to Downtown Cleveland’s employment core supports renter demand and commute convenience, notably to PNC Center, Sherwin-Williams, KeyCorp, Time Warner Cable Payment Center, and Airgas Merchant Gases.
- PNC Center — financial services offices (2.7 miles)
- Sherwin-Williams — coatings & corporate offices (2.8 miles) — HQ
- KeyCorp — banking headquarters & offices (3.0 miles) — HQ
- Time Warner Cable Payment Center — telecommunications services (3.2 miles)
- Airgas Merchant Gases — industrial gases offices (5.1 miles)
Built in 1996 with 50 units, the property is newer than much of the surrounding housing stock, offering a competitive edge versus prewar inventory while leaving room for selective upgrades to enhance leasing and rent positioning. The immediate area shows a sizable renter-occupied presence and access to downtown employers, suggesting a broad tenant base and potential for steady absorption. According to CRE market data from WDSuite, neighborhood-level rents skew on the lower side of the market, which can support lease-up and retention for well-managed, updated units.
Within a 3-mile radius, households have been rising and are projected to grow further, pointing to renter pool expansion even as past population shifts were modest. Near-term risks include below-metro neighborhood occupancy, limited nearby amenities beyond groceries and restaurants, and safety perceptions; underwriting should prioritize capital plans that improve curb appeal, security, and in-unit finish packages to drive performance relative to local comps.
- Newer 1996 vintage versus older neighborhood stock, with value-add upgrade path
- Large renter-occupied base locally and within 3 miles supports tenant demand
- Commute access to major downtown employers underpins leasing stability
- Lower relative rent positioning can aid lease-up and retention for updated units
- Risks: below-metro neighborhood occupancy, limited amenities, and safety headwinds