| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 28th | Poor |
| Demographics | 37th | Poor |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5144 Fowler Ave, Cleveland, OH, 44127, US |
| Region / Metro | Cleveland |
| Year of Construction | 1989 |
| Units | 70 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
5144 Fowler Ave, Cleveland Multifamily Opportunity
1989-vintage, 70 units in an inner-suburb location with a broad renter base and operational upside, according to WDSuite’s CRE market data.
Local dynamics favor everyday convenience: grocery and restaurant access track above national norms, while cafes, parks, and pharmacies are comparatively limited. For leasing and retention, on-site amenities and services can help offset the lighter lifestyle offering nearby.
The neighborhood carries a C- rating and ranks below the metro median (489 out of 569 Cleveland-Elyria neighborhoods), signaling selective fundamentals. Renter concentration is meaningful—about half of neighborhood housing units are renter-occupied—supporting a workable tenant base. Within a 3-mile radius, renter share is higher, broadening the pool for marketing and renewals based on multifamily property research from WDSuite.
Neighborhood occupancy trends below metro averages, so execution around make-ready timing, unit positioning, and leasing cadence will be important to stabilize performance. Median contract rents within the 3-mile radius remain accessible relative to incomes, which can aid lease retention and reduce turnover sensitivity for value-oriented product.
Demographics aggregated within a 3-mile radius show households have increased while population edged lower in recent years, indicating smaller household sizes and steady demand for rental housing. Forward-looking data point to growth in population, households, and incomes over the next five years, supporting a larger tenant base and potential for measured rent gains if operators align finishes and pricing to neighborhood demand.
Safety indicators position the area below metro and national averages. The neighborhood ranks in the lower tier among 569 Cleveland-Elyria neighborhoods, and national percentiles point to higher property and violent offense rates than many U.S. neighborhoods. Investors should underwrite prudent security upgrades and monitor multi-year trend direction rather than drawing block-level conclusions.
Operational measures—enhanced lighting, access control, and resident engagement—can support the living environment and retention while aligning with lender and insurer expectations.
Access to Downtown Cleveland’s job core supports leasing, with proximity to finance, coatings, telecom, and industrial employers including PNC Center, Sherwin-Williams, KeyCorp, Time Warner Cable, and Airgas.
- PNC Center — finance/offices (2.7 miles)
- Sherwin-Williams — coatings manufacturer (2.8 miles) — HQ
- KeyCorp — banking headquarters (3.0 miles) — HQ
- Time Warner Cable Payment Center — telecom services (3.2 miles)
- Airgas Merchant Gases — industrial gases (5.1 miles)
The property’s 1989 vintage is newer than much of the surrounding housing stock, offering a competitive edge versus older assets while leaving room for targeted value-add upgrades to kitchens, baths, and building systems. Renter demand is supported by a sizable 3-mile tenant pool and accessible rent levels relative to incomes, which can aid retention and stabilize occupancy with disciplined leasing management. According to commercial real estate analysis from WDSuite, neighborhood occupancy trails metro norms, so hands-on operations and right-sized capex are central to the thesis.
Forward-looking demographics within a 3-mile radius point to increases in population, households, and income, reinforcing a larger tenant base over the next five years. With essential amenities nearby and strong access to downtown employers, the asset can compete on convenience and value while addressing safety and amenity gaps through property-level enhancements.
- Newer 1989 vintage versus older neighborhood stock, with value-add potential
- Broad renter base within 3 miles supports marketing and renewal pipelines
- Essential amenities and proximity to downtown employers bolster convenience
- Moderate rent levels relative to incomes can support lease retention
- Risks: below-metro occupancy and below-average safety; prioritize security, capex, and active leasing