| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 53rd | Fair |
| Amenities | 49th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6759 Mayfield Rd, Cleveland, OH, 44124, US |
| Region / Metro | Cleveland |
| Year of Construction | 1979 |
| Units | 121 |
| Transaction Date | 2016-01-05 |
| Transaction Price | $4,820,000 |
| Buyer | GATES MILLS ASSISTED LIVING LLC |
| Seller | KM INVESTMENTS LLC |
6759 Mayfield Rd Cleveland Multifamily Investment
Stabilized renter demand in a suburban corridor with strong daily-needs access supports consistent leasing, according to CRE market data from WDSuite. Neighborhood occupancy is high relative to metro norms, pointing to durable income potential.
Situated in Cleveland 9s eastern suburbs, the area around 6759 Mayfield Rd combines daily-needs convenience with steady multifamily fundamentals. Neighborhood occupancy is approximately 97.5% (neighborhood figure, not property-level), which is elevated versus many Cleveland Elyria submarkets and indicative of stable leasing conditions based on CRE market data from WDSuite.
Access to amenities is a local strength: the neighborhood ranks competitive among Cleveland Elyria neighborhoods for restaurants, cafes, groceries, and pharmacies, with national percentiles clustered in the upper range for these categories. Average school ratings trend in the top quartile nationally (4.0 out of 5; neighborhood metric), which can reinforce resident retention for family-oriented units.
Within a 3-mile radius, demographics show population growth and a modest increase in households, with forecasts pointing to additional household expansion by 2028. This trajectory supports a larger tenant base and occupancy stability over the medium term. The local median contract rent sits near the low $1,100s (3-mile radius metric), which, together with a neighborhood rent-to-income ratio around 0.27, suggests manageable affordability pressure from a lease management perspective.
Tenure patterns within 3 miles show roughly 42% of housing units are renter-occupied, providing a meaningful renter concentration to support multifamily absorption. The property 9s 1979 vintage is newer than the neighborhood average construction year (1964), offering competitive positioning versus older stock while still warranting targeted modernization to support rent attainment and reduce near-term capital interruptions.
Safety conditions are mixed when viewed against metro and national baselines. The neighborhood 9s crime rank is below the metro median (ranked 460 out of 569 metro neighborhoods), indicating comparatively higher crime than many parts of the Cleveland Elyria region. Nationally, property-related offenses are around the middle of the pack (mid-50s percentile), while violent offense measures sit below the national median.
Recent trend data indicate an uptick in violent incidents year over year at the neighborhood level. Investors may wish to factor this into underwriting via prudent loss-prevention, security, and insurance assumptions, and to monitor trajectory alongside local policing and community initiatives.
Proximity to major corporate offices anchors a diversified employment base that supports renter demand and commute convenience. Nearby employers include Progressive, Parker Hannifin, and additional Progressive facilities within a short drive.
- Progressive insurance (1.35 miles) HQ
- Parker Hannifin industrial/manufacturing corporate offices (1.73 miles) HQ
- Progressive Discovery Building insurance/technology offices (1.86 miles)
- Progressive Greens Building insurance corporate campus (3.05 miles)
- Home Depot Distribution Center logistics/distribution (9.79 miles)
This 121 unit, 1979 built asset in Cleveland 9s suburban east side benefits from high neighborhood occupancy and strong daily needs access, supporting income durability versus broader metro trends. The vintage is newer than the local average stock, providing relative competitiveness with a clear path for targeted modernization and value preserving capital planning. Within a 3 mile radius, population and household growth point to a larger tenant base over the next five years, which can underpin leasing stability and measured rent progression.
According to CRE market data from WDSuite, neighborhood occupancy performance and amenity density compare favorably in the region, while 3 mile rent and income metrics indicate manageable affordability pressure that can aid retention. Key risks include below median safety rankings at the neighborhood level and the need to sequence renovations to protect cash flow.
- High neighborhood occupancy supports income stability versus metro norms
- 1979 vintage offers competitive positioning with targeted modernization upside
- 3-mile population and household growth expand the renter pool, aiding retention
- Strong daily-needs amenity access aligns with workforce housing demand drivers
- Risks: below-median neighborhood safety and capex coordination during upgrades