| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 24th | Poor |
| Demographics | 29th | Poor |
| Amenities | 72nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7338 Euclid Ave, Cleveland, OH, 44103, US |
| Region / Metro | Cleveland |
| Year of Construction | 2011 |
| Units | 48 |
| Transaction Date | 2010-07-13 |
| Transaction Price | $1,175,000 |
| Buyer | EUCLID CORRIDOR SENIOR HOUSING LP |
| Seller | EATON RUGBY LLC |
7338 Euclid Ave Cleveland 48-Unit Multifamily
2011 construction in an inner-suburb location offers a competitive edge versus the area’s much older housing stock, with renter demand supported by a high neighborhood renter-occupied share and proximity to major employers, according to CRE market data from WDSuite.
Positioned in Cleveland’s inner-suburb corridor, the property benefits from everyday convenience: grocery and pharmacy density rank competitively within the metro (grocery and pharmacy access are each above most neighborhoods nationwide), while cafes and restaurants cluster nearby. Park access is limited in this neighborhood, which may influence resident lifestyle considerations but is often offset by urban amenities.
The building’s 2011 vintage stands out against a neighborhood average construction year of 1917 (measured across 569 Cleveland–Elyria neighborhoods), suggesting a relatively newer asset that can compete well against older stock. For investors, this typically translates into fewer near-term system upgrades than pre-war buildings, while still leaving room for targeted modernization to drive rent differentiation.
Neighborhood operating context is mixed: the neighborhood’s occupancy rate trends below many Cleveland–Elyria peers, yet the share of renter-occupied housing units is high compared to national norms. That combination points to a deep tenant base where leasing velocity can be maintained with product-quality and management execution.
Within a 3-mile radius, demographics show a strong renter orientation (about seven in ten housing units are renter-occupied) and a projected expansion in the local tenant pool by 2028, with population and household counts expected to rise. Forecast rent levels within this radius also trend upward, reinforcing the case for steady renter demand; however, relatively accessible ownership costs in the broader area can create some competition for value-oriented renters, making unit finishes, amenities, and service quality important to pricing power and retention.
Safety indicators for the neighborhood are weaker than both metro and national benchmarks. Based on ranks among 569 Cleveland–Elyria neighborhoods, the area sits in the lower tiers for safety, and national comparisons place it in lower percentiles as well. For investors, this typically requires thoughtful security design, resident engagement, and underwriting that anticipates higher operating attention to safety.
That said, recent directionality is constructive: estimated year-over-year declines in both violent and property offenses suggest improving momentum. Operators who pair site-level measures with community partnerships may be better positioned to sustain occupancy and reduce turnover risk over time.
Nearby employment anchors include telecommunications, financial services, and corporate headquarters in the downtown core, supporting commute convenience and a steady renter pipeline for workforce and entry-level professional households.
- Time Warner Cable Payment Center — telecommunications services (1.9 miles)
- PNC Center — financial services offices (2.7 miles)
- Keycorp — banking HQ and corporate offices (3.0 miles) — HQ
- Sherwin-Williams — paint and coatings corporate offices (3.0 miles) — HQ
This 48-unit asset’s 2011 vintage offers a relative quality advantage in a neighborhood dominated by much older inventory, helping limit near-term capital exposure while preserving value-add options through targeted upgrades. Renter demand is reinforced by a high neighborhood renter-occupied share and access to downtown employers; however, below-median neighborhood occupancy and area safety metrics call for active management to sustain leasing and retention. Based on CRE market data from WDSuite, local amenity density (grocers, pharmacies, food options) compares favorably in metro context, which can support resident satisfaction and lease stability.
Within a 3-mile radius, forecasts indicate growth in both population and households by 2028 alongside rising market rents, pointing to a larger tenant base and healthy absorption potential. While more accessible ownership costs in the broader area can compete with Class B rentals, thoughtful finish packages, service quality, and security programs can help maintain pricing power and reduce turnover.
- 2011 construction offers competitive positioning versus older neighborhood stock with selective value-add upside
- High renter-occupied share and proximity to downtown employers support a deep tenant base
- Strong everyday amenities (grocery, pharmacy, dining) bolster resident convenience and retention
- Demand outlook aided by projected growth in population and households within 3 miles
- Risks: below-median neighborhood occupancy, weaker safety metrics, and potential competition from lower-cost ownership options