| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Best |
| Demographics | 59th | Good |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9410 Hough Ave, Cleveland, OH, 44106, US |
| Region / Metro | Cleveland |
| Year of Construction | 1973 |
| Units | 116 |
| Transaction Date | 2021-06-15 |
| Transaction Price | $1,500,000 |
| Buyer | 9410 HOUGH LLC |
| Seller | 9410 HOUGH GP LLC |
9410 Hough Ave, Cleveland Multifamily Investment
Renter-heavy neighborhood dynamics and forecasted household growth within a 3-mile radius point to durable tenant demand, according to WDSuite s CRE market data, though lease-up may require attentive management.
This Inner Suburb neighborhood ranks 77th among 569 Cleveland-Elyria metro neighborhoods (A rating), signaling competitive positioning within the metro. The area has a high share of renter-occupied housing at the neighborhood level, which supports a deeper tenant base and consistent leasing velocity for multifamily assets. Housing occupancy in the neighborhood trails metro norms, so operations should emphasize marketing, renewals, and collections to sustain occupancy stability.
Built in 1973, the property is newer than the neighborhood s older housing stock (average vintage 1952). That relative age advantage can support competitive positioning versus prewar and midcentury assets, while investors should still plan for modernization of systems and common areas typical of 1970s construction.
Local convenience is a mixed but investable story. Restaurant density is strong (top decile nationally), pharmacies are abundant (near the top nationally), and grocery access is solid for daily needs. By contrast, parks and cafes are limited nearby, so on-site amenities and programming may play a larger role in resident experience and retention. Average school ratings in the neighborhood sit above national mid-range, which can aid family retention without commanding premium school-driven pricing.
Within a 3-mile radius, demographics show smaller household sizes and a sizable renter pool. Recent history indicates modest population softening, but projections point to growth in both population and households by 2028, implying a larger tenant base over the medium term that can support occupancy and leasing momentum. Elevated value-to-income dynamics in the neighborhood suggest a high-cost ownership market relative to local incomes, which tends to reinforce reliance on rental housing and can support pricing power for well-managed assets, based on CRE market data from WDSuite.
Safety trends require attentive risk management. The neighborhood ranks 396th out of 569 Cleveland-Elyria metro neighborhoods on crime, indicating above-metro-average exposure. Compared with neighborhoods nationwide, the area sits below the national median for safety. That said, recent year-over-year data show improving momentum with double-digit declines in both property and violent offense estimates, suggesting conditions have been trending in a favorable direction.
Investors should underwrite with prudent assumptions around security, lighting, and resident engagement, while recognizing that improving trendlines can help support retention and leasing stability if reinforced by property-level measures.
Proximity to Downtown Cleveland s corporate base supports workforce housing demand and commute convenience, with a concentration in telecom, banking, and headquarters operations that can stabilize leasing.
- Time Warner Cable Payment Center telecommunications services (2.6 miles)
- PNC Center banking & offices (3.6 miles)
- Keycorp banking (3.9 miles) HQ
- Sherwin-Williams coatings & corporate offices (3.9 miles) HQ
- Airgas Merchant Gases industrial gases (7.9 miles)
The property s 116 units with efficient average sizes (~405 sf) align with smaller household profiles in the immediate area, helping address depth in the renter pool and potential lease-up velocity. Built in 1973, it should compare favorably to older neighborhood stock while benefiting from targeted modernization to capture rent premiums. A high share of renter-occupied housing in the neighborhood supports demand durability, and within a 3-mile radius, projections for population and household growth through 2028 point to a larger tenant base that can support occupancy stability. According to CRE market data from WDSuite, neighborhood ownership costs remain elevated relative to local incomes, which typically sustains reliance on multifamily rentals.
Key underwriting considerations include neighborhood-level occupancy running below metro norms and safety metrics that sit below national medians, balanced by improving crime trendlines and strong access to everyday amenities like restaurants, pharmacies, and grocery.
- Renter-occupied concentration supports a deep tenant base and leasing durability
- 1973 vintage offers competitive positioning vs. older stock with value-add modernization potential
- 3-mile projections indicate population and household growth, expanding the renter pool
- Elevated ownership costs relative to incomes reinforce sustained multifamily demand
- Risks: below-metro housing occupancy and below-national safety rankings require proactive operations