| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Best |
| Demographics | 68th | Good |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1341 Marlowe Ave, Lakewood, OH, 44107, US |
| Region / Metro | Lakewood |
| Year of Construction | 1988 |
| Units | 91 |
| Transaction Date | 2007-03-07 |
| Transaction Price | $470,000 |
| Buyer | HAVEN AT LAKEWOOD PROPCO LP |
| Seller | KANDU CAPITAL OF LAKEWOOD LLC |
1341 Marlowe Ave Lakewood Multifamily Investment
Renter demand is supported by a high neighborhood renter-occupied share and strong amenity access, according to WDSuite s CRE market data. This positioning can help stabilize occupancy while providing room for targeted value-add execution.
Lakewood s Marlowe Avenue location sits in an Urban Core neighborhood rated A and ranked 75 out of 569 metro neighborhoods competitive among Cleveland Elyria submarkets for investors assessing renter depth and day-to-day convenience. Restaurant and caf e density performs well relative to the region and places the area in the top quartile nationally for cafes, while parks access also scores strongly. By contrast, grocery and pharmacy density is lighter in the immediate neighborhood, which can shift some errands to nearby corridors.
The housing stock nearby skews older on average (1920s), positioning a 1988-built asset as relatively newer versus much of the competitive set a practical advantage for leasing and ongoing maintenance planning. For investors, that vintage gap can reduce near-term system replacement risk compared with prewar buildings, while still leaving room for modernization to meet current renter expectations.
Unit tenure data indicates a high renter concentration: the neighborhood s share of renter-occupied housing ranks 39 out of 569 (top decile metro-wide). This depth of the tenant base supports steady leasing activity and reduces reliance on in-migration for occupancy.
Demographic statistics are aggregated within a 3-mile radius. Households have increased in recent years and are projected to continue growing through the forecast period even as population trends remain roughly flat, implying smaller household sizes and a larger renter pool over time. Median incomes have trended higher, and ownership remains a higher-cost proposition locally (home values rank 61 of 569; upper-tier nationally), which tends to reinforce multifamily demand and lease retention compared with more ownership-accessible suburbs.
Rent levels sit near the middle of the national distribution and rent-to-income ratios in the neighborhood are moderate, which can support renewal outcomes and measured pricing power without pushing affordability pressures beyond typical lease management parameters. Average school ratings trend above many peer areas (rank 87 of 569; upper tier nationally), a support for family-oriented renters weighing location fundamentals.
Neighborhood safety indicators are mixed but generally competitive for the metro. Overall crime ranks 233 out of 569 Cleveland Elyria neighborhoods above the metro median and in the top half nationally (57th percentile), suggesting comparatively favorable conditions versus many peer areas.
Offense mix matters for underwriting. Property and violent offense levels benchmark closer to the national middle to lower half (around the 31st rd percentiles nationally), but both show notable year-over-year improvement, with the pace of decline tracking in the upper tier nationally. For investors, the directional trend is constructive, though property management and lighting/security line items should remain part of the operating plan.
Proximity to Downtown Cleveland anchors a diverse employment base that supports renter demand and commute convenience, led by headquarters in paint/coatings, banking, and travel services, plus major office footprints in financial services and technology.
- Sherwin-Williams paint & coatings HQ campus (5.3 miles) HQ
- KeyCorp banking & financial services (5.3 miles) HQ
- TravelCenters of America travel services (5.6 miles) HQ
- PNC Center financial services offices (5.6 miles)
- Time Warner Cable Payment Center telecommunications offices (6.8 miles)
1341 Marlowe Ave is a 91-unit, 1988-vintage asset positioned in a renter-heavy Urban Core pocket of Lakewood. The subject s relative youth versus the neighborhood s predominantly prewar housing stock offers competitive positioning for leasing and capital planning, with modernization opportunities to unlock value-add upside. The surrounding area combines strong food-and-park amenity access with lighter grocery/pharmacy density, yielding solid day-to-day livability for many renters while keeping operational focus on convenience-oriented services.
Based on CRE market data from WDSuite, the neighborhood scores competitively within the Cleveland Elyria metro and sits in the top half nationally for overall crime benchmarking, with recent declines in both property and violent offenses supporting property operations. Within a 3-mile radius, households are projected to expand even as population holds roughly flat, indicating smaller household sizes and a gradually expanding renter pool. Ownership costs remain elevated relative to incomes locally, which typically sustains multifamily demand and renewal capture in similar infill Cleveland submarkets.
- Renter-heavy neighborhood and strong amenity access support steady leasing and retention
- 1988 construction is newer than much of the local stock, with targeted renovations offering value-add upside
- Household growth within 3 miles and elevated ownership costs reinforce depth of the renter pool
- Directional safety improvements aid operations, while standard security/lighting practices remain prudent
- Watch-lists: lighter grocery/pharmacy density nearby and national-cycle sensitivity to rent growth