| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Best |
| Demographics | 68th | Good |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1345 Bunts Rd, Lakewood, OH, 44107, US |
| Region / Metro | Lakewood |
| Year of Construction | 1995 |
| Units | 33 |
| Transaction Date | 1996-10-15 |
| Transaction Price | $1,975,000 |
| Buyer | JOSEPH E COURY TRUSTEE |
| Seller | NURS ARISTOCRAT LAKEWOOD |
1345 Bunts Rd, Lakewood OH — 1995 Multifamily in Renter-Dense Pocket
Positioned in a neighborhood with a high share of renter-occupied units and elevated ownership costs, this 1995-vintage asset benefits from durable apartment demand, according to WDSuite’s CRE market data. Neighborhood occupancy has been steady near the metro middle, supporting consistent leasing while allowing selective value-add execution.
Lakewood’s Urban Core setting offers strong lifestyle drivers for renters: cafe density sits in the upper tier locally (nationally high as well), restaurants are abundant, and park access ranks near the top of peer neighborhoods. By contrast, grocery and pharmacy options are sparser within neighborhood boundaries, so residents often tap nearby corridors for daily needs. Average school ratings trend above national medians, which can aid retention for longer-term renters.
Relative to the Cleveland–Elyria metro, this neighborhood carries an A rating and places competitively among the 569 mapped neighborhoods, reflecting balanced fundamentals rather than outlier volatility. Median contract rents track toward the metro middle, and the rent-to-income profile indicates manageable affordability pressure—helpful for renewal strategies and steady absorption.
The housing stock skews older (average 1927), while the subject property was built in 1995. That newer vintage can be a competitive edge versus legacy buildings, though investors should still plan for modernization of systems and interiors to meet current renter preferences.
Tenure patterns favor multifamily demand: renter-occupied share is high for the area, signaling depth in the tenant base and reducing leasing concentration risk. Elevated home values and a high value-to-income ratio indicate a high-cost ownership market in this neighborhood, which tends to reinforce reliance on rental housing and supports pricing power in stabilized assets.
Within a 3-mile radius, demographics show a slight population dip over the last five years alongside an increase in total households and smaller average household size. That shift typically translates to a larger renter pool and supports occupancy stability. Looking ahead, projections point to further household growth even as population is expected to edge down, which can sustain demand for smaller units and flexible leasing options.
Neighborhood safety indicators are mixed in a way investors should underwrite thoughtfully. Overall crime levels track modestly better than national midpoints, yet both property and violent offense rates sit below national medians for safety. Recent year-over-year trends show meaningful declines in estimated incident rates, suggesting improvement momentum rather than deterioration.
As with any urban-core location, prudent measures—on-site lighting, access control, and resident engagement—can help maintain leasing velocity and renewal rates while aligning with the area’s improving trend line.
Proximity to Cleveland’s core employment cluster supports commuter convenience and renter demand, led by paint and coatings, banking, and telecom services represented below.
- Sherwin-Williams — paint & coatings HQ offices (5.0 miles) — HQ
- KeyCorp — banking headquarters (5.0 miles) — HQ
- PNC Center — banking offices (5.3 miles)
- TravelCenters of America — travel center & logistics HQ (5.9 miles) — HQ
- Time Warner Cable Payment Center — telecom services (6.5 miles)
1345 Bunts Rd offers 1995 construction in a neighborhood where most inventory is pre‑war, giving the asset a competitive position versus older stock. High renter concentration, strong dining and park access, and a high-cost ownership backdrop support a durable tenant base and pricing resilience. According to CRE market data from WDSuite, neighborhood occupancy aligns near metro medians and rent-to-income levels point to manageable affordability pressure—favorable for renewals and steady cash flow.
Within a 3-mile radius, households have increased while average household size has declined, with projections indicating further household growth even if population edges lower—conditions that typically expand the renter pool. Investors can pursue targeted updates to systems and interiors to capture value-add upside while underwriting for moderate lease-up pacing given the neighborhood’s balanced, not overheated, demand profile.
- 1995 vintage newer than local stock supports competitive positioning versus pre‑war buildings
- High renter-occupied share and elevated ownership costs reinforce multifamily demand depth
- Amenity-rich environment (dining, parks) and above-median school ratings aid leasing and retention
- Household growth within 3 miles and smaller household sizes expand the renter pool over time
- Risks: modest softening in neighborhood occupancy and limited in-neighborhood grocery/pharmacy access warrant conservative leasing and ops planning