| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 65th | Good |
| Amenities | 43rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 25157 Carlton Park, North Olmsted, OH, 44070, US |
| Region / Metro | North Olmsted |
| Year of Construction | 1989 |
| Units | 54 |
| Transaction Date | 2009-02-05 |
| Transaction Price | $2,767,500 |
| Buyer | CARLTON PARK PROPERTIES LLC |
| Seller | WBR CARLTON LLC |
25157 Carlton Park North Olmsted Multifamily Investment
Neighborhood occupancy remains high with stable rent levels, according to WDSuite’s CRE market data, supporting consistent leasing for a 54-unit asset. Newer-than-average 1989 vintage relative to the submarket suggests competitive positioning with potential to further modernize for retention.
The property sits in an Inner Suburb location of the Cleveland–Elyria metro that ranks 130 out of 569 neighborhoods—top quartile among 569 metro neighborhoods—indicating competitive fundamentals for investors. Neighborhood occupancy is 97.4% with a flat five-year trend, which typically supports steady collections and renewal rates versus weaker submarket pockets.
Livability is balanced rather than lifestyle-driven: dining density is strong (above the 80th national percentile for restaurants), while pharmacies and childcare are also comparatively abundant. By contrast, cafes, parks, and groceries are limited locally, so residents likely rely on nearby corridors and regional retail nodes for daily needs—neutral for demand but worth considering for marketing and amenity strategy.
Construction year averages skew older in this part of the metro (1972). A 1989-vintage asset is newer than the neighborhood norm, which can reduce near-term capital exposure while leaving room for targeted renovations to enhance competitiveness against older stock. Renter concentration in the neighborhood is 35.4% of housing units, signaling a meaningful tenant base that supports multifamily absorption without depending solely on in-migration.
Within a 3-mile radius, demographics show a growing tenant base: population increased over the past five years with additional growth projected, and households are expected to expand further alongside a smaller average household size. These shifts typically widen the renter pool and can support occupancy stability and lease-up velocity. Median home values in the neighborhood are on the lower side for the region, which may create some ownership competition; however, rents track near the middle of the market and a moderate rent-to-income profile (0.16) points to manageable affordability pressure and potential for retention.
Safety indicators are mixed. The neighborhood’s crime standing is in the lower half of the Cleveland–Elyria metro (ranked 387 out of 569 neighborhoods), and national positioning is below mid-pack for overall and violent offenses. Property offenses trend closer to the national middle, while recent year-over-year readings indicate some upward movement in violent incidents. For investors, this suggests underwriting for security measures and resident engagement to support retention and reputation.
Contextually, comparative positioning versus nearby Cleveland–Elyria neighborhoods matters more than citywide headlines. Operators that emphasize lighting, access control, and visible on-site presence often offset perception risk in submarkets with similar rank profiles.
Proximity to diversified employers underpins renter demand, combining nearby engineering and logistics roles with downtown corporate headquarters that are commutable for professional tenants. The list below highlights the most relevant employers by distance that can support leasing stability.
- Texas Instruments — semiconductors (0.72 miles)
- TravelCenters of America — travel services (2.05 miles) — HQ
- Sherwin-Williams — coatings & corporate HQ (11.71 miles) — HQ
- KeyCorp — banking (11.79 miles) — HQ
- PNC Center — financial services offices (12.01 miles)
This 54-unit, 1989-vintage asset offers a blend of occupancy stability and operational upside. The neighborhood ranks in the top quartile among 569 Cleveland–Elyria neighborhoods, with occupancy around the mid-to-high 90s, supporting steady cash flows. Larger floor plans for the area create differentiation, while a vintage newer than the neighborhood average (1972) provides a competitive edge with targeted value-add potential rather than full-system overhauls. According to CRE market data from WDSuite, rent levels sit near the market middle and a moderate rent-to-income profile supports renewal strategies.
Investor considerations include measured amenities locally—strong restaurant and service access but limited parks, cafes, and groceries—and a safety profile that trails stronger suburban nodes. Within a 3-mile radius, recent and projected increases in population and households suggest a larger tenant base ahead, while relatively accessible ownership costs in the neighborhood argue for disciplined pricing and resident retention programs rather than aggressive rent pushes.
- Occupancy stability in a top-quartile Cleveland–Elyria neighborhood supports consistent collections
- 1989 vintage newer than local average, enabling targeted renovations for competitive positioning
- Larger floor plans create leasing differentiation and potential for premium tiers
- 3-mile radius shows growing and higher-income households, expanding the renter pool
- Risks: mixed safety rankings and some competition from ownership; plan for security and value-driven retention