| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 49th | Good |
| Demographics | 62nd | Good |
| Amenities | 13th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 11560 Somerset Dr, North Royalton, OH, 44133, US |
| Region / Metro | North Royalton |
| Year of Construction | 1981 |
| Units | 40 |
| Transaction Date | 2001-07-12 |
| Transaction Price | $1,874,575 |
| Buyer | SHADOW CREEK ENTERPRISES LTD |
| Seller | SOMERSET WEST APARTMENTS INC |
11560 Somerset Dr North Royalton Multifamily Opportunity
Neighborhood occupancy is strong with evidence of steady renter demand, according to WDSuite’s CRE market data, positioning this asset for stable collections through typical cycles.
Located in North Royalton’s inner-suburb context of the Cleveland–Elyria metro, the neighborhood posts a B- rating with occupancy near 96.9% and ranks 143 out of 569 metro neighborhoods for occupancy — competitive among Cleveland–Elyria neighborhoods and well above national medians for stability. Renter-occupied share is also competitive (rank 168 of 569), indicating a meaningful tenant base to support leasing and renewals.
Within a 3-mile radius, population has grown modestly and households have increased, with projections calling for further household growth by 2028. This points to a gradually expanding renter pool that can support occupancy stability and measured rent growth. Median household incomes in the 3-mile area have risen over the past five years, reinforcing the ability to sustain market-rate rents without overextending renters.
Amenity access is mixed. Restaurant density ranks 110 of 569 (competitive locally and above many neighborhoods nationally), while daily-needs retail such as groceries and pharmacies is thinner in the immediate area. For investors, this suggests marketing should emphasize convenient access to dining nodes while acknowledging fewer walkable errands near the property.
The neighborhood’s average construction year is 1977, while the subject property was built in 1981. Being slightly newer than the local stock can aid competitive positioning versus older comparables, though investors should still plan for system updates and targeted modernization to meet current renter expectations.
Safety indicators are mixed relative to metro and national benchmarks. The neighborhood’s overall crime rank is 435 out of 569 Cleveland–Elyria neighborhoods, placing it below the metro median, and its national safety standing sits below the middle of U.S. neighborhoods. Recent trends show a slight decline in violent incidents year over year alongside an uptick in property-related incidents. For investors, this argues for prudent on-site security measures and lighting, paired with resident engagement, to support retention.
The area draws from a diversified employment base spanning industrial gases, semiconductors, national travel centers, and major corporate headquarters, supporting workforce housing demand and commute convenience for residents.
- Airgas Merchant Gases — industrial gases (8.2 miles)
- Texas Instruments — semiconductors (9.2 miles)
- Travelcenters Of America — logistics & corporate offices (11.1 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (12.5 miles) — HQ
- Keycorp — banking & corporate offices (12.7 miles) — HQ
Built in 1981 with 40 units, the property benefits from a neighborhood with high occupancy and a renter concentration that is competitive among metro peers. Within a 3-mile radius, population growth and a projected increase in households expand the tenant base, which supports leasing continuity. According to CRE market data from WDSuite, neighborhood occupancy performance sits well above national medians, suggesting durable demand through typical cycles.
Relative affordability — reflected in lower rent-to-income ratios versus many U.S. neighborhoods — can aid retention, while the slightly newer vintage versus local stock provides a platform for selective value-add (systems, interiors, and curb appeal) to enhance positioning. Investors should weigh two counterpoints: fewer immediate daily-needs amenities and a more accessible ownership market in the metro, either of which can temper near-term pricing power, making asset management and product differentiation important.
- High neighborhood occupancy supports collections and lease stability
- Expanding 3-mile household base points to a larger renter pool
- 1981 vintage enables targeted value-add to outcompete older stock
- Rent-to-income dynamics favor retention and measured growth management
- Risks: thinner daily-needs amenities nearby and competition from ownership options