| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 57th | Good |
| Amenities | 15th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 13500 Ridge Rd, North Royalton, OH, 44133, US |
| Region / Metro | North Royalton |
| Year of Construction | 1997 |
| Units | 64 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
13500 Ridge Rd, North Royalton OH Multifamily
Positioned in an inner-suburban pocket with a sizable renter base at the neighborhood level, the asset offers stable demand drivers and value-add potential, according to WDSuite s CRE market data. Occupancy in the surrounding neighborhood trends below the metro median, so asset-level operations and renovation strategy will be key to performance.
Livability skew is suburban: parks score competitively (around the top decile nationally), while retail and daily-needs density is limited, which is typical for inner suburbs of the Cleveland Elyria metro. School ratings are not available in this dataset; investors should underwrite based on property-specific tenant profiles rather than assumed school-driven leasing.
For multifamily fundamentals, the neighborhood s occupancy rate sits below the metro median (ranked 486 of 569 metro neighborhoods), which warrants conservative lease-up and renewal assumptions. Counterbalancing this, renter concentration is high at the neighborhood level (about 67.9% of occupied housing units are renter-occupied), signaling depth in the tenant pool and supporting demand for smaller formats like the property s average 441 sq. ft. unit size.
The property s 1997 vintage is newer than the neighborhood s average 1983 construction year, providing a relative competitive edge versus older stock. That said, systems are approaching age where targeted modernization (interiors, common areas, and efficiency upgrades) can unlock pricing relative to older comparables while managing capex exposure.
Demographic statistics aggregated within a 3-mile radius indicate population growth alongside an 8%+ increase in households over the past five years, expanding the local renter pool. Median household incomes in the 3-mile area are solid for the metro, and median contract rents have risen from prior periods, supporting rent trade-ups without overextending affordability; the neighborhood s rent-to-income ratio around 0.26 suggests manageable affordability pressure and potential for steady retention.
Home values in the neighborhood sit below national averages (26th percentile), implying a more accessible ownership market. For investors, this means some competition from entry-level ownership, but it can also temper volatility by anchoring expectations around moderate rent growth and stable lease retention, rather than rapid pricing power. Balance this against the area s amenity-light profile and position the asset as practical, well-managed housing with convenient access to regional job nodes.
Safety trends compare favorably versus many U.S. neighborhoods: the area sits above the national average for overall safety (around the 66th percentile). Importantly, year-over-year property offense estimates have improved materially, with one of the stronger improvement rates nationally, while violent offense estimates also show a positive downward trend. As with any metro, conditions vary by block; investors should focus on property-level controls and lighting, but the broader neighborhood trajectory is constructive.
Within the Cleveland Elyria metro context, crime risk varies widely by subarea; this neighborhood s relative standing indicates it is competitive among peer locations, and recent improvement trends reduce downside risk relative to metro neighborhoods that have not seen similar gains.
Nearby corporate nodes provide a diversified employment base that supports renter demand and commute convenience, including industrial gases, semiconductors, rail logistics, and several major headquarters downtown.
- Airgas Merchant Gases D industrial gases (7.4 miles)
- Texas Instruments D semiconductors (10.9 miles)
- Norfolk Southern Motor Yard D rail logistics (11.4 miles)
- Travelcenters Of America D travel centers (12.7 miles) D HQ
- Sherwin-Williams D coatings & corporate offices (12.7 miles) D HQ
- PNC Center D financial services offices (12.9 miles)
- Keycorp D banking (12.9 miles) D HQ
13500 Ridge Rd is a 64-unit, 1997-vintage asset in an inner-suburban neighborhood where renter concentration is elevated at the neighborhood level, supporting demand depth for smaller-format units. Neighborhood occupancy trends below the metro median, so performance hinges on operational execution and selective renovations; however, parks access is strong and crime trends are improving, which supports leasing. According to CRE market data from WDSuite, the neighborhood s ownership costs sit well below national norms, suggesting investors should prioritize value proposition and retention over aggressive rent pushes.
Within a 3-mile radius, recent population growth and an increase in households point to a larger tenant base ahead, with incomes that can sustain moderate rent trade-ups. The property s newer-than-average vintage versus local stock provides a competitive position for a targeted value-add program that modernizes interiors while managing capex. Key employment nodes within ~8 13 miles broaden the renter catchment and help support occupancy stability over a full cycle.
- Renter concentration at the neighborhood level supports demand depth for smaller units
- 1997 vintage offers value-add and modernization upside versus older local stock
- 3-mile population and household growth expand the tenant base and support occupancy stability
- Proximity to diverse employers (including major HQs) underpins retention across cycles
- Risks: below-metro-median neighborhood occupancy, amenity-light retail mix, and potential competition from accessible homeownership