| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 73rd | Best |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9681 Fernwood Dr, Olmsted Falls, OH, 44138, US |
| Region / Metro | Olmsted Falls |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2010-06-29 |
| Transaction Price | $10,500,000 |
| Buyer | DBC FAWN LAKE LIMITED PARTNERSHIP |
| Seller | FAWN LAKE APARTMENTS LIMITED PARTNERSHIP |
9681 Fernwood Dr, Olmsted Falls Multifamily Investment
Neighborhood occupancy has held near the mid‑90s, supporting income stability for well-managed assets, according to WDSuite’s CRE market data. Suburban fundamentals and a low rent‑to‑income profile point to solid retention potential rather than reliance on aggressive lease-ups.
Olmsted Falls is a suburban pocket of the Cleveland–Elyria metro with limited walkable retail and services immediately around the property, which places more weight on drive-to amenities and commuting patterns. The area’s neighborhood occupancy sits in the top quartile nationally, a constructive backdrop for sustaining collections and minimizing downtime on turns (measured at the neighborhood level, not the property).
Renter-occupied housing represents a smaller share locally, indicating a thinner but potentially stable tenant base for smaller multifamily assets. Within a 3-mile radius, population and household counts have grown in recent years and are projected to continue expanding, which supports a larger tenant pool and steadier leasing velocity. Median household incomes in the 3-mile area are strong, aiding rent coverage and renewal odds.
Home values in the neighborhood context are comparatively accessible within the region, which can introduce competition from ownership for some cohorts; however, the low rent-to-income ratio suggests affordability pressure is manageable, helping maintain occupancy and renewal potential. Vintage housing stock nearby averages newer than this asset, so well-targeted upgrades can sharpen competitive positioning versus more modern comparables.
Based on commercial real estate analysis from WDSuite, the amenity footprint near the immediate block is sparse, making property-level convenience (parking, on-site laundry, package handling) and functional unit finishes more influential in leasing decisions than walkability.
Safety indicators benchmark in the mid-to-upper range nationally, with overall crime levels comparing favorably to many U.S. neighborhoods. Property offenses track better than national averages, while violent incidents align closer to national norms. According to WDSuite’s CRE market data, recent year-over-year declines across both categories point to improving conditions, which can aid renter retention and reduce disruption risk over time.
Proximity to a diversified employment base supports renter demand and commute convenience, notably from Texas Instruments, TravelCenters of America, Airgas Merchant Gases, Sherwin-Williams, and KeyCorp. These employers contribute to steady daytime population and a broad professional workforce that underpins leasing fundamentals.
- Texas Instruments — semiconductors (4.4 miles)
- Travelcenters Of America — travel centers & logistics (7.2 miles) — HQ
- Airgas Merchant Gases — industrial gases (14.5 miles)
- Sherwin-Williams — coatings & specialty chemicals (15.3 miles) — HQ
- Keycorp — banking & financial services (15.4 miles) — HQ
This 24‑unit asset, built in 1972, benefits from a suburban location where neighborhood occupancy trends have remained strong relative to national benchmarks, helping support cash flow stability. The 3‑mile radius shows population and household growth alongside rising incomes, expanding the renter pool and reinforcing renewal potential. The building’s older vintage suggests room for value‑add through system upgrades and interior refreshes to compete against newer stock.
Ownership costs in the broader area are comparatively accessible, which can create competition for some renters; however, a low rent‑to‑income profile and stable neighborhood occupancy, based on CRE market data from WDSuite, indicate supportive fundamentals for retention and pricing discipline. Given limited immediate walkable amenities, property-level convenience and functional renovations can be outsized drivers of leasing performance.
- Strong neighborhood occupancy supports income durability (neighborhood-level metric)
- Expanding 3‑mile renter pool and higher incomes bolster leasing and renewals
- 1972 vintage offers value‑add potential via targeted capex and modernization
- Proximity to diversified employers underpins demand across renter segments
- Risks: smaller local renter concentration and more accessible ownership options may temper pricing power