| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 74th | Best |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 21900 Addington Blvd, Rocky River, OH, 44116, US |
| Region / Metro | Rocky River |
| Year of Construction | 1982 |
| Units | 100 |
| Transaction Date | 2021-03-23 |
| Transaction Price | $7,180,000 |
| Buyer | PINZONE TOWERS LP |
| Seller | CBT DEVELOPMENT INC |
21900 Addington Blvd, Rocky River OH Multifamily Investment
Positioned in an A-rated inner suburb with strong incomes and steady renter demand signals, this 100-unit 1982 asset offers resilient fundamentals according to WDSuite’s CRE market data.
Rocky River’s neighborhood scores are competitive among Cleveland–Elyria neighborhoods (ranked 67 of 569), reflecting balanced livability and income strength for an inner-suburb location. Median household income trends above many peer areas, and the neighborhood’s rent-to-income profile suggests manageable affordability pressure that can support lease retention.
Amenity access skews toward daily needs rather than lifestyle niches: pharmacies rank in the upper tier nationally and both restaurants and parks fall around the top quintile, while cafes and childcare are sparse. For investors, this mix points to stable, convenience-driven demand rather than destination traffic.
The housing stock is older on average (1971), and this property’s 1982 vintage is relatively newer than the neighborhood norm, offering a competitive edge versus older inventory while still warranting selective system modernization to support rents and operating reliability.
Renter-occupied share in the neighborhood is modest (about one-fifth of units), indicating an owner-leaning area. That said, demographic statistics aggregated within a 3-mile radius show population and household growth over the past five years with further increases projected, expanding the local tenant base even as average household size trends a bit smaller. In this context, elevated home values for the area reinforce sustained reliance on multifamily options for some households, underpinning demand depth.
Neighborhood occupancy is below the metro median based on rank positioning, and has eased over five years, suggesting the need for hands-on leasing and asset management. Still, above-average incomes and steady household expansion in the 3-mile radius are supportive counterweights for long-run absorption.
Safety conditions here trend below the national midpoint, with neighborhood crime metrics ranking closer to the higher-incident end of the spectrum. Within the Cleveland–Elyria metro, the area’s crime rank (509 of 569 neighborhoods) indicates more incidents than many peers. Nationally, property and violent offense measures fall below the median percentiles, and recent year-over-year readings show some volatility.
Investors typically account for this by emphasizing lighting, access control, and visible management presence to support tenant confidence and retention, while underwriting to conservative loss and security line items.
Proximity to regional employers supports a commuter-friendly renter base centered on corporate services, manufacturing, and finance. The following nearby employers anchor local employment and can help sustain leasing velocity and retention:
- TravelCenters of America — travel centers & logistics (1.65 miles) — HQ
- Texas Instruments — semiconductors (3.39 miles)
- Sherwin-Williams — coatings & corporate offices (9.19 miles) — HQ
- KeyCorp — banking & financial services (9.24 miles) — HQ
- PNC Center — banking offices (9.49 miles)
This 100-unit property, built in 1982, is newer than the neighborhood’s average vintage, offering relative competitiveness versus older stock while benefiting from the stability of an A-rated inner suburb. Neighborhood occupancy sits below the metro median, but incomes are strong and 3-mile demographic data point to population and household growth, expanding the renter pool and supporting long-term leasing. Elevated home values in the area also sustain reliance on rentals for some households, reinforcing demand depth.
Based on commercial real estate analysis from WDSuite, the submarket’s essential amenities (pharmacies, groceries) and a diversified employer base within a 10-mile commute provide practical support for retention and absorption. Investors should plan for targeted modernization typical of early-1980s assets to maintain competitive positioning and manage operating risk.
- 1982 vintage is newer than local average, with selective modernization upside
- A-rated inner suburb with strong incomes and expanding 3-mile household base supports demand
- Essential-amenity access and nearby corporate employers aid retention and leasing velocity
- Risk: neighborhood occupancy below metro median and safety volatility call for active leasing and security planning