| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 74th | Best |
| Amenities | 52nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 22900 Center Ridge Rd, Rocky River, OH, 44116, US |
| Region / Metro | Rocky River |
| Year of Construction | 1986 |
| Units | 116 |
| Transaction Date | 2012-12-27 |
| Transaction Price | $10,825,000 |
| Buyer | CSL Harbor Court, LLC |
| Seller | Harbor Court Limited |
22900 Center Ridge Rd Rocky River Multifamily Investment
Inner-suburb location with steady renter demand and an A-rated neighborhood profile, according to WDSuite’s CRE market data, positions this asset for defensible occupancy and disciplined revenue management.
Located in Rocky River’s Inner Suburb of the Cleveland–Elyria metro, the neighborhood is rated A and ranks 67 out of 569 metro neighborhoods, indicating it is competitive among Cleveland–Elyria neighborhoods. Restaurants and parks index around the 80th percentile nationally, while pharmacies track near the 89th percentile, supporting daily convenience that helps leasing and resident retention.
Neighborhood statistics point to moderate rents relative to incomes and a high-cost ownership market (home values measure above the national median on a percentile basis). This combination can sustain reliance on rental housing and provide pricing power without overextending residents. The neighborhood’s rent-to-income ratio trends favorable for lease stability.
The area’s housing stock skews older than the subject’s 1986 vintage (neighborhood average construction year 1971). That positions the property as relatively newer versus much of the local inventory, which can support competitive standing; however, investors should still underwrite aging systems and targeted modernization to meet current renter expectations.
Within a 3-mile radius, demographics show population and household growth over the last five years, with projections calling for additional household expansion and smaller average household sizes through the forecast period. This implies a larger tenant base and incremental demand for multifamily units, supporting occupancy stability and renewal prospects.
Renter-occupied housing comprises roughly one-fifth of units at the neighborhood level, indicating an owner-leaning area where multifamily serves a defined renter segment. For investors, this suggests stable but measured depth in the tenant pool, with demand anchored by proximity to employment and services rather than high turnover dynamics.
Safety indicators rank below metro averages, with the neighborhood positioned toward the higher-crime end of the Cleveland–Elyria distribution (509 out of 569 neighborhoods). Nationally, the area sits in lower safety percentiles, so investors should plan standard security measures and consider how lighting, access control, and resident policies can support retention.
Recent data points to an uptick in property offenses year over year. While single-year movements can be volatile, underwriting should reflect prudent operating practices and potential insurance implications. Comparative positioning versus nearby submarkets may also influence marketing strategy and concessions during lease-up or renewals.
The property sits within a commuter-friendly corridor serving regional corporate offices that support renter demand and weekday traffic. Key employers include TravelCenters of America, Texas Instruments, Sherwin-Williams, KeyCorp, and PNC Center.
- Travelcenters Of America — corporate offices (1.1 miles) — HQ
- Texas Instruments — semiconductor offices (3.1 miles)
- Sherwin-Williams — coatings & specialty chemicals (9.8 miles) — HQ
- Keycorp — banking & financial services (9.8 miles) — HQ
- PNC Center — financial services offices (10.1 miles)
This 116-unit, 1986-vintage asset benefits from a strong Inner Suburb location where everyday amenities rank well nationally and ownership costs are elevated relative to incomes, reinforcing reliance on rental housing. The property’s vintage is newer than much of the local stock, offering a competitive position with potential to capture demand through targeted upgrades and operational execution. Based on CRE market data from WDSuite, neighborhood occupancy is below national medians, so underwriting should emphasize differentiated unit finishes and service to drive retention rather than outsized lease-step assumptions.
Within a 3-mile radius, population and household counts have grown and are projected to continue expanding while average household size trends smaller. That dynamic points to renter pool expansion and supports steady absorption for well-managed multifamily properties. Combined with favorable rent-to-income conditions, the setup supports stable collections, with room for measured rent optimization tied to renovation scope and amenity programming.
- Competitive Inner Suburb with strong daily convenience and service amenities
- 1986 vintage is newer than neighborhood average, enabling value-add and operational upside
- Growing 3-mile population and household base supports tenant demand and renewals
- Favorable rent-to-income dynamics support pricing power without elevated retention risk
- Risk: neighborhood safety ranks below metro averages; plan for security and insurance impacts