| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 79th | Best |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9217 Cherry Tree Dr, Strongsville, OH, 44136, US |
| Region / Metro | Strongsville |
| Year of Construction | 1997 |
| Units | 36 |
| Transaction Date | 2015-04-01 |
| Transaction Price | $11,184,000 |
| Buyer | FC CHERRY TREE SPE LLC |
| Seller | HGG CHERRY TREE LTD |
9217 Cherry Tree Dr Strongsville 36-Unit Multifamily
Neighborhood occupancy has been strong and trending upward, supporting stable leasing dynamics according to WDSuite’s CRE market data. Position in an inner suburb with solid amenities points to durable renter demand and measured pricing power.
Located in Strongsville within the Cleveland–Elyria metro, the neighborhood scores A+ and ranks 8 out of 569 metro neighborhoods, placing it in the top quartile locally. Amenity access is a notable strength: restaurants and cafes sit in the upper national percentiles, with parks and pharmacies also testing above average. Daily needs are well-covered by grocery options, supporting convenience-driven retention.
Rents in the neighborhood trend around the national middle but have risen over the past five years, while the neighborhood occupancy rate is 97.6% with gains over the same period (per WDSuite). Relative to the metro, the renter-occupied share is high, indicating a deeper tenant base and resilience in multifamily demand through cycles. The property’s 1997 vintage is newer than the area’s average construction year (1976), which can offer a competitive edge versus older stock; investors should still plan for age-related system updates and potential modernization to meet current renter expectations.
Within a 3-mile radius, population has expanded in recent years with additional growth projected, and household counts are rising faster than population, signaling smaller household sizes and a larger pool of households overall. This trend, combined with income growth and moderate rent levels, supports occupancy stability and reduces leasing volatility for well-managed assets.
Ownership costs in the neighborhood sit near national mid-range levels. Combined with a rent-to-income profile that suggests lower affordability pressure than many markets, this backdrop can support lease retention and steady absorption, though investors should monitor any shifts that might tighten renter budgets.
Notable strengths include: high national percentiles for restaurants (85th), cafes (95th), parks (83rd), and pharmacies (82nd). A potential operational watch item is childcare access, which ranks low locally; properties targeting family renters may need to tailor amenities or partnerships to offset this gap.
Safety indicators are mixed when benchmarked nationally. Overall crime levels score modestly above the national average (59th percentile), but violent incidents benchmark lower (around the 33rd percentile), and property crime benchmarks weaker (around the 12th percentile). Importantly, both violent and property offense measures show sharp year-over-year improvement, placing these trend reductions in the top decile nationally according to WDSuite’s CRE data. Conditions vary by block; investors typically underwrite with conservative assumptions and emphasize lighting, access control, and resident engagement to sustain improvements.
The area draws from a diverse employment base spanning advanced manufacturing, corporate services, and HQ functions, supporting workforce housing demand and commute convenience. Key nearby employers include Texas Instruments, TravelCenters of America, Airgas, Sherwin-Williams, and KeyCorp.
- Texas Instruments — semiconductors (6.6 miles)
- Travelcenters Of America — travel services (8.8 miles) — HQ
- Airgas Merchant Gases — industrial gases (9.9 miles)
- Sherwin-Williams — coatings & corporate offices (12.5 miles) — HQ
- Keycorp — banking & corporate offices (12.7 miles) — HQ
This 36-unit asset benefits from a high-performing inner-suburban location where neighborhood occupancy is 97.6% and trending upward, indicating durable leasing and limited downtime relative to broader metro patterns. Amenity access ranks well above national averages in food, parks, and daily-needs retail, which supports renter satisfaction and retention. The 1997 construction is newer than the local average vintage, offering competitive positioning versus older stock while leaving room for targeted value-add through system upgrades and interior refreshes.
Within a 3-mile radius, recent population growth, rising household counts, and income gains expand the tenant base and support rent durability. Homeownership costs sit around national mid-range levels, and a relatively manageable rent-to-income profile can bolster lease renewal rates and occupancy stability. According to CRE market data from WDSuite, the neighborhood’s renter concentration is elevated versus the metro median, reinforcing depth of demand for multifamily units.
- High neighborhood occupancy with upward trend supports stable cash flow
- 1997 vintage outcompetes older local stock; targeted upgrades can unlock value
- Strong amenity access (restaurants, cafes, parks, pharmacies) aids retention
- Expanding 3-mile household base and income growth deepen the renter pool
- Risk watch: childcare access is limited and safety indicators are mixed despite recent improvement