| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 89th | Best |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1489 Bassett Rd, Westlake, OH, 44145, US |
| Region / Metro | Westlake |
| Year of Construction | 1990 |
| Units | 84 |
| Transaction Date | 1998-05-21 |
| Transaction Price | $3,277,200 |
| Buyer | WITTINE LEO |
| Seller | MAISANO JOANNE |
1489 Bassett Rd, Westlake OH Multifamily Investment Thesis
Neighborhood-level occupancy is solid and renter demand is supported by high-income households, according to WDSuite’s CRE market data, positioning this 84-unit asset for stable leasing while offering scope for selective upgrades.
Westlake an inner suburb in the Cleveland Elyria metro earns an A neighborhood rating and ranks 40th among 569 metro neighborhoods, indicating performance above the metro median in several investor-relevant dimensions. Grocery access is strong (near the top quartile nationally), parks are comparatively plentiful, and restaurants are reasonably accessible, though caf e9s and pharmacies are sparse. For investors, this mix points to everyday convenience with some amenity gaps to consider in marketing and resident services.
Median contract rents in the neighborhood benchmark above most U.S. areas, while the local rent-to-income ratio trends near national midrange, suggesting room for disciplined pricing without outsized affordability pressure. Elevated home values at the neighborhood level support renter reliance on multifamily housing, which can aid lease retention and steady absorption.
The property s 1990 vintage is slightly newer than the neighborhood s average construction year (1983). That positioning generally improves competitive standing versus older stock while still warranting targeted capital planning for building systems and common-area refresh to capture value-add upside.
Tenure patterns are favorable for multifamily demand: roughly half of occupied housing units in the immediate neighborhood are renter-occupied, indicating a deep tenant base and resilience for stabilized occupancy. Within a 3-mile radius, demographic statistics show a high-income household profile today and WDSuite s forecasts indicate growth in households by 2028, which supports a larger tenant base for well-located communities. These trends, combined with strong grocery and park access, underpin a pragmatic, needs-based appeal to renters seeking suburban convenience.
Safety indicators are mixed relative to metro and national benchmarks. Neighborhood crime ranks in the lower half among 569 Cleveland Elyria neighborhoods, signaling room for improvement versus the metro median, while national comparisons show property-related incidents positioned in a stronger percentile range than many U.S. neighborhoods and violent incidents closer to the national middle. Year-over-year changes have been volatile, so investors should underwrite with current, property-level measures such as lighting, access control, and resident engagement rather than block-level assumptions.
Overall, comparative signals suggest a setting that is serviceable for workforce and professional renters, with on-site management practices likely to be the key driver of resident perceptions and retention.
The location is supported by a diversified employment base spanning energy retail, semiconductors, and Cleveland s downtown corporate sector, which can aid leasing stability and commute convenience for residents. The following nearby employers anchor daily demand relevant to this neighborhood.
- Travelcenters Of America energy retail & corporate functions (2.7 miles) HQ
- Texas Instruments semiconductors (4.1 miles)
- Sherwin-Williams corporate offices (13.2 miles) HQ
- KeyCorp banking (13.2 miles) HQ
- PNC Center financial services (13.5 miles)
1489 Bassett Rd comprises 84 units with large average floor plans, a differentiator in a suburban submarket where household incomes are high and neighborhood rents benchmark above national medians. Based on CRE market data from WDSuite, neighborhood occupancy is in a healthy range and renter concentration is substantial, supporting a stable tenant base for a professionally managed, needs-oriented community.
Built in 1990, the asset is slightly newer than the surrounding housing stock, offering competitive positioning versus older product while leaving room for selective renovations and system upgrades to enhance rent premiums. Forward-looking 3-mile demographics point to growth in households and rising incomes through 2028, which reinforces leasing depth and the potential to sustain occupancy while managing renewal economics. Key underwriting considerations include amenity gaps in the immediate area and mixed safety trends, best mitigated through property-level improvements and active resident engagement.
- Large average unit size supports retention among higher-income renter households
- Neighborhood rents above national medians with midrange rent-to-income ratios enable disciplined pricing
- 1990 vintage offers value-add potential via targeted renovations and system updates
- 3-mile household growth and strong employer access bolster leasing stability
- Risks: limited nearby caf e9/pharmacy options and mixed safety indicators; prioritize on-site operations and security investments