| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 89th | Best |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1550 Crossings Pkwy, Westlake, OH, 44145, US |
| Region / Metro | Westlake |
| Year of Construction | 1989 |
| Units | 40 |
| Transaction Date | 2018-02-21 |
| Transaction Price | $300,000 |
| Buyer | BCM WESTLAKE DEVELOPMENT LLC |
| Seller | S C WESTLAKE PARTNERS LLC |
1550 Crossings Pkwy Westlake 40-Unit Multifamily
Positioned in an A-rated inner suburb with a sizable renter base and balanced occupancy, this asset benefits from steady demand and income depth, according to WDSuite’s CRE market data. The submarket’s rent levels run above many Cleveland-Elyria peers while rent-to-income remains manageable, supporting retention and disciplined rent growth.
Located in Westlake within the Cleveland-Elyria metro, the neighborhood carries an A rating and ranks in the top quartile among 569 metro neighborhoods for overall performance. As an inner-suburb location, it offers everyday convenience rather than urban intensity, with strong grocery access and a moderate restaurant mix; specialty amenities like cafes, childcare, and pharmacies are thinner locally, which places a premium on nearby retail nodes and auto access.
Rents in the neighborhood benchmark above much of the metro (high rank among 569), and WDSuite’s CRE market data indicates a rent-to-income profile that suggests affordability pressure is limited for many households. Neighborhood occupancy is in the low-90s, indicating generally stable leasing conditions, though investors should underwrite to typical seasonality and competitive supply.
Tenure data points to a meaningful renter-occupied share of housing units, which supports a deeper tenant base for multifamily. Median home values are elevated for the region, a dynamic that tends to sustain reliance on rental housing and can support pricing power and lease retention for well-positioned assets.
Within a 3-mile radius, demographics show recent population growth with further household expansion projected, alongside higher-income profiles relative to many suburbs. This combination points to a larger tenant base and potential renter pool expansion, supporting occupancy stability and absorption for quality units over the medium term.
The property’s 1989 construction is somewhat newer than the neighborhood’s average vintage. Investors can expect competitive positioning versus older stock, with potential to capture value through selective modernization and systems updates as part of capital planning.
Neighborhood safety indicators are mixed. Relative to the 569 neighborhoods in the Cleveland-Elyria metro, the area sits below the metro median on crime rankings, suggesting investors should underwrite prudent security and operational practices. Nationally, property crime patterns compare favorably (upper-half safety percentile), while violent incident measures track closer to the national middle.
Recent year-over-year trends indicate some uptick in estimated incident rates. Rather than relying on block-level assumptions, investors should focus on property-level controls, lighting and access management, and monitor municipal trendlines as part of ongoing risk management.
Proximity to regional corporate offices supports workforce housing demand and commute convenience for residents, with access to roles across energy services, semiconductors, coatings, banking, and diversified financial services.
- Travelcenters Of America — energy services & logistics (3.3 miles) — HQ
- Texas Instruments — semiconductors (4.5 miles)
- Sherwin-Williams — coatings & consumer brands (13.8 miles) — HQ
- KeyCorp — banking (13.8 miles) — HQ
- PNC Center — financial services offices (14.1 miles)
This 40-unit, 1989-vintage asset aligns with a neighborhood that ranks in the top quartile among 569 Cleveland-Elyria neighborhoods, underscoring durable fundamentals. Above-metro rent positioning alongside manageable rent-to-income supports steady collections and measured rent growth, per commercial real estate analysis from WDSuite. A meaningful renter-occupied share, elevated regional home values, and 3-mile demographics pointing to population growth and a projected increase in households all reinforce a stable tenant base and absorption potential.
Vintage positioning is slightly newer than the neighborhood average, providing relative competitiveness against older stock, while leaving room for targeted upgrades to kitchens, baths, and building systems to enhance yield. Neighborhood occupancy trends in the low-90s are consistent with stable leasing; investors should still account for normal turnover and monitor supply pipelines and safety trends.
- A-rated inner-suburb location; top-quartile standing among 569 metro neighborhoods supports long-run demand
- Above-metro rent positioning with manageable rent-to-income aids retention and pricing discipline
- 1989 vintage offers competitive footing and value-add upside through selective modernization
- 3-mile demographics indicate population and household growth, expanding the renter pool
- Risks: occupancy drift vs. new supply, thinner nearby specialty amenities, and mixed safety trends warrant active asset management