| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 77th | Best |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2360 Canterbury Rd, Westlake, OH, 44145, US |
| Region / Metro | Westlake |
| Year of Construction | 1985 |
| Units | 22 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2360 Canterbury Rd, Westlake OH — Boutique Multifamily Opportunity
Stabilized renter demand and high neighborhood occupancy suggest steady operations, according to WDSuite’s CRE market data. In an ownership-leaning suburban pocket, pricing power will hinge on product quality and convenience rather than concessions.
Westlake’s A-rated neighborhood ranks 43 out of 569 within the Cleveland–Elyria metro, placing it in the top quartile among metro neighborhoods. The area skews suburban with a strong services base; neighborhood amenity access for groceries, restaurants, cafes, and pharmacies trends above national midpoints, while park access is limited. For investors, this mix supports day-to-day livability that can aid retention, though outdoor space and on-site amenities may carry extra weight.
Neighborhood occupancy is strong and sits in the top quartile nationally, supporting income stability and reducing lease-up risk. However, the neighborhood’s renter-occupied share is low, indicating a thinner immediate renter pool. The surrounding 3-mile radius provides a broader base of renters, which can help backfill demand for well-positioned units.
Construction patterns skew older locally (average vintage 1976). With a 1985 build, the asset is newer than the neighborhood norm, providing relative competitiveness versus older stock while still warranting planning for system updates and targeted modernization to meet today’s renter expectations.
Within a 3-mile radius, recent population and household growth, coupled with rising incomes, point to a growing tenant base and support for rent levels over time. Elevated home values relative to incomes are moderate for the region, so ownership remains accessible for some households; for multifamily operators, that means emphasizing convenience, finishes, and maintenance responsiveness to sustain retention in an area where buying can be a viable alternative.
Safety indicators are mixed in comparative terms. Neighborhood crime ranks 374 out of 569 metro neighborhoods, placing it around the metro middle. Nationally, overall crime sits near the mid-range, while property and violent offense rates compare more favorably versus many neighborhoods nationwide.
Recent year-over-year changes show an uptick in estimated offenses, so prudent operators should monitor trend direction and align property-level measures (lighting, access control, resident engagement) with prevailing best practices rather than relying solely on historical norms.
The location is supported by a diversified employment base spanning corporate headquarters and regional offices, which underpins commuter convenience and helps sustain renter demand. Notable nearby employers include TravelCenters of America, Texas Instruments, Sherwin-Williams, KeyCorp, and PNC Center.
- Travelcenters Of America — corporate offices (1.0 miles) — HQ
- Texas Instruments — corporate offices (2.7 miles)
- Sherwin-Williams — corporate offices (11.7 miles) — HQ
- Keycorp — corporate offices (11.8 miles) — HQ
- PNC Center — corporate offices (12.0 miles)
This 22-unit, 1985 vintage asset benefits from an A-rated suburban setting where neighborhood occupancy trends in the top quartile nationally, supporting income durability and lower downtime risk. The property is slightly newer than the neighborhood average, offering a competitive edge against older stock; selective renovations can further enhance positioning and capture demand from nearby corporate employment nodes. Based on CRE market data from WDSuite, the immediate neighborhood is ownership-leaning, so leasing success will be driven by convenience, finishes, and professional management rather than deep discounts.
Within a 3-mile radius, recent population and household growth, rising incomes, and a forecasted increase in households by 2028 point to a larger renter base over time. Homeownership remains relatively accessible for some households locally, which can create competition with purchasing; balancing value-add scope with rent-to-income considerations should help sustain retention and support steady performance.
- High neighborhood occupancy supports stable cash flow and minimizes lease-up risk
- 1985 vintage is newer than local average, enabling targeted value-add to outcompete older stock
- Diversified nearby corporate employers reinforce renter demand and commute convenience
- 3-mile growth in households and income expands the tenant base and supports rent levels
- Risk: ownership-leaning area and recent offense upticks require careful pricing and security planning