| 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 | 2012-02-27 |
| Transaction Price | $1,100,000 |
| Buyer | CANTERBURY WESTLAKE APTS LLC |
| Seller | CANTERBURY PLACE APTS LLC |
2360 Canterbury Rd Westlake Multifamily Investment Thesis
Positioned in a suburban A-rated neighborhood with steady renter demand and high occupancy, this 22-unit asset offers defensive cash-flow potential, according to WDSuite’s CRE market data. Built in 1985, it is newer than the neighborhood average, supporting competitive positioning with scope for selective modernization.
The property sits in Westlake within the Cleveland–Elyria metro, in a suburban neighborhood rated A and ranked 43 out of 569 metro neighborhoods — a top quartile location for overall neighborhood quality. Local occupancy in the neighborhood remains elevated and has trended upward over the last five years, supporting leasing stability for professionally managed multifamily.
Livability fundamentals are favorable for workforce and professional renters. Neighborhood amenities score above national norms with access to groceries, pharmacies, and restaurants, while park coverage is limited within the immediate neighborhood. Cafés and childcare availability test above national medians, which can aid day-to-day convenience and retention.
Within a 3-mile radius, demographics indicate a solid and growing renter base: population and households have expanded in recent years and are projected to continue rising, pointing to a larger tenant pool and support for occupancy. Household incomes are high for the region, and ownership costs are meaningful relative to incomes, which tends to sustain reliance on rental housing and can support pricing power without overextending affordability.
Tenure patterns within a 3-mile radius show roughly one-quarter of housing units are renter-occupied, signaling an owner-leaning area but with sufficient depth for stabilized multifamily operations. The property’s 1985 vintage is newer than the neighborhood’s average construction year (1976), implying relative competitiveness versus older stock; investors may still plan for modernization of select systems and finishes to meet today’s renter expectations.
Safety indicators are comparatively favorable in several categories. Property and violent offense measures track in higher national percentiles (safer relative to many U.S. neighborhoods), placing the area broadly in a stronger position for resident comfort and leasing. At the same time, composite crime metrics sit closer to the national middle, and recent year-over-year changes have shown upticks, so prudent risk management and standard security practices remain appropriate for underwriting.
Within the Cleveland–Elyria metro context (569 neighborhoods), the neighborhood’s results are competitive rather than outlier-low risk. Investors should underwrite to current trends and monitor trajectory rather than relying solely on multi-year averages.
Proximity to a diverse employment base supports renter demand and commute convenience, anchored by corporate offices in logistics, semiconductors, paint and coatings, and regional banking.
- TravelCenters of America — travel center operator (1.0 miles) — HQ
- Texas Instruments — semiconductors (2.7 miles)
- Sherwin-Williams — paint & coatings (11.8 miles) — HQ
- KeyCorp — banking (11.9 miles) — HQ
- PNC Center — banking offices (12.1 miles)
2360 Canterbury Rd offers a modest unit count in a top quartile Westlake neighborhood where occupancy is high and trending positively. Based on CRE market data from WDSuite, the area’s amenity access outperforms national medians and crime measures skew toward safer national percentiles, adding to tenant retention potential. The 1985 vintage is newer than the neighborhood average, suggesting competitive appeal versus older stock and a clear playbook for targeted value-add through modernization.
Within a 3-mile radius, population and household growth — alongside high household incomes — point to a stable, expanding renter pool. Ownership remains attractive for many residents, but elevated ownership costs relative to incomes in the neighborhood context help sustain multifamily demand, supporting occupancy stability and measured rent advancement. Key risks include an owner-leaning tenure mix and recent upticks in reported offenses, which warrant conservative underwriting and asset-level security planning.
- High neighborhood occupancy and upward trend support stable cash flow
- 1985 construction is newer than local average, enabling competitive positioning with value-add upside
- 3-mile population and household growth expand the tenant base and support leasing
- Access to diversified employers within 12 miles underpins demand and retention
- Risks: owner-leaning tenure and recent offense upticks call for conservative underwriting