| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Best |
| Demographics | 85th | Best |
| Amenities | 51st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 27569 Detroit Rd, Westlake, OH, 44145, US |
| Region / Metro | Westlake |
| Year of Construction | 1987 |
| Units | 97 |
| Transaction Date | 2013-11-05 |
| Transaction Price | $22,500,000 |
| Buyer | Gardens at West Lake |
| Seller | Gardens at Westlake Senior |
27569 Detroit Rd Westlake Multifamily Investment
Positioned in a high-income Westlake suburb with resilient renter demand drivers, according to WDSuite’s CRE market data the neighborhood offers strong amenities and schooling alongside an ownership-leaning housing mix that can support stable tenancy for well-positioned assets.
Westlake’s suburban location combines daily convenience with solid consumer fundamentals. Dining density is strong (restaurants and cafes trend in the top quartile nationally), while grocery and pharmacy access is above average. Parks and formal childcare options are limited locally, so assets that add on-site recreation or family-friendly features can differentiate.
Within a 3-mile radius, demographics point to a larger, higher-income tenant base, with recent population and household growth supporting multifamily demand. Median home values in the neighborhood are elevated relative to many U.S. areas, which tends to reinforce reliance on rental housing for segments of the workforce and can aid lease retention for quality product. Rent-to-income levels track favorably, suggesting manageable renter affordability and potential for steady renewals.
Neighborhood-level education metrics are competitive, with average school ratings in the top quartile nationally. The neighborhood ranks 12 out of 569 Cleveland–Elyria neighborhoods overall, indicating it is competitive among Cleveland–Elyria, OH neighborhoods on a composite basis, per commercial real estate analysis from WDSuite. Local NOI per unit performance is also strong compared with peer areas (high national standing), a positive indicator for operating efficiency when assets are appropriately maintained and positioned.
Housing stock in this area skews newer on average than many U.S. neighborhoods, while this specific asset’s 1987 vintage is older than the local average. For investors, that typically points to capital planning needs for systems and common areas, but also potential value-add opportunities through targeted renovations and amenity upgrades. Tenure data shows meaningful renter concentration at the neighborhood level, while the 3-mile area remains more owner-occupied; together this suggests a deep but discerning renter pool that rewards well-managed, updated communities.
Occupancy at the neighborhood level has trended lower over the past five years, so underwriting should emphasize leasing strategy, competitive positioning, and unit finishes. Counterbalancing factors include strong household incomes, above-median amenity access, and school quality that tends to support demand stability.
Relative to neighborhoods nationwide, this area sits above average for safety overall (national percentiles indicate lower property and violent offense rates than many U.S. neighborhoods). Recent trends are mixed: property offenses have decreased materially year over year, while violent incidents show an uptick that warrants continued monitoring and standard security best practices.
Within the Cleveland–Elyria metro, the neighborhood’s crime profile compares favorably to many areas, and it performs above national averages on several measures; however, investors should underwrite to current conditions and evaluate property-level controls, lighting, and site design as part of risk management.
Proximity to a diversified employment base supports renter demand and commute convenience, led by TravelCenters of America, Texas Instruments, and major downtown Cleveland employers such as Sherwin-Williams, KeyCorp, and PNC.
- Travelcenters Of America — transportation & logistics HQ (1.8 miles) — HQ
- Texas Instruments — semiconductors offices (3.6 miles)
- Sherwin-Williams — coatings & corporate HQ (12.3 miles) — HQ
- Keycorp — banking corporate HQ (12.3 miles) — HQ
- PNC Center — financial services offices (12.6 miles)
This 97-unit, 1987-vintage asset sits in a high-income suburban node where ownership costs are elevated, supporting sustained rental demand for quality product. Neighborhood dining and retail access is strong, schools rate in the top quartile nationally, and local NOI per unit performance stands out versus peer areas. While neighborhood occupancy has softened in recent years, rent-to-income levels are favorable, which can aid retention for well-managed properties.
Within a 3-mile radius, population and households have grown and are projected to continue rising, expanding the tenant base. Based on CRE market data from WDSuite, the area’s safety profile is above national averages on several measures, though investors should note recent mixed trends and plan routine security and asset-quality enhancements. The 1987 vintage implies near- to medium-term capital planning, but also provides clear value-add and repositioning levers in a market that rewards updated finishes and amenities.
- High-income suburb with elevated ownership costs reinforcing multifamily demand
- Strong amenity access and top-quartile school ratings support leasing
- Favorable rent-to-income levels and growing 3-mile households aid retention
- 1987 vintage offers value-add potential alongside planned capex needs
- Risks: softer neighborhood occupancy and recent mixed safety trends warrant conservative underwriting