| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Best |
| Demographics | 80th | Best |
| Amenities | 22nd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 28241 Center Ridge Rd, Westlake, OH, 44145, US |
| Region / Metro | Westlake |
| Year of Construction | 1979 |
| Units | 24 |
| Transaction Date | 1984-11-29 |
| Transaction Price | $4,680,000 |
| Buyer | TIMBER RIDGE LTD |
| Seller | STEIGER SHELDON G |
28241 Center Ridge Rd Westlake Multifamily Opportunity
Neighborhood occupancy is high and stable, supporting income durability for well-run assets, according to WDSuite’s CRE market data. Investor focus here is steady renter demand relative to the metro, with pricing set by suburban fundamentals rather than downtown volatility.
The property sits in Westlake’s inner-suburb context, where the neighborhood is rated A- and ranks in the top quartile among 569 Cleveland–Elyria neighborhoods. Neighborhood occupancy runs strong at roughly the top quartile nationally, indicating stable leasing conditions at the area level rather than property-specific performance.
Livability leans suburban. Public park access scores well relative to peers (above many neighborhoods nationally), and average school ratings trend in the top quartile nationwide (around 4 out of 5), a draw for family renters. Food-and-service density is thinner nearby, so residents rely on broader suburban retail corridors for daily needs.
Tenure patterns show about 30% of housing units are renter-occupied in the neighborhood, signaling a moderate renter concentration that can support demand for a 24-unit asset while still competing with ownership options. Median home values sit in a high-cost ownership market for the metro but remain accessible enough to create some competition with for-sale housing, so asset strategy should emphasize quality, convenience, and professional management to sustain retention. With a rent-to-income ratio near 0.12 at the neighborhood level, affordability pressure is comparatively low, which can support lease stability and measured rent growth management.
Within a 3-mile radius, population and household counts have grown in recent years with further expansion forecast, alongside a shift toward smaller household sizes. This points to a larger tenant base with more one- and two-person households entering the market, a supportive backdrop for occupancy. Household incomes in the 3-mile area are elevated and rising, which aligns with steady suburban renter demand and cushions against volatility, based on commercial real estate analysis from WDSuite’s datasets.
The asset’s 1979 vintage is slightly older than the neighborhood average stock (early 1980s). Investors should plan for targeted capital improvements and common-area upgrades to remain competitive versus newer suburban product, creating potential value-add upside if renovations are executed efficiently.
Neighborhood-specific crime metrics are not available in WDSuite’s current release for this area. Investors commonly benchmark safety using city and county sources and compare trends to nearby inner-suburban peers to understand tenant perception and retention implications.
Nearby corporate employers provide a diversified white-collar employment base that supports commuter convenience and renter retention, including TravelCenters of America, Texas Instruments, Sherwin-Williams, KeyCorp, and PNC.
- Travelcenters Of America — corporate offices (2.3 miles) — HQ
- Texas Instruments — corporate offices (2.5 miles)
- Sherwin-Williams — corporate offices (13.1 miles) — HQ
- Keycorp — corporate offices (13.1 miles) — HQ
- PNC Center — corporate offices (13.4 miles)
This 24-unit, 1979-vintage asset benefits from a suburban neighborhood that performs above the metro median, with area occupancy in the top quartile nationally. The renter pool is moderate at the neighborhood level, supported by rising incomes within a 3-mile radius and continued population growth, which together underpin demand for professionally managed multifamily units.
According to CRE market data from WDSuite, the neighborhood’s rank sits above the metro median and school quality trends in the top quartile nationally, while home values point to a high-cost ownership market for the region. That mix supports retention and measured pricing power, though ownership accessibility and thinner nearby amenities warrant a focus on unit finishes, maintenance, and convenience to sustain leasing velocity. The 1979 construction suggests value-add upside through system refreshes and strategic renovations.
- Strong area-level occupancy and above-median neighborhood standing versus the Cleveland–Elyria metro
- Growing 3-mile population and rising incomes support a stable tenant base and retention
- 1979 vintage offers potential value-add through targeted renovations and operational upgrades
- Proximity to diversified corporate employers helps sustain demand across cycles
- Risks: competition from ownership options and thinner nearby amenities require disciplined leasing and asset management