| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 89th | Best |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 28670 Detroit Rd, Westlake, OH, 44145, US |
| Region / Metro | Westlake |
| Year of Construction | 1988 |
| Units | 34 |
| Transaction Date | 2003-12-16 |
| Transaction Price | $6,672,125 |
| Buyer | BARRINGTON GARDENS ASSOCIATES LLC |
| Seller | BARRINGTON PLACE APARTMENTS LLC |
28670 Detroit Rd Westlake Multifamily Investment
Positioned in an A-rated inner-suburb neighborhood with renter demand supported by a high metro-level renter-occupied share, this asset offers steady screening potential; according to WDSuite’s CRE market data, neighborhood occupancy trends sit near the national middle while remaining competitive locally.
Westlake’s inner‑suburb setting balances neighborhood stability with access to daily needs. Amenity density ranks above the metro median among 569 Cleveland‑Elyria neighborhoods, with grocery options in the top quartile locally and restaurant access competitive for the region. Cafes and pharmacies are thinner in immediate proximity, which may modestly affect walk-to conveniences but is typical for low‑density suburban nodes.
For investors, rental dynamics are supported by a renter‑occupied share that sits in the top quartile among 569 metro neighborhoods, signaling depth in the tenant base and potential for resilient lease‑up. Neighborhood occupancy is below the metro median yet close to the national midpoint, which suggests room for operational improvement through focused leasing and retention strategies instead of requiring outsized concessions.
Construction patterns skew slightly older across the neighborhood (average early‑1980s), and the subject property’s 1988 vintage positions it a bit newer than surrounding stock. That relative vintage can be competitive versus older comparables, while still warranting targeted capital planning for systems modernization or selective value‑add to meet current renter expectations.
Within a 3‑mile radius, demographics show a growing and increasingly affluent customer base. Population and household counts have increased and are projected to expand further, pointing to a larger renter pool and support for occupancy stability. Rising incomes and elevated ownership costs in the area reinforce reliance on multifamily options, which can aid pricing power when paired with prudent lease management.
Neighborhood safety indicators are mixed when viewed against both metro peers and national benchmarks. Overall crime ranks below the metro median (416 out of 569 Cleveland‑Elyria neighborhoods), indicating more incidents than many suburban competitors, while national positioning trends closer to the middle of U.S. neighborhoods.
Pattern detail suggests property‑related offenses compare favorably at a higher national percentile, while violent‑crime exposure trends closer to national midrange. Recent year‑over‑year changes indicate some volatility, so investors should underwrite with contemporary comps and confirm trends with the latest local data rather than relying on block‑level assumptions.
Proximity to corporate employers supports workforce housing demand and commuting convenience for residents. Notable nearby firms include TravelCenters of America, Texas Instruments, Sherwin‑Williams, KeyCorp, and PNC.
- Travelcenters Of America — corporate offices (2.4 miles) — HQ
- Texas Instruments — corporate offices (4.0 miles)
- Sherwin-Williams — corporate offices (12.9 miles) — HQ
- Keycorp — corporate offices (12.9 miles) — HQ
- PNC Center — corporate offices (13.2 miles)
This 34‑unit, 1988‑vintage property offers relative competitiveness versus older neighborhood stock while leaving room for targeted modernization to drive rent premiums and retention. The neighborhood’s renter‑occupied share ranks high within the Cleveland‑Elyria metro, supporting depth of demand, while occupancy trends near the national midpoint suggest operational upside rather than structural weakness. Elevated home values locally help sustain reliance on multifamily housing, and within a 3‑mile radius both population and households are projected to grow, expanding the prospective tenant base.
According to CRE market data from WDSuite, local amenities are strong where it matters (notably grocery), and income growth in the surrounding radius supports future rent levels without overextending affordability. Investors should underwrite with attention to amenity gaps typical of low‑density suburbs and monitor recent crime volatility, but the long‑term profile favors steady renter demand and value‑add execution.
- 1988 vintage: newer than neighborhood average with clear value‑add and systems‑upgrade pathways
- High metro‑ranked renter concentration supports leasing depth and occupancy stability
- Amenities strong for daily needs (grocery) with regional dining access; supports resident convenience
- 3‑mile radius shows rising incomes and expanding households, reinforcing rent growth potential
- Risks: occupancy below metro median, thinner cafe/pharmacy presence, and mixed safety trends warrant conservative underwriting