| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 89th | Best |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 800 Cahoon Rd, Westlake, OH, 44145, US |
| Region / Metro | Westlake |
| Year of Construction | 1979 |
| Units | 26 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
800 Cahoon Rd, Westlake OH Multifamily Investment
Neighborhood fundamentals point to a stable renter base and solid income profiles, according to WDSuite s CRE market data, with renter-occupied share measured for the neighborhood rather than the property. This positioning supports disciplined multifamily property research focused on steady occupancy and balanced pricing power.
Westlake s neighborhood around 800 Cahoon Rd carries an A neighborhood rating and ranks 40 out of 569 within the Cleveland-Elyria metro, making it competitive among Cleveland-Elyria, OH neighborhoods. Essentials are convenient: grocery access sits in a higher tier (around the 80th percentile nationally), and park access trends similarly strong, while cafes and pharmacies are less dense. Median asking rents in the neighborhood are in the metro s upper cohort and above the national midpoint, based on CRE market data from WDSuite.
Occupancy at the neighborhood level remains near the national middle with only modest softening over five years, suggesting stable leasing conditions without overheated supply-demand imbalances. The share of renter-occupied housing units is elevated for the neighborhood (competitive nationally), indicating a deeper tenant base that can support multifamily absorption and renewal activity. By contrast, the broader 3-mile area shows a lower renter share, which can translate to less direct competition from rental stock outside the immediate neighborhood.
Within a 3-mile radius, population and households have grown in recent years and are projected to continue expanding through 2028, supporting a larger tenant base and sustained demand for rental units. Household incomes in the 3-mile area are notably strong, reinforcing the ability to sustain market rents and aiding lease retention, while a rent-to-income profile near national midpoints points to manageable affordability pressure for renters.
Home values in the neighborhood sit above national medians, creating a relatively high-cost ownership market for the metro; this often sustains reliance on rental housing and can bolster pricing power and lease-up velocity for well-positioned assets. Average construction vintage in the neighborhood trends early-1980s; the subject s 1979 vintage is slightly older, which may present value-add or capital planning opportunities to sharpen competitive positioning versus newer stock.
Safety indicators are mixed and should be contextualized at the neighborhood level rather than the property. The neighborhood s crime rank sits at 416 out of 569 metro neighborhoods, which places it above the metro median but not among the very safest local sub-areas. Nationally, overall crime measures land below the median, while violent offense metrics hover around the national midpoint and property offense metrics trend in stronger territory.
Year-over-year volatility has been observed in offense-rate change metrics, so investors should monitor trend direction across multiple periods rather than a single snapshot. Framing the area comparatively: it is competitive among Cleveland-Elyria neighborhoods but closer to average at the national level; prudent underwriting would incorporate routine security features and standard operating procedures.
The immediate area benefits from a diverse employer base spanning logistics, semiconductors, and Cleveland s downtown corporate anchors, which supports workforce housing demand and commuter convenience. The list below highlights nearby employers most relevant to renter demand and retention.
- Travelcenters of America transportation & logistics (2.1 miles) HQ
- Texas Instruments semiconductors (4.3 miles)
- Sherwin-Williams coatings & corporate offices (12.1 miles) HQ
- KeyCorp banking & financial services (12.2 miles) HQ
- PNC Center financial services offices (12.4 miles)
This 26-unit asset built in 1979 sits in an A-rated Westlake neighborhood that is competitive within the Cleveland-Elyria metro. Neighborhood rents track in the upper range locally while occupancy is near national midpoints, indicating steady throughput without outsized turnover risk. Within a 3-mile radius, recent and projected increases in population and households point to a growing renter pool that can support occupancy stability and measured rent growth. According to CRE market data from WDSuite, the neighborhood s higher renter-occupied share versus the broader 3-mile area suggests depth of demand immediately around the asset, while above-median home values locally reinforce reliance on multifamily housing.
The 1979 vintage is slightly older than the neighborhood average and may offer value-add or system modernization levers to enhance competitive positioning against early-1980s and newer stock. Underwriting should account for standard CapEx and observe safety trend volatility, but the combination of income strength, demand drivers, and employer proximity provides a balanced long-term thesis.
- A-rated, competitive metro location with grocery and park access supporting renter appeal
- Neighborhood renter-occupied share indicates depth of tenant base and renewal potential
- 3-mile growth in population and households supports occupancy stability over the medium term
- 1979 vintage presents value-add and capital planning pathways to outperform older comps
- Risks: mixed-but-improving safety signals and modest occupancy softening warrant conservative operations