| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 65th | Good |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 110 Meadowlands Dr, Chardon, OH, 44024, US |
| Region / Metro | Chardon |
| Year of Construction | 1990 |
| Units | 40 |
| Transaction Date | 1986-12-01 |
| Transaction Price | $350,000 |
| Buyer | CENTER SIX CORP |
| Seller | --- |
110 Meadowlands Dr Chardon OH Multifamily Opportunity
The surrounding neighborhood shows above-median safety and a high-income renter pool that supports stable leasing conditions, according to WDSuite’s CRE market data.
Set within the Cleveland–Elyria metro, the immediate neighborhood around 110 Meadowlands Dr carries an A neighborhood rating and ranks in the top quartile among 569 metro neighborhoods, signaling durable fundamentals for multifamily investors. Food, grocery, and daily-needs access track near or modestly above national medians, while cafes are comparatively dense for a suburban setting. Childcare availability is thinner, which is typical for low-density suburbs and may influence unit mix performance toward smaller households.
The building s 1990 vintage is newer than the area s average construction year (1974). That positioning can be advantageous versus older local stock, with potential for competitive leasing and more targeted capital planning; however, investors should still underwrite aging systems and selective modernization to meet current renter expectations.
Neighborhood tenure skews owner-heavy, with renter-occupied housing representing roughly one-quarter of units locally and a similar share within the 3-mile radius. For investors, this implies a more limited but generally stable renter base; paired with strong household incomes and a low rent-to-income profile, it supports retention and measured pricing power rather than rapid lease-up dynamics.
Demographics aggregated within a 3-mile radius indicate recent population growth and an expanding share of higher-income households, with projections pointing to additional population and household gains by 2028. This trend suggests a gradually enlarging tenant base that can help sustain occupancy and rent collections, especially for well-maintained, professionally managed assets.
Safety metrics are favorable in a national context: the neighborhood sits above the national median for overall safety (higher percentile indicates safer conditions). Within the Cleveland Elyria metro, conditions are mixed but competitive among peer neighborhoods, and recent trends show property crime easing while violent incidents have seen some near-term fluctuation. Investors should treat this as a generally stable backdrop with standard operational vigilance.
Nearby corporate anchors provide a diverse employment base that supports renter demand through commute convenience and income stability, including Progressive, Parker-Hannifin, a Home Depot distribution node, and two Progressive campus buildings.
- Progressive Greens Building corporate offices (11.5 miles)
- Progressive Discovery Building corporate offices (11.6 miles)
- Progressive insurance HQ (12.3 miles) HQ
- Parker-Hannifin industrial & engineering HQ (13.4 miles) HQ
- Home Depot Distribution Center logistics (18.7 miles)
This 40-unit, 1990-vintage asset benefits from suburban fundamentals that skew toward income strength, above-median national safety, and steady neighborhood occupancy, according to commercial real estate analysis from WDSuite. The asset is newer than the local average stock, which can aid competitiveness versus older properties while still warranting targeted system upgrades and cosmetic refreshes.
Owner-leaning tenure locally suggests a smaller but durable renter pool, and 3-mile demographics point to ongoing population and household growth that can reinforce leasing stability. Elevated home values relative to incomes indicate a high-cost ownership market for many households, which tends to sustain reliance on rental housing and supports retention and disciplined rent management.
- Newer-than-area vintage (1990) enhances competitive positioning vs. older local stock
- Above-median national safety and stable neighborhood occupancy support consistent cash flow
- Strong regional employers within ~12 14 miles bolster income stability and commute appeal
- Owner-heavy tenure implies a focused but resilient renter base with retention potential
- Risks: thinner childcare amenities, owner-leaning market limits rapid lease-up, and safety trends warrant routine monitoring