| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 65th | Good |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 119 Meadowlands Dr, Chardon, OH, 44024, US |
| Region / Metro | Chardon |
| Year of Construction | 1992 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
119 Meadowlands Dr, Chardon OH Multifamily Investment
Positioned in a suburban Cleveland-Elyria submarket with steady neighborhood occupancy, the asset benefits from a 1992 vintage that competes well against older local stock, according to WDSuite’s CRE market data. Note: occupancy figures cited below reflect neighborhood conditions rather than the property itself.
Chardon’s neighborhood profile rates in the top quartile among 569 Cleveland-Elyria neighborhoods, signaling balanced fundamentals for multifamily investors. Amenity access is competitive in the metro (cafes and restaurants track above national midpoints), while groceries, parks, and pharmacies sit modestly above national percentiles. Childcare density is limited, which may influence unit mix strategy for family-oriented leasing.
Neighborhood occupancy is around the national midpoint, supporting stable operations without signaling overbuild. Median contract rents in the neighborhood remain below many peer suburbs, and the rent-to-income ratio sits at a high national percentile, which can support retention and measured pricing power. These benchmarks are measured for the neighborhood, not the property.
The area’s housing stock skews older than the subject’s 1992 construction year (local average is 1974). The relative youth of the asset versus nearby inventory can be a competitive edge for leasing and maintenance planning, though systems typical of early-1990s construction may warrant targeted modernization to meet current renter preferences.
Within a 3-mile radius, demographics indicate modest population growth in recent years with a forecasted increase in both population and households, implying a larger tenant base over the medium term. Owner-occupied housing is prevalent locally, which can temper near-term renter pool expansion; however, elevated ownership costs in the area tend to sustain multifamily demand and support lease retention.
Relative to the Cleveland-Elyria metro, the neighborhood’s safety profile is competitive (crime rank is stronger than roughly two-thirds of 569 neighborhoods). Nationally, composite crime measures fall above average percentiles, indicating comparatively safer conditions than many U.S. neighborhoods.
Recent trends are mixed: property offense estimates show a meaningful year-over-year decline, a positive indicator for quality-of-life perception, while violent offense estimates ticked up over the same period. Investors should underwrite with these countervailing signals in mind and focus on standard measures that support resident confidence.
The location draws on a broad East Side Cleveland employment base, with commuting access to major insurance, manufacturing, and distribution employers that help support workforce renter demand and leasing stability.
- Progressive Greens Building — insurance offices (11.4 miles)
- Progressive Discovery Building — insurance offices (11.6 miles)
- Progressive — insurance (12.2 miles) — HQ
- Parker-Hannifin — manufacturing & engineering (13.3 miles) — HQ
- Home Depot Distribution Center — logistics & distribution (18.6 miles)
The property’s 1992 vintage offers a relative advantage versus older neighborhood stock, supporting competitiveness on make-ready and ongoing maintenance while leaving room for targeted value-add. Neighborhood metrics show occupancy near national midpoints and rents that remain accessible relative to local incomes, which can aid tenant retention and reduce turnover risk. Based on CRE market data from WDSuite, the area ranks in the top quartile among Cleveland-Elyria neighborhoods, with amenity access and incomes that underpin steady renter demand.
Within a 3-mile radius, recent population growth and a forecasted increase in households point to a larger tenant base over the medium term. High-cost ownership relative to incomes locally tends to reinforce reliance on multifamily, though a strong ownership tilt may moderate the pace of renter pool expansion. Underwriting should account for mixed safety trend signals and limited childcare amenities when calibrating unit mix and resident services.
- 1992 vintage competes well versus older neighborhood stock, with selective modernization potential
- Neighborhood occupancy around national midpoints supports stable operations and retention
- Income strength and favorable rent-to-income dynamics support measured pricing power
- Risks: mixed safety trend (violent offenses up, property offenses down) and limited childcare amenities may influence leasing strategy