| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 65th | Good |
| Amenities | 21st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 501 Chardon Windsor Rd, Chardon, OH, 44024, US |
| Region / Metro | Chardon |
| Year of Construction | 2000 |
| Units | 42 |
| Transaction Date | 2011-05-25 |
| Transaction Price | $4,375,000 |
| Buyer | Woodlands of Chardon, LLC |
| Seller | DB Midwest IV LLC |
501 Chardon Windsor Rd, Chardon OH Multifamily Investment
Neighborhood fundamentals point to stable renter demand and high resident retention potential, according to WDSuite’s CRE market data. Strong safety and school indicators support steady occupancy while rents remain manageable relative to local incomes.
This suburban pocket of Chardon offers a quiet living environment with park access stronger than many areas in the region (top quartile nationally), but relatively limited retail and daily conveniences within close proximity. For investors, that mix often attracts longer-tenured households seeking stability over nightlife or dense amenity clusters.
Schools are a standout: the neighborhood’s average school rating sits at the top of the Cleveland–Elyria metro (ranked 1 out of 569 neighborhoods) and top percentile nationally, which can support family-oriented leasing and reduce turnover risk. Neighborhood occupancy is above national medians and competitive for the metro (94.3% for the neighborhood, per WDSuite), reinforcing the case for consistent performance at well-managed assets.
Renter-occupied housing comprises roughly a quarter of units in the neighborhood, indicating a moderate renter concentration and a defined tenant base for a 42-unit asset. Median contract rents and the rent-to-income ratio are near national midpoints, suggesting affordability pressure is limited and aiding renewal probability. However, a relatively accessible homeownership landscape in the broader area may temper outsized pricing power in certain vintages and floor plans.
The property’s 2000 vintage is newer than the neighborhood’s older housing stock (average 1935 construction year). That positioning can be advantageous versus legacy inventory, with potential for selective value-add (common areas, in-unit finishes) rather than full system overhauls in most cases. Demographic statistics aggregated within a 3-mile radius show modest population growth to date and a projected increase in households over the next five years, supporting a larger tenant base and occupancy stability. This commercial real estate analysis is based on market trends captured by WDSuite.
Safety indicators are a relative strength. The neighborhood ranks within the top tier of the Cleveland–Elyria metro (ranked 60 out of 569 neighborhoods) and scores in the upper percentiles nationally for safety, according to WDSuite. Both violent and property offense measures sit in high national percentiles, positioning the area as safer than most neighborhoods across the country.
For investors, a stronger safety profile can support leasing velocity, broaden the tenant pool, and reduce turnover risk, particularly when paired with top-rated schools. While trends should be monitored over time, current data suggests a stable operating environment compared to metro and national baselines.
Nearby employment anchors include large insurance and manufacturing offices as well as a regional distribution center. Proximity to Progressive (including two nearby campus buildings), Parker‑Hannifin, and a Home Depot distribution facility supports commute convenience that can bolster renter demand and retention.
- Progressive Greens Building — insurance offices (13.2 miles)
- Progressive Discovery Building — insurance offices (13.3 miles)
- Progressive — insurance HQ/corporate (13.9 miles) — HQ
- Parker-Hannifin — manufacturing corporate offices (15.0 miles) — HQ
- Home Depot Distribution Center — distribution/logistics (19.8 miles)
501 Chardon Windsor Rd benefits from a family-oriented suburban setting with top-ranked schools and a safety profile in the upper national percentiles. Neighborhood occupancy is solid at 94.3% (for the neighborhood, not the property), and rent levels relative to income indicate manageable affordability pressure, supporting renewal rates and cash flow durability. According to CRE market data from WDSuite, neighborhood NOI-per-unit performance is competitive within the metro, aligning with the area’s stable operating backdrop.
Built in 2000, the asset is positioned newer than much of the local stock, offering relative competitiveness and targeted value-add potential in finishes and amenities rather than deep system replacements. Demographic statistics within a 3‑mile radius show modest population growth to date and a projected increase in households, pointing to a gradually expanding renter pool. Key risks include limited nearby amenities and an ownership market that can compete with rentals, which may cap pricing power; disciplined leasing and amenity execution should remain priorities.
- Stable neighborhood occupancy and strong safety/schools support retention
- 2000 vintage offers competitive positioning versus older local stock with selective value-add upside
- Rents in line with incomes suggest limited affordability pressure and steady renewals
- Expanding 3‑mile household counts indicate a larger tenant base over the forecast period
- Risks: amenity-light location and accessible ownership options may limit pricing power