| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Fair |
| Demographics | 40th | Poor |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1470 E 337th St, Eastlake, OH, 44095, US |
| Region / Metro | Eastlake |
| Year of Construction | 1973 |
| Units | 40 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1470 E 337th St, Eastlake OH — 40-Unit Value-Add Multifamily
Stabilized neighborhood occupancy and a deep renter base support durable cash flow potential, according to WDSuite’s CRE market data, with a 1973 vintage that may offer renovation-driven upside.
Located in Eastlake’s inner-suburban fabric of the Cleveland–Elyria metro, the neighborhood ranks 170 out of 569 — competitive among Cleveland–Elyria neighborhoods — providing investors with steady renter demand rather than a purely cyclical play. Neighborhood occupancy is in the low-90s (neighborhood metric, not the property), indicating generally stable leasing conditions.
Livability drivers lean practical: restaurants, groceries, and pharmacies all score in the top quartile nationally by density, supporting day-to-day convenience that helps retention. Park access is limited immediately nearby, which modestly tempers lifestyle appeal but is offset by food and daily-needs access.
The housing stock skews slightly older (average construction year 1977), and this asset’s 1973 vintage positions it for targeted upgrades to remain competitive with nearby properties while planning for capital items common to 1970s buildings. Renter-occupied housing comprises roughly 51% of neighborhood units, signaling a broad tenant base and sustained multifamily demand rather than a niche segment.
Within a 3-mile radius, population has been broadly steady while the number of households has increased and is projected to rise further by 2028 as average household size trends smaller. This pattern typically expands the renter pool and supports occupancy stability. Median home values in the neighborhood are relatively low for the region, which can create some competition from ownership options; however, rents need to remain positioned for value to maintain pricing power and retention.
Safety indicators for the neighborhood sit around the metro middle, with national comparisons also near the mid-range. Recent trends show improvement: both property and violent offense rates have declined year over year, which helps reduce downside risk from volatility even if levels are not top-tier yet.
In metro context, this area is neither among the highest- nor lowest-risk neighborhoods. For investors, the takeaway is to underwrite standard security measures and asset management practices while noting the improving trajectory. All figures reference neighborhood trends within the Cleveland–Elyria metro and compare percentiles to neighborhoods nationwide.
Proximity to major employers anchors workforce demand and commute convenience, led by Progressive’s campus buildings and headquarters, plus Parker-Hannifin’s headquarters and regional corporate offices. These employment nodes help support renter retention and leasing velocity in nearby multifamily assets.
- Progressive Greens Building — corporate offices (5.2 miles)
- Progressive Discovery Building — corporate offices (6.4 miles)
- Progressive — insurance (7.1 miles) — HQ
- Parker-Hannifin — diversified industrials (9.3 miles) — HQ
- Time Warner Cable Payment Center — telecommunications offices (14.4 miles)
1470 E 337th St is a 40-unit, 1973-vintage asset positioned in a competitive inner-suburban neighborhood with a broad renter base and neighborhood occupancy in the low-90s (neighborhood metric). Practical amenity density and access to major employment nodes underpin stable demand, while the property’s vintage presents value-add potential through interior modernization and selective capital planning. Based on commercial real estate analysis from WDSuite, household counts within a 3-mile radius are rising and are projected to continue increasing as average household size declines — dynamics that typically support renter pool expansion and occupancy stability.
Investor considerations include positioning rents to maintain value relative to nearby ownership costs and underwriting standard safety and operating controls. With average unit sizes around 723 sq. ft., the asset can appeal to workforce households seeking functional layouts, especially if renovations enhance finishes and in-unit features.
- Competitive inner-suburban location with steady neighborhood occupancy supporting leasing stability
- Strong everyday convenience (food, grocery, pharmacy) aids retention and reduces friction in leasing
- 1973 vintage offers clear value-add and capital planning angles to improve positioning
- Household growth within 3 miles and smaller household sizes expand the tenant base over time
- Risks: relatively accessible ownership options and mid-pack safety require disciplined rent strategy and property management