| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Fair |
| Demographics | 38th | Poor |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1851 Hubbard Rd, Madison, OH, 44057, US |
| Region / Metro | Madison |
| Year of Construction | 1972 |
| Units | 36 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1851 Hubbard Rd Madison Multifamily Value-Add Opportunity
Neighborhood occupancy trends sit below the Cleveland–Elyria metro median, so leasing strategy and value positioning will be important; according to WDSuite’s CRE market data, renter demand is supported by manageable rent-to-income levels at the neighborhood scale.
Located in a rural pocket of Madison within the Cleveland–Elyria, OH metro, the neighborhood carries a C+ rating and ranks 374 out of 569 metro neighborhoods. That places it below the metro median overall, signaling a market where conservative underwriting and hands-on operations can matter for performance.
Renter concentration within a 3-mile radius is modest (about one in four housing units are renter-occupied), which implies a thinner but stable tenant base for multifamily. Households in the 3-mile area increased over the last five years and are projected to expand further through 2028 even as population trends down—pointing to smaller household sizes and a gradual renter pool expansion that can support occupancy stability.
Neighborhood occupancy ranks below the metro median (445 of 569), so investors should anticipate active leasing and renewal management rather than relying on passive demand. Median rents for the neighborhood sit near mid-market levels and, with a rent-to-income ratio around the high teens, affordability pressure is comparatively manageable—supporting retention and measured pricing power, based on commercial real estate analysis from WDSuite.
Amenity density is limited for cafes and groceries, consistent with a rural setting, while restaurants are closer to the metro middle. Parks and pharmacies score competitive among Cleveland–Elyria neighborhoods (both around the top 40% locally), providing some day-to-day convenience. Home values are lower than national averages, which can introduce competition from ownership options; positioning on finishes and operations can help sustain leasing velocity.
Safety indicators are mixed. Compared with neighborhoods nationwide, the area sits in the upper tier for lower property crime (top quintile nationally) and above-average for lower violent crime (around the top third). Within the Cleveland–Elyria metro, results are closer to the middle of the pack, and recent-year violent offense trends have moved higher, so continued monitoring and standard property-level security practices are prudent.
Within commuting range, large employers in financial services, insurance, manufacturing, and distribution provide a diversified employment base that can support renter demand and retention for workforce housing. The list below reflects key anchors accessible from Madison.
- Progressive Greens Building — insurance operations (27.1 miles)
- Progressive Discovery Building — insurance operations (27.9 miles)
- Progressive — insurance (28.8 miles) — HQ
- Parker-Hannifin — manufacturing & engineering (30.6 miles) — HQ
- Home Depot Distribution Center — distribution & logistics (37.4 miles)
This 36-unit property offers operational scale for its submarket and a 1972 vintage that lends itself to targeted value-add and capital planning. Neighborhood-level occupancy sits below the Cleveland–Elyria median, so returns will hinge on hands-on leasing, renewal strategy, and cost control. At the same time, manageable rent-to-income dynamics and a projected increase in households within a 3-mile radius suggest a sustainable tenant base, even as population edges down—supporting occupancy stability for well-positioned assets.
Amenity density is limited, but proximity to major Cleveland employment centers within roughly 30–40 miles supports workforce demand and lease retention. Home values are relatively accessible versus national norms, which can create competition from ownership alternatives; leveraging renovations, service consistency, and thoughtful pricing can defend absorption and renewal rates. According to CRE market data from WDSuite, these conditions are consistent with markets where disciplined operations and targeted upgrades drive the bulk of value.
- 36 units provide operational scale for a suburban/rural submarket
- 1972 vintage supports value-add and system modernization opportunities
- Manageable rent-to-income and growing household counts within 3 miles support tenant retention
- Regional employment hubs within 30–40 miles bolster workforce renter demand
- Risk: below-metro occupancy and limited amenity density require active leasing and competitive positioning