| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Good |
| Demographics | 58th | Good |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5714 Andrews Rd, Mentor On The Lake, OH, 44060, US |
| Region / Metro | Mentor On The Lake |
| Year of Construction | 1995 |
| Units | 24 |
| Transaction Date | 1994-08-24 |
| Transaction Price | $153,600 |
| Buyer | MAXIMUM INDEPENDENT LIVING |
| Seller | IMHOFF H MANDELL |
5714 Andrews Rd Mentor On The Lake Multifamily Investment
Built in 1995, this 24-unit asset benefits from a renter-occupied neighborhood and amenity access that support steady leasing, according to WDSuite’s CRE market data. Newer vintage than nearby stock positions the property competitively while leaving room for targeted modernization.
The property sits in an Inner Suburb neighborhood with an A- rating that performs in the top quartile among 569 metro neighborhoods. Dining density is a local strength (restaurants are abundant by national standards), and everyday needs are supported by strong access to groceries, parks, and pharmacies. Café and childcare options are thinner, so resident convenience leans toward essentials rather than boutique services.
Multifamily fundamentals are balanced. Neighborhood occupancy is around the national midpoint, while renter concentration is high for the metro, indicating a deeper tenant base and typically more consistent leasing velocity. Median contract rents in the area have grown over the last five years, suggesting sustained renter demand without extreme affordability pressure.
Within a 3-mile radius, households have increased modestly even as population has edged down, a pattern consistent with smaller household sizes. Forward-looking estimates point to additional household growth through the forecast period, which generally supports a larger tenant base and occupancy stability for well-positioned properties.
For ownership context, home values sit in a mid-range for the region. This creates a balanced landscape: renters have relatively accessible options to remain in multifamily housing, but ownership can present some competition at certain price points. For investors, that translates into a focus on unit quality and management to preserve pricing power and retention.
Vintage matters here. With an average neighborhood construction year around the late 1970s, a 1995 build stands newer than much of the local stock—typically an advantage for curb appeal and operating efficiency—while still warranting capital planning for systems that are approaching later-life cycles.
Safety indicators are mixed but generally near national midpoints. Property offenses track close to the national middle, while violent offenses sit somewhat below national midpoints in comparative terms. Recent trend data show a modest year-over-year decline in estimated property offenses alongside a small uptick in estimated violent offenses.
For investors, this profile suggests routine, evidence-based security measures—lighting, access controls, and resident engagement—can help sustain leasing stability without relying on block-level assumptions. Always evaluate site-specific conditions and management practices alongside neighborhood trends.
Proximity to major corporate employers supports renter demand through diverse office and headquarters employment, particularly in insurance, manufacturing, and financial services. Nearby anchors include Progressive, Parker-Hannifin, KeyCorp, and Sherwin-Williams.
- Progressive Greens Building — insurance operations (11.2 miles)
- Progressive Discovery Building — insurance operations (12.3 miles)
- Progressive — insurance (13.2 miles) — HQ
- Parker-Hannifin — manufacturing & engineering (15.3 miles) — HQ
- Keycorp — banking & financial services (22.7 miles) — HQ
This 24-unit, 1995-vintage property offers durable demand drivers relative to older neighborhood stock and an Inner Suburb location with strong day-to-day amenities. Neighborhood renter concentration is elevated for the metro, supporting depth of the tenant base, while occupancy levels are near national midpoints—conditions that tend to favor stable operations with hands-on management and measured rent positioning. Based on commercial real estate analysis from WDSuite, area rents have trended upward over recent years, reinforcing the case for steady performance rather than outsized volatility.
Demographic patterns within a 3-mile radius show modest household growth alongside smaller household sizes, pointing to a gradual renter pool expansion even as total population trends soften. The 1995 construction provides a competitive posture versus older assets, with potential to capture value through targeted unit upgrades and systems modernization to enhance retention and support incremental rent lift.
- Newer-than-area vintage (1995) supports competitive positioning versus older local stock
- Elevated renter-occupied share in the neighborhood underpins a deeper tenant base
- Household growth within 3 miles and amenity access support occupancy stability
- Measured rent growth in the area, per WDSuite CRE market data, favors steady revenue management
- Risks: softening population trends, midrange safety metrics, and potential competition from ownership options require active leasing and asset management