| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 48th | Good |
| Demographics | 71st | Best |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8460 Westport Dr, Mentor, OH, 44060, US |
| Region / Metro | Mentor |
| Year of Construction | 2006 |
| Units | 50 |
| Transaction Date | 2010-07-01 |
| Transaction Price | $2,312,000 |
| Buyer | GOVERNORS PORT LLC |
| Seller | THE HOME SAVINGS & LOAN COMPANY |
8460 Westport Dr Mentor Multifamily Investment Opportunity
Newer 2006 construction offers competitive positioning versus an older local rental stock while the neighborhood s occupancy is in the mid-90s, according to WDSuite s CRE market data, supporting steady income visibility.
This suburban Mentor location balances daily convenience with quiet, lower-density living. Neighborhood-level occupancy is 94.7% (measured for the neighborhood, not the property), which is above many Midwest metros and consistent with stable renter demand, per WDSuite s CRE market data. Median rents in the neighborhood have risen over the last five years, signaling durable demand without outsized affordability pressure in this submarket.
Livability drivers are solid: parks access sits in a high national percentile, and childcare availability ranks competitively among 569 Cleveland Elyria neighborhoods. Average school ratings trend in the top quartile nationally, a positive for retention among households. Dining and cafe density is limited within the immediate neighborhood, suggesting a more car-oriented amenity pattern, though grocery access is adequate compared with national norms.
Relative to the metro, this area is above the median on several demographics measures. Within a 3-mile radius, household counts have inched higher over the past five years and are projected to continue expanding alongside smaller average household sizes increasing the pool of households and supporting multifamily leasing depth. A renter-occupied share around one-fifth within that radius indicates a primarily owner-occupied landscape, which can help apartments stand out to qualified renters and support consistent absorption.
The property s 2006 vintage is newer than the neighborhood s average construction year (1980). For investors, that generally implies fewer near-term capital needs relative to older stock and stronger competitive positioning for lease-up and renewals, while still allowing targeted upgrades to elevate rents where appropriate.
Safety indicators for the neighborhood trend below the national median, based on WDSuite s data. Within the Cleveland Elyria metro, the neighborhood ranks in the lower half on crime among 569 neighborhoods, indicating elevated property and violent offense rates versus stronger-performing areas.
Recent trends show property offenses increasing year over year and violent offenses edging up modestly. For investors, underwriting should account for these metrics through security measures, resident screening, and partnership with local management to support community standards. Comparisons against nearby submarkets can help calibrate achievable rents and marketing strategies.
Proximity to major regional employers underpins renter demand, with strong representation in insurance and diversified manufacturing. The list below highlights nearby job centers likely to influence commute-driven leasing and retention.
- Progressive Greens Building insurance offices (10.2 miles)
- Progressive Discovery Building insurance offices (11.2 miles)
- Progressive insurance — HQ (12.1 miles)
- Parker-Hannifin diversified industrials — HQ (14.2 miles)
- Time Warner Cable Payment Center communications services (21.0 miles)
This 50-unit, 2006-built asset aligns with a stable suburban demand profile in Mentor. Neighborhood occupancy is strong and rents have trended upward, pointing to resilient tenant demand and predictable leasing performance. The 2006 vintage is newer than much of the surrounding stock, supporting competitive positioning while leaving room for targeted value-add to finishes and common areas. According to CRE market data from WDSuite, household counts within a 3-mile radius have grown and are projected to keep rising as average household sizes decline, which can expand the renter pool and support occupancy stability.
Affordability indicators are favorable for retention: neighborhood rent-to-income levels are moderate, and ownership costs in the area are relatively accessible compared with high-cost coastal markets. That context suggests steady renewal potential, though pricing power should be managed carefully given a predominantly owner-occupied landscape and a car-oriented amenity pattern. Underwriting should also incorporate local safety metrics, which trail national norms and may warrant operational mitigations.
- Newer 2006 construction versus older neighborhood stock supports competitive leasing and moderated near-term capex.
- Neighborhood occupancy in the mid-90s and rising rents indicate durable demand and income stability.
- Growing household counts within 3 miles and smaller household sizes expand the tenant base, aiding absorption and renewals.
- Moderate rent-to-income dynamics and accessible ownership costs point to steady retention with disciplined rent management.
- Risks: below-median safety metrics and limited walkable dining/cafe options require prudent operations and marketing.