| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 40th | Poor |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 141 Steele Ave, Painesville, OH, 44077, US |
| Region / Metro | Painesville |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
141 Steele Ave Painesville OH Multifamily Investment
Neighborhood occupancy in the low 90s suggests steady leasing conditions and a durable renter base, according to WDSuite’s CRE market data. With a renter-occupied share that is elevated for the area, income-focused investors may find stable demand dynamics without relying on outsized concessions.
The property sits in an Inner Suburb of the Cleveland–Elyria metro where the neighborhood is competitive among Cleveland–Elyria neighborhoods (ranked 147 out of 569). Amenity access is a relative strength versus many peer areas, with restaurants, groceries, parks, and pharmacies all testing above national midpoints, and cafes notably strong. These factors support daily convenience and help sustain renter appeal.
Renter-occupied housing represents a sizable share of units in the neighborhood (46.8%), placing it in a high national percentile, which points to a deeper tenant pool and supports occupancy stability for multifamily assets. Median rents locally benchmark on the lower side nationally, which can aid leasing velocity, while the neighborhood rent-to-income ratio indicates some affordability pressure that landlords should monitor through lease management and renewal strategies.
Construction patterns in the surrounding neighborhood skew to a 1969 average vintage. With a 1977 build, the asset is somewhat newer than the local average, which may temper near-term capital needs relative to older stock, while still offering room for targeted value-add or systems modernization to remain competitive against recently renovated properties.
Within a 3-mile radius, population and household counts have been trending upward and are projected to continue growing, expanding the potential renter pool. Rising household incomes in the same radius further support rent collections and retention, reinforcing demand fundamentals even as ownership remains a consideration in the broader market.
Safety indicators are mixed but improving. The neighborhood’s overall safety positioning trends better than many peers nationally for property-related offenses (around the upper half of national comparisons), while violent-offense measures sit closer to the national middle. Importantly, recent data show a sharp year-over-year improvement in property-offense rates, placing that trend in the top quartile nationally, which supports a constructive outlook if momentum holds.
At the metro level (Cleveland–Elyria), this neighborhood’s crime rank is evaluated against 569 neighborhoods; investors should interpret the data comparatively rather than block-by-block. Continued monitoring of trend direction, especially around violent offenses, is prudent for underwriting and security planning.
Proximity to major employers in insurance, manufacturing, and distribution supports workforce housing demand and commute convenience for renters. Key nearby employers include Progressive, Parker-Hannifin, and a regional distribution hub for Home Depot.
- Progressive Greens Building — insurance (15.5 miles)
- Progressive Discovery Building — insurance (16.3 miles)
- Progressive — insurance (17.2 miles) — HQ
- Parker-Hannifin — industrial manufacturing (19.1 miles) — HQ
- Home Depot Distribution Center — distribution (26.5 miles)
This 24-unit, 1977-vintage asset benefits from steady neighborhood occupancy near the low 90s and an elevated renter-occupied housing share, indicating meaningful tenant depth and generally stable leasing conditions. According to CRE market data from WDSuite, the submarket offers everyday amenities above national midpoints, which supports renter retention, while homeownership costs relative to incomes (high value-to-income at the neighborhood level) tend to sustain reliance on rental housing.
Within a 3-mile radius, both population and households are expanding and are projected to continue growing, pointing to renter pool expansion that can support occupancy and measured rent growth over time. The 1977 vintage suggests room for targeted value-add and systems upgrades to enhance competitive positioning versus newer or recently renovated stock. Key risks include localized affordability pressure (higher rent-to-income readings) and mixed safety signals that warrant pragmatic underwriting and proactive property management.
- Neighborhood occupancy in the low 90s and elevated renter concentration support demand stability
- Amenity access and employer proximity aid retention and leasing velocity
- 1977 vintage offers value-add and modernization potential to sharpen competitiveness
- 3-mile population and household growth point to a larger tenant base over time
- Risks: affordability pressure (higher rent-to-income) and mixed but improving safety trends