| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Best |
| Demographics | 58th | Good |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1561 Forestbrook Ln, Painesville, OH, 44077, US |
| Region / Metro | Painesville |
| Year of Construction | 2007 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1561 Forestbrook Ln Painesville Multifamily, 2007 Vintage
Neighborhood occupancy is in the mid-90s and renter demand is supported by a renter-occupied housing share around one-quarter, according to WDSuite’s CRE market data. Newer construction than the local average points to competitive positioning versus older stock.
Rated A and ranked 32 out of 569 within the Cleveland–Elyria metro, the neighborhood sits in the top quartile among metro neighborhoods, signaling stable fundamentals for multifamily investors. The 2007 construction year is newer than the area’s average vintage of 1984, which typically reduces near-term capital needs while remaining mindful that systems from the mid-2000s may warrant targeted modernization over a hold period.
Local amenity density is competitive for a rural-classified area, with restaurants, cafes, groceries, parks, and childcare scoring in the upper third of neighborhoods nationally. This mix helps support resident retention and leasing, particularly for workforce households seeking convenience without urban pricing.
Neighborhood rents sit around the mid-60s nationally and have increased over the past five years, while occupancy has trended higher and remains in the mid-90s, based on CRE market data from WDSuite. Neighborhood-level NOI per unit performance trends in the top quintile nationally, reinforcing the area’s operating resilience versus many peers.
Demographic statistics aggregated within a 3-mile radius show relatively steady population alongside an increase in households and smaller average household sizes, indicating a gradually expanding tenant base. Owner-occupied housing dominates, and renter concentration is roughly one-quarter to one-third of units, which supports demand depth for quality multifamily while requiring thoughtful leasing strategy tailored to a thinner but steady renter pool.
Home values are elevated for the region, and the rent-to-income ratio is modest, which can bolster lease retention and measured pricing power without overextending affordability. For investors, this combination points to durable occupancy with room for disciplined rent management rather than aggressive growth assumptions.
Safety outcomes are below the national median, with neighborhood crime and violent offense measures falling in lower national percentiles. This places the area behind many U.S. neighborhoods on safety comparisons and suggests investors should apply prudent security and risk management protocols.
Recent estimates indicate year-over-year increases in both property and violent offenses. While crime can vary by block and over time, underwriting should incorporate these trends and benchmark them against submarket norms in the Cleveland–Elyria region to calibrate operating assumptions and potential mitigation measures.
Proximity to Progressive’s campuses, Parker-Hannifin, and Time Warner Cable creates a diversified white-collar employment base that supports renter demand and commute convenience for residents.
- Progressive Greens Building — insurance operations (12.9 miles)
- Progressive Discovery Building — insurance operations (13.9 miles)
- Progressive — insurance (14.8 miles) — HQ
- Parker-Hannifin — diversified industrials (16.8 miles) — HQ
- Time Warner Cable Payment Center — telecommunications (24.0 miles)
This 24-unit, 2007-vintage property competes favorably against an area average vintage of 1984, supporting lower near-term CapEx and solid curb appeal versus older stock. Neighborhood performance ranks in the top quartile of Cleveland–Elyria neighborhoods, with occupancy in the mid-90s and rents positioned around the national mid-60s percentile — a profile that supports stable operations and measured rent growth, according to CRE market data from WDSuite.
Within a 3-mile radius, households have trended upward even as average household size declines, pointing to a gradually expanding renter pool. Renter concentration is moderate (roughly one-quarter to one-third of units), suggesting steady demand for quality multifamily, while a modest rent-to-income ratio underpins retention and leasing consistency. Key employers within commuting range further reinforce demand, though investors should account for below-median national safety readings and normal aging of mid-2000s systems in capital planning.
- 2007 construction outcompetes older local stock, curbing near-term CapEx while allowing targeted modernization for competitiveness.
- Top-quartile neighborhood rank in the Cleveland–Elyria metro with mid-90s occupancy supports operating stability.
- Household growth within 3 miles and a moderate renter base indicate durable tenant demand and leasing continuity.
- Amenity access and proximity to major employers (insurance, industrial, telecom) support retention and absorption.
- Risks: below-median national safety readings and normal aging of mid-2000s systems warrant prudent reserves and management.