| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Fair |
| Demographics | 45th | Fair |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 55 Grant St, Painesville, OH, 44077, US |
| Region / Metro | Painesville |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 1995-11-08 |
| Transaction Price | $870,000 |
| Buyer | GRANT PLACE INC |
| Seller | M C PROPERTIES INC |
55 Grant St Painesville 24-Unit Multifamily Investment
Neighborhood occupancy runs above national medians and rents remain relatively accessible, supporting stable leasing dynamics according to WDSuite’s CRE market data.
Situated in Painesville within the Cleveland–Elyria metro, the neighborhood is rated C+ and ranks 364 out of 569 metro neighborhoods, signaling mid-pack performance with selective strengths investors can underwrite. Cafes index strong (top quartile nationally), and grocery access trends above national medians, while parks and pharmacies are limited in the immediate area.
Occupancy in the surrounding neighborhood stands at 94.2% (above the national median), and the share of renter-occupied housing is elevated versus national norms (national percentile ~77). For investors, this renter concentration points to a deeper tenant base and supports ongoing demand for smaller units like the property’s average 554 sq. ft. layouts.
Schools in the area rate below national averages (national percentile ~26), which may modestly temper appeal for households prioritizing K–12 performance. That said, household sizes in the neighborhood skew higher than average (national percentile ~85), suggesting demand from a range of living arrangements that can sustain occupancy.
Within a 3-mile radius, demographics show population growth and a 6.3% increase in households over the last 5 years, with projections indicating further renter pool expansion through 2028 alongside smaller average household sizes. Median contract rent in the 3-mile radius trends in the lower range and is forecast to rise, which, coupled with a neighborhood rent-to-income ratio near 0.16, implies manageable affordability pressure and potential for steady renewal retention.
Home values in the neighborhood sit at lower national percentiles, indicating a more accessible ownership market. While that can create competition with entry-level ownership, it also helps keep multifamily options comparatively attractive for residents preferring flexibility, supporting lease-up and retention for well-managed assets.
Safety indicators are mixed but trending favorably. Overall crime performance is above the national median (national percentile ~61), and estimated property offenses improved sharply year over year. Violent incident estimates sit below national medians (national percentile ~24), yet have also declined versus last year, suggesting gradual normalization rather than persistent deterioration.
At the metro level, this neighborhood’s safety profile sits in the middle tier relative to the 569 neighborhoods in Cleveland–Elyria. For investors, the directional trend—particularly the notable drop in estimated property offenses—reduces downside risk to leasing and retention if sustained.
Proximity to major employers supports renter demand through short commutes to insurance operations, industrial manufacturing, and distribution facilities. The below employers anchor regional employment and can aid retention for workforce-oriented units.
- Progressive Greens Building — insurance operations (14.1 miles)
- Progressive Discovery Building — insurance operations (14.9 miles)
- Progressive — insurance (15.8 miles) — HQ
- Parker-Hannifin — industrial manufacturing (17.8 miles) — HQ
- Home Depot Distribution Center — distribution & logistics (25.3 miles)
Built in 1977, the property is slightly newer than the area’s average vintage, offering competitive positioning versus older stock while leaving room for targeted modernization to drive rent premiums and reduce long-term capital surprises. Neighborhood occupancy is above national medians, and the renter-occupied share trends higher than typical, supporting a deeper tenant base and steadier lease-ups. Based on CRE market data from WDSuite, local rents remain relatively accessible against incomes, which can support renewal retention and measured rent growth.
Within a 3-mile radius, recent household growth and projections for continued expansion point to a larger tenant base over the next several years, even as average household sizes trend smaller—conditions that typically support absorption for efficient one-bedrooms and studios. Lower home values in the neighborhood may create some competition from ownership, but this also reinforces the role of multifamily as a flexible housing choice, particularly for residents prioritizing convenience and lease flexibility.
- 1977 vintage offers value-add and systems modernization potential versus older local stock
- Above-median neighborhood occupancy and elevated renter concentration support demand stability
- 3-mile renter pool expansion expected, with smaller household sizes favoring efficient unit mixes
- Rents accessible relative to incomes, aiding renewal retention and disciplined growth
- Risk: below-average school ratings and more accessible ownership may limit pricing power