| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Best |
| Demographics | 58th | Good |
| Amenities | 69th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 842 Cobblestone Cir, Painesville, OH, 44077, US |
| Region / Metro | Painesville |
| Year of Construction | 2006 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
842 Cobblestone Cir, Painesville OH Multifamily Investment
2006-vintage, 24-unit asset positioned in a Cleveland-Elyria suburb where neighborhood occupancy trends are solid and renter demand is supported by stable incomes, according to WDSuite s CRE market data. Neighborhood metrics referenced below reflect the surrounding area rather than the property useful context for underwriting lease-up and retention.
The surrounding neighborhood rates highly within the Cleveland Elyria metro, placing in the top quartile among 569 metro neighborhoods. Amenity access is competitive for a suburban location, with restaurants, cafes, groceries, parks, and pharmacies scoring around the upper-middle of national comparisons, supporting day-to-day livability that helps with leasing and renewals.
Occupancy at the neighborhood level is above the national median (67th percentile), signaling a reasonably tight rental market that can support pricing discipline and reduce downtime between turns. Neighborhood NOI per unit performance benchmarks in the top quartile nationally, per commercial real estate analysis from WDSuite, suggesting the area has historically supported stable operating margins relative to peers.
With a 2006 construction year, the property is newer than the neighborhood s average 1980s vintage. That positioning typically improves competitiveness versus older stock and may moderate near-term capital needs; investors should still plan for system updates typical of a mid-2000s build over a long hold.
Renter-occupied housing represents roughly the lower-to-mid share of local units (about three in ten at the neighborhood level). For investors, that indicates a moderate renter concentration a tenant base deep enough for steady leasing while still competing with ownership options. Home values in the area sit near national mid-range levels, which can sustain rental demand without creating excessive affordability pressure relative to incomes.
Demographics aggregated within a 3-mile radius show relatively stable population over the last five years, with households increasing and average household size trending smaller. Forward-looking projections indicate additional household growth, which generally expands the renter pool and supports occupancy stability for well-positioned assets.
Safety metrics for the neighborhood are weaker than many areas in the metro and below national averages. The neighborhood s crime rank places it closer to the higher-crime end among 569 Cleveland Elyria neighborhoods, and national comparisons sit in the lower percentiles, indicating elevated reported incidents relative to U.S. neighborhoods overall.
Recent data also show a year-over-year uptick in reported property and violent offenses. For underwriting, investors often account for this with pragmatic measures: strengthened access control, lighting, and community engagement; conservative lease-up and loss-to-lease assumptions; and insurance line items consistent with the submarket.
The area draws from a diverse East Side Cleveland employment base, with large insurance and industrial headquarters plus major financial services offices within commuting range. These employers support steady renter demand by offering a broad mix of professional and operations roles.
- Progressive Greens Building insurance operations (13.0 miles)
- Progressive Discovery Building insurance operations (14.0 miles)
- Progressive insurance headquarters (14.9 miles) HQ
- Parker-Hannifin industrial & engineering (16.9 miles) HQ
- Keycorp financial services (25.7 miles) HQ
842 Cobblestone Cir offers a 2006-vintage, 24-unit footprint in a neighborhood that ranks among the stronger locations in the Cleveland Elyria metro. Neighborhood occupancy sits above national medians, and amenity access is solid for a suburban setting, supporting lease retention and day-to-day livability. Based on CRE market data from WDSuite, neighborhood performance benchmarks and rents indicate a market that can sustain consistent operations without outsized affordability pressure.
Within a 3-mile radius, households have grown even as average household size declines, and projections point to additional household gains over the next several years factors that typically expand the renter pool and support occupancy stability. The 2006 vintage is newer than the area s average housing stock, which can reduce immediate capex relative to older comparables while leaving room for targeted value-add and systems modernization over a longer hold. Key underwriting considerations include a safety profile that trails metro and national benchmarks and a moderate renter concentration that can introduce some competition from ownership.
- Newer 2006 vintage relative to local 1980s stock supports competitive positioning and measured capital planning
- Neighborhood occupancy above national median underpins leasing stability and pricing discipline
- 3-mile household growth and smaller household sizes point to renter pool expansion over time
- Diverse nearby employment base (insurance, industrial, financial services) supports steady tenant demand
- Risk: safety metrics below metro and national benchmarks warrant prudent operations, security, and insurance assumptions