| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 60th | Good |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 34251 Ridge Rd, Willoughby, OH, 44094, US |
| Region / Metro | Willoughby |
| Year of Construction | 1983 |
| Units | 83 |
| Transaction Date | 2014-12-29 |
| Transaction Price | $4,600,000 |
| Buyer | ABBOTT S MANOR LTD |
| Seller | LITHUANIAN CENTER INC |
34251 Ridge Rd, Willoughby Multifamily Opportunity
Inner-suburban fundamentals point to steady renter demand and above-median neighborhood occupancy, according to WDSuite’s CRE market data. Strength in daily-needs amenities and a deep renter-occupied base support durable collections through cycles.
The property sits in an Inner Suburb of the Cleveland–Elyria metro with an A- neighborhood rating and a rank of 119 out of 569 neighborhoods — competitive among Cleveland–Elyria neighborhoods and in the top quartile metro-wide. Neighborhood occupancy is above the national middle, reinforcing leasing stability for workforce-oriented units.
Daily-needs access is a relative strength: grocery and restaurant density score in the mid‑80s percentiles nationally, and pharmacies are in the 95th percentile. By contrast, parks, cafes, and childcare options are thinner in this immediate area, so resident appeal leans more toward convenience retail than lifestyle amenities. Average school quality trends slightly above the national middle (approx. 3.0/5; 61st percentile), which can aid retention for family renters.
Renter concentration is meaningful at the neighborhood level, with just over half of housing units renter‑occupied (90th national percentile). For investors, that signals a sizable tenant base and demand depth that can support occupancy through typical turnover. Median contract rents sit near the national middle, and the neighborhood’s rent‑to‑income ratio around 0.18 suggests manageable affordability pressure, which supports lease retention and measured pricing power.
Within a 3‑mile radius, population grew over the last five years and households expanded faster, with further household growth forecast over the next five years. That dynamic implies smaller average household sizes and a gradually expanding renter pool, supportive of multifamily demand. Home values in the area are below many coastal markets, so while ownership is relatively accessible compared with high‑cost metros, the established renter base and amenity convenience help sustain multifamily demand — a balanced setup for investors conducting commercial real estate analysis.
Neighborhood safety metrics position the area modestly above national averages overall. Crime ranks 220 out of 569 Cleveland–Elyria neighborhoods, indicating comparatively favorable conditions within the metro, and the area sits around the 58th percentile for safety nationally. Recent trends are improving: estimated violent‑offense rates declined year over year and place the area in a stronger national improvement percentile, while property‑offense rates also eased.
As with any submarket, safety varies by block and over time, but the combination of above‑median metro standing and recent downward trends suggests a constructive backdrop for renter retention and day‑to‑day operations.
Proximity to major corporate campuses underpins a stable employment base and commuter convenience, notably Progressive’s cluster and Parker‑Hannifin. These employers support consistent renter demand and reduce commute friction for residents.
- Progressive Greens Building — corporate offices (2.8 miles)
- Progressive Discovery Building — corporate offices (4.0 miles)
- Progressive — corporate offices (4.8 miles) — HQ
- Parker-Hannifin — corporate offices (6.9 miles) — HQ
This 83‑unit asset benefits from a renter‑heavy neighborhood, above‑median occupancy, and strong daily‑needs adjacency, supporting durable collections and steady leasing. According to CRE market data from WDSuite, neighborhood rents and rent‑to‑income levels point to manageable affordability pressure, which can help sustain retention while allowing for disciplined revenue management.
Within a 3‑mile radius, recent population growth and a faster increase in households — with additional household growth forecast — indicate a gradually expanding tenant base. Combined with proximity to large employment nodes, the setup favors occupancy stability and consistent cash flow, while acknowledging that amenity limitations and moderate rent growth expectations may temper near‑term upside.
- Renter‑occupied share is high locally, providing depth to the tenant base and supporting occupancy durability.
- Above‑median neighborhood occupancy and manageable rent‑to‑income levels support steady collections and pricing discipline.
- Daily‑needs amenity strength (groceries, restaurants, pharmacies) enhances resident convenience and retention.
- Employment proximity to Progressive and Parker‑Hannifin supports leasing stability across cycles.
- Risk: Limited lifestyle amenities and moderated rent growth expectations could cap near‑term revenue upside.