| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 65th | Good |
| Amenities | 34th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 38150 Tamarac Blvd, Willoughby, OH, 44094, US |
| Region / Metro | Willoughby |
| Year of Construction | 1996 |
| Units | 28 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
38150 Tamarac Blvd, Willoughby OH — 28-Unit 1996 Investment
Positioned in an inner-suburban pocket with above-metro occupancy and steady renter demand, this 1996 asset offers durable income characteristics, according to WDSuite’s CRE market data. Neighborhood fundamentals and manageable vintage-related capital needs support a practical hold or light value-add plan.
The property sits in Willoughby’s Inner Suburb context with a B neighborhood rating. Occupancy in the neighborhood trends strong and is above the metro median among 569 Cleveland–Elyria neighborhoods, supporting income stability and lease retention potential. Median contract rents have risen over the last five years while rent-to-income remains manageable, which helps sustain demand without excessive affordability pressure.
At 1996 construction, the asset is somewhat newer than the neighborhood’s average vintage (1990). That positioning can be competitively favorable versus older local stock, while investors should still plan for mid-life systems updates or selective renovations to maintain leasing momentum.
Renter-occupied housing makes up an estimated 45.6% of neighborhood units, indicating a meaningful tenant base for multifamily. Within a broader 3-mile radius, unit tenure skews more owner-occupied, which can moderate competitive supply directly adjacent to the asset while still drawing renters who prefer proximity to jobs and services.
Amenities are mixed: restaurants index competitively by national percentile, and grocery access is solid, though cafes, parks, and pharmacies are thinner locally. For investors, that implies the location leans toward pragmatic convenience rather than destination retail, with demand supported more by employment access and everyday services than lifestyle amenities.
Demographic statistics aggregated within a 3-mile radius show flat-to-slightly lower population in recent years but a projected increase in households by 2028, pointing to a larger renter pool over time even as average household size trends smaller. This combination typically supports occupancy stability and a steady flow of prospective tenants.
Ownership costs in the immediate neighborhood are relatively accessible in context, which can introduce some competition from entry-level ownership. However, that same backdrop often supports resident retention when properties emphasize convenience, professional management, and updated finishes at attainable rents.
Crime conditions are competitive among Cleveland–Elyria neighborhoods, with the area’s crime rank positioned better than many peers out of 569 neighborhoods. Nationally, the neighborhood sits modestly above the median for safety overall, which supports day-to-day livability and leasing appeal without implying block-level guarantees.
Recent trend indicators point to year-over-year declines in both property and violent offense rates, placing the neighborhood in stronger improvement percentiles nationwide. For investors, the directional trend is constructive, though ongoing monitoring remains prudent as conditions can vary within small geographies.
Nearby employment is anchored by large insurance operations, a major industrial manufacturer HQ presence, and regional telecom offices, supporting a broad white‑collar and operations workforce that values commute convenience to this inner-suburban location.
- Progressive Greens Building — insurance operations (8.5 miles)
- Progressive Discovery Building — insurance operations (9.66 miles)
- Progressive — insurance (10.52 miles) — HQ
- Parker-Hannifin — industrial manufacturing (12.66 miles) — HQ
- Time Warner Cable Payment Center — telecom services (17.96 miles)
This 28‑unit, 1996-vintage property benefits from neighborhood occupancy that is above the metro median and a renter base deep enough to support consistent leasing. Based on CRE market data from WDSuite, local rent levels have grown while remaining relatively manageable versus incomes, which supports pricing power without elevating retention risk. The vintage is newer than the neighborhood average, suggesting competitive positioning against older stock with potential for targeted, returns-focused updates.
Within a 3‑mile radius, households are projected to increase even as average household size declines, indicating more households and a broader renter pool over time. Employer access skews favorable given proximity to major insurance and manufacturing hubs, reinforcing demand for professionally managed, well-maintained units in a pragmatic, inner‑suburban setting.
- Above-metro neighborhood occupancy supports income durability and lease stability
- 1996 vintage offers competitive positioning with selective value-add/CapEx opportunities
- Proximity to major employers broadens the tenant base and supports retention
- Household growth within 3 miles points to gradual renter pool expansion
- Risk: amenity depth is moderate and ownership options are accessible, which may temper rent growth