| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 60th | Good |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5665 Grace Woods Dr, Willoughby, OH, 44094, US |
| Region / Metro | Willoughby |
| Year of Construction | 2009 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
5665 Grace Woods Dr Willoughby Multifamily Opportunity
Neighborhood occupancy is steady and renter demand is supported by a majority renter-occupied housing mix, according to WDSuite’s CRE market data, positioning this 2009-built, 20-unit asset for durable cash flow in Cleveland’s inner suburb of Willoughby.
The property sits in an Inner Suburb location that ranks 119 out of 569 Cleveland–Elyria neighborhoods (A- rating), placing it in the top quartile locally. Neighborhood occupancy is 93.6% with a modest upward trend over five years, signaling stable leasing conditions rather than late-cycle softness.
Daily-needs access is a relative strength: grocery and pharmacy density performs in the mid-80s to mid-90s national percentiles, and restaurant density is similarly competitive. Café, park, and childcare density are thinner, which can modestly reduce lifestyle appeal but typically has limited impact on workforce-oriented renter demand.
Renter-occupied housing accounts for 53.2% of neighborhood units, indicating a deep tenant base for multifamily. Within a 3-mile radius, households have been increasing while average household size trends smaller, which expands the pool of potential renters and supports occupancy stability. School options average around 3.0 out of five and sit above the national midpoint, which can aid retention for certain renter cohorts.
Home values are moderate for the region, and rent-to-income levels indicate manageable affordability pressure, which can support lease retention and measured pricing power. Compared with the metro, the property’s 2009 vintage is newer than the neighborhood’s average construction year (1982), offering competitive positioning versus older stock, while investors should still plan for periodic system updates typical of mid-2000s construction.
Safety trends are comparatively favorable versus national benchmarks and competitive among Cleveland–Elyria neighborhoods. The area’s overall crime position is above the national midpoint and better than many inner-suburb peers (ranked 220 out of 569 metro neighborhoods), with recent year-over-year declines in both violent and property offense rates—an encouraging trend for resident retention and leasing.
Nationally, the neighborhood aligns near the 58th percentile for overall safety, with property offense around the national midpoint and violent offense lower than average but improving. These are neighborhood-level indicators rather than property-level measures, and investors should continue standard diligence on on-site security, lighting, and management practices.
Proximity to major employers strengthens the local renter base by shortening commutes for office and corporate services workers, notably across Progressive’s nearby campuses and regional headquarters, as well as Parker-Hannifin and other corporate offices.
- Progressive Greens Building — corporate offices (3.4 miles)
- Progressive Discovery Building — corporate offices (4.5 miles)
- Progressive — corporate offices (5.4 miles) — HQ
- Parker-Hannifin — corporate offices (7.5 miles) — HQ
- Time Warner Cable Payment Center — corporate offices (14.3 miles)
This 20-unit asset, built in 2009, benefits from a neighborhood that sits in the top quartile among 569 Cleveland–Elyria neighborhoods and maintains a 93.6% occupancy rate. The renter-occupied share of housing is just over half, indicating a sizable tenant base. According to CRE market data from WDSuite, daily-needs amenities are strong (grocery, pharmacy, restaurants), which supports renter convenience and retention, while thinner park and café options are a secondary consideration for most workforce renters.
Within a 3-mile radius, households are expanding and average household size is trending smaller, implying a larger renter pool over time even as population growth moderates. The 2009 vintage is newer than the neighborhood average, suggesting competitive positioning versus older stock and potentially lower near-term capital needs; investors should still plan for targeted systems modernization and common-area refreshes. Regional NOI per unit tends to be modest versus national benchmarks, so disciplined expense management and operational execution remain central to returns.
- Top-quartile neighborhood within Cleveland–Elyria with stable 93.6% occupancy supporting leasing durability
- Deep renter base (majority renter-occupied locally) and growing household counts within 3 miles expand the tenant pool
- Strong daily-needs access (grocery, pharmacy, restaurants) aids retention and day-to-day livability
- 2009 construction offers competitive positioning versus older stock with manageable modernization planning
- Risks: amenity gaps (parks/cafés) and regionally modest NOI per unit may temper rent growth, emphasizing operational discipline