| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Fair |
| Demographics | 40th | Poor |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 32002 N Marginal Dr, Willowick, OH, 44095, US |
| Region / Metro | Willowick |
| Year of Construction | 1990 |
| Units | 96 |
| Transaction Date | 2009-01-01 |
| Transaction Price | $3,757,700 |
| Buyer | Hillbrook Associates (Stuart |
| Seller | AERC Bay Club Inc. |
32002 N Marginal Dr Willowick Multifamily Investment
Positioned in an inner-suburb location with steady renter demand and occupancy near the national middle, according to WDSuite’s CRE market data. The neighborhood’s renter-occupied presence and proximity to major employers support leasing durability without relying on outsized rent growth.
Rated B+ and ranked 170 out of 569 within the Cleveland–Elyria metro, the neighborhood is competitive among Cleveland–Elyria neighborhoods. Amenity access is a relative strength: neighborhood counts for restaurants, cafes, groceries, and pharmacies track in the top quartile nationally, supporting daily convenience for residents and reinforcing renter appeal. Park access is limited, which may modestly temper lifestyle-driven demand.
The property’s 1990 vintage is newer than the neighborhood’s average construction year (1977). For investors, this generally means stronger competitive positioning versus older 1970s-era stock, while still planning for typical system updates and modernization to capture value-add upside.
Neighborhood occupancy is around the national middle, which points to stable, but not overheated, leasing conditions. Within the neighborhood, the share of housing units that are renter-occupied is roughly around half, indicating a deep tenant base for multifamily. In the wider 3-mile radius, renter concentration trends lower (closer to one-third of units), suggesting demand is supported by both local renters and nearby commutes rather than a purely renter-dense core.
Three-mile demographics show a flat-to-modestly expanding population with a clear increase in households and smaller average household sizes, which supports a larger tenant base for apartments. Median incomes in the 3-mile area have risen meaningfully in recent years with additional gains projected, while contract rents have also increased and are expected to edge higher, reinforcing pricing power without signaling excessive affordability pressure. That said, relatively accessible ownership costs in the broader area can create some competition with rentals, making product positioning and renovation strategy important for retention.
Safety trends in this neighborhood are mixed: compared with neighborhoods nationwide, conditions sit below the national median, and within the Cleveland–Elyria metro the area ranks in the lower half among 569 neighborhoods. Recent year-over-year data indicate notable improvements, with both property and violent offense rates declining, which helps reduce downside risk if the trend persists. Investors should underwrite to current comps and maintain prudent assumptions while recognizing the recent directional improvement.
Nearby corporate employment is anchored by insurance, industrial manufacturing, and banking offices, which supports workforce housing demand and commute convenience for renters. The list below reflects key employers within a short drive that can contribute to leasing stability.
- Progressive Greens Building — insurance operations (4.4 miles)
- Progressive Discovery Building — insurance operations (5.6 miles)
- Progressive — insurance (6.4 miles) — HQ
- Parker-Hannifin — industrial manufacturing (8.4 miles) — HQ
- Keycorp — banking (15.3 miles) — HQ
This 96-unit property, built in 1990, is positioned ahead of the area’s typical 1970s vintage, offering a competitive edge against older stock and giving room for targeted renovations to drive rent premiums. Neighborhood fundamentals are balanced: occupancy trends sit near the national mid-range and amenity access is comparatively strong, which supports day-to-day livability and renter retention. Based on CRE market data from WDSuite, the broader area shows steady renter demand underpinned by a meaningful renter-occupied presence locally and diverse nearby employment nodes.
Within a 3-mile radius, households have been increasing and are projected to continue growing as average household sizes ease, pointing to renter pool expansion that supports occupancy stability. Income gains in the area, alongside gradually rising rents, suggest room for measured pricing without outsized affordability pressure, though relatively accessible ownership options in the region warrant attention to product differentiation and leasing strategy.
- 1990 vintage offers competitive positioning versus older local stock with value-add potential
- Amenity-rich neighborhood supports renter appeal and lease retention
- 3-mile household growth and smaller household sizes expand the tenant base
- Proximity to major employers underpins stable workforce housing demand
- Risks: ownership alternatives compete with rentals; safety ranks below metro median, warranting conservative underwriting