| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 22nd | Poor |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1306 East Ave, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1977 |
| Units | 72 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1306 East Ave Elyria Multifamily Investment
Positioned in an inner-suburb pocket with a meaningful renter-occupied housing base, the asset targets everyday housing demand and value-add potential; according to WDSuite’s CRE market data, neighborhood dynamics support stable tenant sourcing even as occupancy trends require active leasing management.
1306 East Ave sits in an Inner Suburb neighborhood of the Cleveland–Elyria, OH metro with a C- neighborhood rating. Local living patterns lean toward workforce housing: a sizable share of units are renter-occupied, which helps deepen the tenant pool and supports ongoing leasing for a 72-unit property. Neighborhood occupancy is softer than many areas in the region, so maintaining traffic and renewals may rely on competitive pricing and operational execution.
Everyday conveniences are a relative strength. Grocery access ranks competitive among Cleveland–Elyria neighborhoods (100 of 569), placing the area in the top quartile nationally by store density, and childcare access is similarly strong (96 of 569; also top quartile nationally). Leisure options are thinner—cafes, restaurants, and parks each rank near the bottom of the metro distribution—so on-site amenities and unit finishes can play an outsized role in resident retention.
The property’s vintage is 1977. Given the neighborhood’s older housing stock (average construction year ranks 533 of 569), the asset is newer than much of the immediate competition, offering relative competitiveness versus pre-war buildings. Investors should still plan for system upgrades and targeted renovations to capture rent premiums and reduce CapEx variability over the hold.
Within a 3-mile radius, demographics indicate a stable renter base: households have inched up over the past five years and are expected to increase further, with forecasts pointing to more households and smaller average sizes by 2028. This suggests gradual renter pool expansion and supports occupancy stability for well-managed assets. Median contract rents in the 3-mile area remain accessible relative to incomes, which can aid lease retention and reduce turnover risk. In a high-cost ownership context, elevated home values tend to reinforce renter reliance; here, ownership costs are comparatively more accessible than coastal markets, which can introduce some competition from entry-level ownership, reinforcing the importance of value positioning and service quality.
Safety indicators are mixed to moderately favorable in a national context. Overall crime levels track around the national midpoint (48th percentile nationwide), while both property and violent offense metrics score higher on national safety percentiles (roughly upper-middle percentiles), indicating comparatively better outcomes than many U.S. neighborhoods. At the metro level, crime ranks near the lower half of Cleveland–Elyria neighborhoods, so investors should calibrate security measures and community engagement accordingly without overstating block-level conditions.
Proximity to regional employers supports workforce housing demand and commute convenience for renters, notably in semiconductors, transportation services, coatings, and banking offices. The following nearby employers anchor daily commuting patterns from Elyria.
- Texas Instruments — semiconductors (11.5 miles)
- TravelCenters of America — transportation services (13.0 miles) — HQ
- Sherwin-Williams — coatings and materials (23.5 miles) — HQ
- KeyCorp — banking (23.6 miles) — HQ
- PNC Center — banking offices (23.8 miles)
1306 East Ave offers a 1977-vintage, 72-unit scale in an inner-suburban Elyria location where renter-occupied housing is meaningful and household counts within 3 miles are poised to grow. Everyday convenience is a relative advantage (top-quartile grocery and childcare access), while leisure amenities are thinner, making on-site offerings and operations more influential in retention and pricing. According to CRE market data from WDSuite, neighborhood occupancy trends are softer than the metro’s stronger clusters, but accessible area rents and a broad workforce employer base help sustain tenant sourcing and renewals.
The vintage implies scope for value-add: targeted interior updates and system modernization can enhance competitiveness against older neighborhood stock while maintaining attainable pricing that supports absorption. Demographic signals within 3 miles point to modest population stability, rising incomes, and an increase in household counts by 2028—factors that translate into a larger tenant base and support for steady leasing when paired with active management.
- Workforce demand drivers with multiple regional employers and commute-friendly access
- 1977 vintage newer than much of the neighborhood stock, enabling renovation-driven upside
- Top-quartile grocery and childcare access supports daily livability and retention
- Household growth and smaller household sizes within 3 miles expand the renter pool
- Risks: softer neighborhood occupancy and limited leisure amenities require disciplined leasing and amenity strategy