| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 22nd | Poor |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1310 East Ave, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 2004-03-31 |
| Transaction Price | $720,000 |
| Buyer | HEINE BRIAN J |
| Seller | DIETEL ROBERT R |
1310 East Ave Elyria 24-Unit Multifamily Investment
Renter concentration in the surrounding neighborhood supports a stable tenant base, while softer neighborhood occupancy suggests attentive management can add value, according to WDSuite’s CRE market data.
Positioned in Elyria’s inner-suburb context within the Cleveland–Elyria metro, the asset benefits from everyday convenience more than lifestyle retail. Grocery access ranks in the top quartile nationally, and childcare presence is similarly strong, while cafes, restaurants, parks, and pharmacies are limited in the immediate neighborhood (ranking toward the lower end among 569 metro neighborhoods). For investors, this points to steady, necessity-driven demand rather than amenity-led premiums.
Neighborhood occupancy is reported at roughly 81% and sits below national benchmarks, signaling the need for hands-on leasing and retention focus to sustain stability. At the same time, the share of housing units that are renter-occupied is elevated for the neighborhood (above most neighborhoods nationwide), indicating depth in the tenant pool and demand durability for multifamily.
Built in 1977, the property is materially newer than the neighborhood’s older housing stock (average vintage leans early 20th century). That relative youth can be a competitive advantage versus older walk-ups, while investors should still plan for ongoing modernization and systems upgrades typical of late-1970s construction.
Demographic statistics are aggregated within a 3-mile radius: recent years show slight population softness alongside a small increase in household counts, with forecasts calling for additional household growth and smaller average household sizes. This trend generally supports a broader renter base and leasing velocity. Home values in the neighborhood are relatively low compared with national levels, which can create some competition from entry-level ownership; however, measured rent-to-income ratios indicate manageable affordability pressure, supporting retention and modest pricing power with prudent lease management, based on commercial real estate analysis from WDSuite.
Safety indicators are mixed but comparatively constructive in a national context. Neighborhood crime ranks around the metro middle (318 out of 569), while national percentiles for both violent and property offenses are on the safer side, placing the area above many neighborhoods nationwide. Recent year-over-year estimates point to some uptick in reported offense rates, so monitoring trends and coordinating with professional management remains prudent.
Proximity to established employers supports workforce housing demand and commute convenience for residents. Nearby anchors span semiconductors, travel services, coatings, banking, and financial services.
- Texas Instruments — semiconductors (11.4 miles)
- TravelCenters of America — travel services (12.9 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (23.4 miles) — HQ
- KeyCorp — banking & financial services (23.5 miles) — HQ
- PNC Center — financial services offices (23.7 miles)
1310 East Ave offers a smaller-scale, 24-unit asset positioned for value through operating execution. The surrounding neighborhood shows elevated renter concentration, while occupancy runs softer than national norms — a setup where targeted leasing, renewals, and expense control can drive performance. According to CRE market data from WDSuite, the property’s 1977 vintage is newer than most nearby stock, suggesting competitive positioning against older buildings, with ongoing modernization still advisable for long-term durability.
Within a 3-mile radius, household counts have inched up and are projected to grow further as average household size trends lower, supporting a broader tenant base. Necessity retail access (notably grocery and childcare) is strong, aligning the asset with day-to-day convenience rather than discretionary amenity premiums. Low relative home values may create ownership alternatives for some renters, but measured rent-to-income levels indicate manageable affordability pressure that can support retention when paired with disciplined rent setting.
- Renter-occupied housing share is high locally, reinforcing tenant demand depth
- 1977 construction is newer than neighborhood stock, offering a competitive edge with planned upgrades
- Essentials-oriented location with strong grocery and childcare access supports everyday livability
- Household growth within 3 miles and smaller household sizes expand the potential renter base
- Risks: below-average neighborhood occupancy and ownership alternatives require disciplined leasing and pricing