| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 22nd | Poor |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1312 East Ave, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1976 |
| Units | 24 |
| Transaction Date | 2003-08-26 |
| Transaction Price | $950,000 |
| Buyer | HEINE BRIAN J |
| Seller | KELLY ALICE |
1312 East Ave Elyria Multifamily Investment
Positioned in Elyria’s inner-suburban fabric, the asset serves a renter-oriented corridor where approachable rents and a sizable renter-occupied share support demand, according to WDSuite’s CRE market data. Neighborhood occupancy has trended softer than national norms, so underwriting should prioritize retention and steady lease management.
Elyria’s inner suburb location offers practical livability for workforce renters. Neighborhood grocery access is competitive, landing in the top quartile nationally, while childcare availability also scores well. By contrast, restaurants, cafes, parks, and pharmacies are limited within the immediate neighborhood, which places amenity access below many Cleveland–Elyria submarkets.
Rents in the neighborhood remain on the more accessible end relative to national levels, and the local rent-to-income profile suggests manageable affordability pressure for tenants. However, neighborhood household incomes skew below national medians, which argues for measured rent growth assumptions and careful renewal strategies to protect occupancy and collections.
The property’s 1976 vintage is newer than much of the surrounding housing stock (the neighborhood skews older), which can be a competitive advantage versus legacy assets. Investors should still plan for modernization of building systems and common areas typical for this era to sustain leasing performance.
Within a 3-mile radius, total population has been roughly flat to slightly lower in recent years while household counts edged higher, indicating smaller household sizes and a stable to expanding renter pool. Looking ahead to 2028, WDSuite’s CRE market data points to additional household growth and higher incomes in the radius, which supports long-run tenant base depth even if neighborhood occupancy has been below national averages.
Tenure patterns matter: the neighborhood’s renter-occupied share is elevated compared with many U.S. areas, supporting depth of demand for multifamily units. At the same time, relatively accessible home values in the metro can introduce competition from ownership, so positioning and unit finishes should align with value-conscious renters.
Safety indicators are mixed but broadly comparable to national averages. Neighborhood crime ranks near the midpoint of the Cleveland–Elyria metro distribution and sits around the national middle overall. Notably, property offense measures compare favorably (upper tiers nationally), and violent offense measures are also better than the national midpoint, according to WDSuite’s CRE market data. Investors should focus on standard security practices and resident engagement to support retention.
Proximity to regional employers supports commuter convenience for workforce tenants, including corporate offices in electronics, travel services, and Cleveland’s downtown financial cluster: Texas Instruments, TravelCenters of America, Sherwin-Williams, KeyCorp, and PNC Center.
- Texas Instruments — electronics (11.4 miles)
- TravelCenters of America — travel services (12.9 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (23.4 miles) — HQ
- KeyCorp — banking (23.5 miles) — HQ
- PNC Center — financial offices (23.8 miles)
This 1976-vintage, inner-suburban Elyria asset aligns with a renter-driven corridor where accessible rents and an elevated renter-occupied share support demand. According to CRE market data from WDSuite, neighborhood occupancy has been softer than national norms, so performance hinges on operational execution: resident retention, modest rent steps, and targeted unit refreshes to stay competitive against older local stock.
Within a 3-mile radius, households have inched upward even as population was flat to slightly down, and projections point to continued household growth and rising incomes by 2028—factors that can expand the tenant base and support leasing stability. Amenity access is mixed (strong for groceries and childcare, thinner for dining and parks), and ownership remains relatively accessible in the metro, suggesting value positioning and service quality will be key to defending occupancy.
- Renter-oriented location with approachable rents and elevated renter concentration supporting demand
- 1976 vintage offers an edge versus much older neighborhood stock; plan targeted modernization for competitiveness
- 3-mile household growth and income gains projected by 2028 bolster tenant-base depth and leasing stability
- Mixed amenities: strong grocery/childcare access but limited parks and dining—positioning should emphasize value and convenience
- Key risks: softer neighborhood occupancy, lower local incomes, and accessible ownership options that can compete with rentals