| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Poor |
| Demographics | 37th | Poor |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1444 W River Rd N, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1975 |
| Units | 24 |
| Transaction Date | 2008-07-30 |
| Transaction Price | $2,300,000 |
| Buyer | SOUTHWYCK APARTMENTS LLC |
| Seller | SOUTHWYCK MANOR APARTMENT CO OF LORAIN C |
1444 W River Rd N Elyria Multifamily Investment
The surrounding neighborhood’s renter concentration is above the metro median, supporting a deeper tenant base and steadier leasing, according to WDSuite’s CRE market data.
Located in Elyria within the Cleveland–Elyria metro, the neighborhood carries a B- rating and sits near the middle of the pack among 569 metro neighborhoods. Amenity access ranks in the top quartile among metro peers, with restaurants and daily-needs services comparatively accessible, while cafes are less dense. Average school ratings track below national medians, which may temper appeal for some family renters and should be reflected in leasing strategy rather than underwriting.
At the neighborhood level, occupancy trends sit below the metro median, so investors should plan for active leasing and renewal management to sustain performance. Median contract rents in the neighborhood remain on the lower side versus national benchmarks, while rent-to-income ratios point to manageable affordability pressure — factors that can support lease retention but may cap near-term pricing power.
The property’s 1975 vintage is slightly older than the neighborhood’s average stock from the late 1970s. That positioning suggests practical value-add potential through targeted unit and systems upgrades to improve competitiveness against newer inventory, with capital planning calibrated to local rent ceilings.
Demographics aggregated within a 3-mile radius show a broad renter pool alongside a balanced age mix. While overall population has been generally stable, households are expected to increase over the next five years, expanding the local tenant base. Rising median and mean household incomes in the same radius further support demand for quality, well-managed rental housing, based on commercial real estate analysis from WDSuite.
Safety indicators are mixed. Within the Cleveland–Elyria metro, the neighborhood’s crime rank places it in the less favorable half compared with 569 neighborhoods, warranting routine property-level security and lighting measures. Nationally, the area compares slightly better than average, and recent data show violent incidents trending down, while property offenses have fluctuated upward; investors should calibrate operating practices accordingly.
Proximity to diversified employers supports renter demand through commute convenience and workforce stability, including semiconductor, travel services, and major corporate headquarters listed below.
- Texas Instruments — semiconductor (11.0 miles)
- TravelCenters of America — travel services (12.0 miles) — HQ
- Sherwin-Williams — coatings & chemicals (22.7 miles) — HQ
- KeyCorp — banking (22.8 miles) — HQ
- PNC Center — financial services offices (23.0 miles)
This 24-unit, garden-scale asset offers an attainable entry point into Elyria with a renter base that is above the metro median at the neighborhood level. According to CRE market data from WDSuite, local occupancy runs below the metro median, making hands-on leasing and renewals important, but rent-to-income levels indicate manageable affordability pressure that can underpin retention. The 1975 vintage suggests clear value-add angles through interior upgrades and building systems improvements to sharpen positioning against older stock while keeping within local rent thresholds.
Within a 3-mile radius, households are projected to grow and incomes are trending higher, expanding the tenant pool and supporting demand for well-managed, quality units. Lower ownership costs in the vicinity can create some competition with entry-level homebuying, yet they also reinforce the role of professionally managed multifamily as a more accessible option for residents prioritizing flexibility and maintenance-free living.
- Renter-occupied share above metro median supports a deeper tenant base
- Value-add potential from 1975 vintage via targeted upgrades and system modernization
- 3-mile household growth and rising incomes expand demand for quality rentals
- Manageable rent-to-income profile aids retention and steady collections
- Risks: neighborhood occupancy below metro median and mixed safety trends require proactive leasing and security