| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 32nd | Poor |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15 Chestnut St, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1979 |
| Units | 88 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
15 Chestnut St Elyria OH Multifamily Investment
Neighborhood renter concentration is high, supporting a deeper tenant base even as local occupancy trends run softer than the metro, based on CRE market data from WDSuite.
Located in Elyria’s inner suburb context within the Cleveland–Elyria metro, the property benefits from practical neighborhood amenities that support daily living. Restaurant density ranks in the top quartile nationally and grocery access is stronger than average, while parks are also comparatively abundant. By contrast, cafes and pharmacies are limited nearby. School ratings in this neighborhood track below national norms, an operational consideration for family-oriented leasing strategies.
Multifamily investors should note that the neighborhood 9s occupancy rate trends below the metro median, indicating leasing may require more active management to sustain stability. However, the share of housing units that are renter-occupied is elevated in the neighborhood (competitive among Cleveland–Elyria neighborhoods), reinforcing depth in the tenant pool and potential demand resilience for workforce housing.
Within a 3-mile radius, household counts have inched higher and are projected to expand further over the next five years even as population edges down, suggesting smaller household sizes and a gradual broadening of the renter pool. Median contract rents in the radius remain attainable relative to incomes, which can support retention and steady lease renewal, according to WDSuite 9s commercial real estate analysis.
Home values in this neighborhood are lower than national averages. In practice, a more accessible ownership landscape can introduce competition with entry-level homebuying; investors should underwrite rent positioning and amenities carefully to maintain pricing power while supporting occupancy.
Comparable, verified crime statistics at the neighborhood level are not available in this dataset. Investors typically benchmark safety using multi-year regional trends and property-level incident history; reviewing WDSuite 9s time-series context alongside local law enforcement and insurer inputs can help establish an appropriate risk profile.
The area draws from a diversified Greater Cleveland employment base, with nearby corporate offices in semiconductors, coatings, and financial services that help support commuter convenience and renter demand for workforce housing. Highlights include Texas Instruments, TravelCenters of America, Sherwin-Williams, KeyCorp, and PNC.
- Texas Instruments — semiconductors (11.5 miles)
- Travelcenters Of America — travel centers & logistics corporate (12.8 miles) — HQ
- Sherwin-Williams — coatings & paints corporate (23.4 miles) — HQ
- Keycorp — banking corporate (23.5 miles) — HQ
- PNC Center — financial services offices (23.7 miles)
This 88-unit, 1979-vintage asset positions as attainable workforce housing amid a neighborhood with elevated renter-occupied share and convenient everyday amenities. While neighborhood occupancy runs below the metro median, rent-to-income levels in the area indicate manageable affordability pressure that can aid retention and leasing stability. According to CRE market data from WDSuite, restaurant, grocery, and park access score well versus national peers, supporting livability and consistent traffic.
The 1979 construction suggests scope for value-add through interior refresh and systems modernization to lift competitiveness against older local stock and sustain pricing power. Within a 3-mile radius, household counts are trending higher and projected to grow further even as population contracts slightly, implying smaller households and a broader renter pool over time—helpful for demand depth, though underwriting should account for potential competition from relatively accessible homeownership options.
- Elevated neighborhood renter-occupied share supports a deeper tenant base
- 1979 vintage offers value-add potential via targeted renovations and system updates
- Strong restaurant, grocery, and park access underpin livability and leasing traffic
- Affordability positioning supports retention and occupancy management
- Risks: below-metro neighborhood occupancy and competition from accessible ownership