| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Fair |
| Demographics | 41st | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1930 Fowl Rd, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1975 |
| Units | 24 |
| Transaction Date | 2004-10-20 |
| Transaction Price | $179,600 |
| Buyer | DIXON SENIOR PROPERTIES LLC |
| Seller | FRV ELYRIA LLC |
1930 Fowl Rd, Elyria OH Multifamily Opportunity
Neighborhood occupancy in the low-90s and a solid renter base point to steady demand for smaller-format units, according to WDSuite’s CRE market data.
Elyria’s inner-suburb location offers practical workforce housing dynamics with a renter-occupied share of 47.5% of housing units. Within the Cleveland–Elyria metro, that renter concentration is competitive among peer neighborhoods (108 out of 569), supporting a deeper tenant base and consistent leasing activity for multifamily assets.
Neighborhood occupancy stands at 91.6% and has inched higher over the past five years, signaling demand stability rather than rapid tightening. Median contract rents track on the lower end relative to national norms, and the rent-to-income ratio around 0.16 indicates manageable affordability pressure that can support retention but may temper near-term pricing power.
Within a 3-mile radius, population and household counts have grown modestly in recent years, with forecasts pointing to further household growth that can expand the local renter pool and support occupancy over time. Median home values in the area are comparatively low, which can make ownership more accessible and create some competition with rentals; however, the existing renter concentration suggests durable demand for well-managed, value-oriented communities.
Amenity density is limited immediately around the neighborhood, with few cafes, groceries, parks, or pharmacies within close proximity. For investors, that positioning favors properties that emphasize on-site conveniences, parking, and straightforward access to employment corridors rather than walk-to retail. School rating data for the immediate neighborhood is limited; investors often underwrite education quality at the district level alongside commute patterns to balance location fundamentals.
Verified neighborhood-level crime metrics are not available in WDSuite for this location. Investors typically contextualize safety by comparing multi-year trends from city and county sources and by benchmarking against nearby Cleveland–Elyria neighborhoods to understand relative positioning. Property-level measures such as lighting, access control, and maintenance standards can also influence perceived safety and resident retention.
Proximity to regional corporate offices supports workforce housing demand and commute convenience for renters, notably across semiconductors, travel services, coatings, and financial services represented below.
- Texas Instruments — semiconductors (14.1 miles)
- TravelCenters of America — travel services & logistics (15.3 miles) — HQ
- Sherwin-Williams — coatings & materials (26.0 miles) — HQ
- KeyCorp — banking (26.0 miles) — HQ
- PNC Center — banking offices (26.3 miles)
This 24-unit property’s smaller average unit size (~410 sq. ft.) aligns with value-oriented renter demand in Elyria’s inner-suburb setting, where neighborhood occupancy is about 92% and renter concentration is comparatively high. Within a 3-mile radius, recent and projected increases in households point to a larger tenant base over time, supporting occupancy stability even as rents remain relatively accessible by national standards.
According to CRE market data from WDSuite, the area’s lower median rents and moderate rent-to-income ratios favor retention, while comparatively low home values can introduce competition from ownership options. Limited immediate amenity density places a premium on on-site functionality and straightforward access to employment nodes, suggesting a focus on operational execution and resident experience to sustain leasing velocity.
- Stable neighborhood occupancy and a sizable renter base support consistent leasing
- Compact unit formats cater to cost-conscious renters and can drive retention
- 3-mile household growth and forecast expansion bolster the future renter pool
- Lower rent levels offer affordability positioning but may cap near-term pricing power
- Risk: limited walkable amenities and relatively accessible ownership could compete with rentals