| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Fair |
| Demographics | 41st | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1936 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 |
1936 Fowl Rd Elyria Multifamily: Renter-Driven Demand
Neighborhood renter concentration is elevated and occupancy has been steady, according to WDSuite’s CRE market data, pointing to a durable tenant base for a 24-unit asset. Pricing sits in a value segment for the Cleveland–Elyria metro, supporting lease retention with measured rent growth expectations.
The property sits in an Inner Suburb pocket of Elyria where neighborhood occupancy is near the national midpoint and the renter-occupied share is high relative to the metro (47.5%). For investors, that renter concentration suggests deeper multifamily demand and a broader leasing funnel even when the cycle slows, based on CRE market data from WDSuite for the neighborhood rather than the property.
Local amenity density is limited (few cafes, groceries, restaurants, or parks within the neighborhood boundary). Assets here tend to compete on value, straightforward operations, and commute access rather than lifestyle retail. That dynamic can support stable occupancy when rents remain aligned to the submarket’s value positioning.
Within a 3-mile radius, population and household counts have trended modestly higher and are projected to grow further over the next five years. Slightly smaller projected household sizes imply more one- to two-person households, which can align with smaller unit formats and help sustain leasing velocity and occupancy stability.
Home values in the neighborhood are lower than many U.S. areas, which makes ownership comparatively accessible. For multifamily investors, this can introduce competition from entry-level home purchases; however, the area’s rent-to-income levels indicate manageable affordability pressure, supporting retention when rent increases are paced to local incomes.
Comparable, neighborhood-level safety metrics were not available in the provided dataset. Investors typically benchmark property-level incident trends against broader Cleveland–Elyria patterns and owner/manager practices (lighting, access control, monitoring) to evaluate operational risk. Consider reviewing recent, third-party crime trend reports at the neighborhood scale for a like-for-like comparison.
The employment base within commuting reach includes manufacturing, logistics, and major corporate offices, supporting workforce housing demand and tenant retention for value-oriented units. Notable nearby employers include Texas Instruments, TravelCenters of America, Sherwin-Williams, KeyCorp, and PNC offices.
- Texas Instruments — manufacturing & engineering (14.1 miles)
- Travelcenters Of America — travel services & logistics (15.3 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (26.0 miles) — HQ
- Keycorp — banking & corporate offices (26.1 miles) — HQ
- PNC Center — financial offices (26.3 miles)
Positioned in a value-focused Elyria neighborhood with steady occupancy and a high share of renter-occupied units, this 24-unit asset benefits from a deeper tenant base and resilient leasing. According to CRE market data from WDSuite, the area’s rent levels and rent-to-income dynamics point to manageable affordability pressure, which supports retention when rent growth is calibrated to local incomes.
Amenity density inside the neighborhood is limited, so competitive positioning leans on pricing, efficient operations, and access to regional employment nodes. Nearby corporate and industrial employers provide a consistent commuter renter pool, while projected growth in households within 3 miles signals a gradually expanding renter pipeline.
- High renter concentration in the neighborhood underpins demand depth and supports occupancy stability
- Value-oriented rents with manageable rent-to-income levels aid lease retention and reduce turnover risk
- Proximity to diversified employers sustains a steady commuter renter pool
- Demographic outlook within 3 miles points to more households, aligning with smaller-unit formats
- Risks: limited neighborhood amenities and relatively accessible homeownership can create competition—requiring disciplined pricing and asset management