| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Fair |
| Demographics | 41st | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1944 Fowl Rd, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1976 |
| Units | 24 |
| Transaction Date | 2004-10-20 |
| Transaction Price | $179,600 |
| Buyer | DIXON SENIOR PROPERTIES LLC |
| Seller | FRV ELYRIA LLC |
1944 Fowl Rd, Elyria OH — 24-Unit Multifamily
Neighborhood occupancy is around metro norms and renter-occupied housing is substantial, supporting a stable tenant base, according to WDSuite s CRE market data.
Situated in Elyria s inner-suburban fabric of the Cleveland Elyria metro, the property benefits from renter demand supported by a neighborhood renter-occupied share near half of units. Neighborhood occupancy trends sit around the metro middle, which can underpin steady leasing and renewal potential for workforce-oriented product.
Amenity density is limited locally the area ranks near the bottom among 569 Cleveland Elyria neighborhoods for everyday amenities such as grocery, parks, and cafes so residents are more likely to rely on nearby corridors for services. For investors, this creates a value proposition around convenience-driven improvements and targeted marketing to renters prioritizing price and access over walkability.
Within a 3-mile radius, demographics point to a gradually expanding renter pool: population and household counts have trended upward in recent years, with additional household growth projected, which supports occupancy stability and day-one leasing depth. Median rents in the immediate neighborhood are modest relative to national levels, while the rent-to-income profile suggests manageable affordability pressure, aiding retention and reducing turnover risk.
Home values in the neighborhood sit at the lower end nationally, which can introduce some competition from ownership options. However, comparatively low monthly rent levels and a sizable renter concentration can sustain demand for smaller-format and value-oriented units, especially for cost-conscious households and downsizers.
Comparable safety benchmarks for this neighborhood are not available in the current dataset. Investors typically contextualize property-level risk by comparing neighborhood trends to metro and national norms and by reviewing third-party or municipal reporting for recent patterns.
Given the absence of a ranked safety signal here, prudent underwriting may incorporate contingency for security enhancements and tenant experience measures, alongside standard due diligence on incident trends in the broader Cleveland Elyria market.
The workforce draw is diversified, with proximity to major corporate offices that support commuter demand and leasing stability, including Texas Instruments, TravelCenters of America, Sherwin-Williams, KeyCorp, and PNC.
- Texas Instruments semiconductor operations (14.2 miles)
- TravelCenters of America travel centers & logistics (15.4 miles) HQ
- Sherwin Williams coatings & corporate offices (26.1 miles) HQ
- KeyCorp banking headquarters & corporate services (26.1 miles) HQ
- PNC Center financial services offices (26.4 miles)
This 24-unit asset offers exposure to Elyria s renter base at attainable price points, with neighborhood occupancy near the metro middle and a renter-occupied share that indicates depth of demand. According to CRE market data from WDSuite, median rents and rent-to-income dynamics are consistent with manageable affordability pressure, which can support retention and help stabilize collections across cycles.
Household counts within a 3-mile radius have been rising and are projected to grow further, suggesting a larger tenant base over the medium term. Lower ownership costs in the neighborhood may present some competition with entry-level buying; however, modest rent levels, smaller average unit sizes, and proximity to regional employers collectively support steady lease-up for value-oriented housing. Underwriting should account for limited nearby amenities, with potential to enhance convenience through on-site features and resident services.
- Neighborhood occupancy around metro norms supports steady leasing
- Renter-occupied share near half of units indicates demand depth
- 3-mile household growth expands the tenant base and supports renewals
- Attainable rent levels and smaller unit sizes align with cost-conscious renters
- Risk: Limited amenity density locally may require on-site convenience improvements