| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Fair |
| Demographics | 41st | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1960 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 |
1960 Fowl Rd Elyria Multifamily Investment Opportunity
Neighborhood occupancy trends sit near the national middle while renter concentration is elevated, supporting demand and retention according to WDSuite’s CRE market data. Positioning focuses on workforce renters where price-to-income remains manageable for lease stability.
This Inner Suburb location in Elyria emphasizes value-oriented living over lifestyle amenities, with limited walkable retail and services in the immediate neighborhood. Based on commercial real estate analysis from WDSuite, local leasing conditions are steady, with neighborhood occupancy around the national middle and slightly below the metro median, suggesting stable but competitive lease-up dynamics.
Renter-occupied housing comprises a notably high share of neighborhood units compared with national norms, expanding the tenant base for multifamily assets and helping underpin day-to-day leasing velocity. A mid-teen rent-to-income profile indicates practical affordability for many renters, which can support renewal rates and reduce turnover-driven costs.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with forecasts indicating further household expansion and slightly smaller average household sizes. For investors, that points to a larger renter pool over time and potential support for occupancy stability, even as households evolve toward different unit types and price points.
Home values in the neighborhood track below national averages. In market terms, more accessible ownership options may compete at the margin with entry-level rentals, yet they also anchor a workforce housing profile where renters often remain price-sensitive, reinforcing the need for efficient operations and durable, value-focused unit finishes.
Neighborhood-level crime metrics are not available from WDSuite for this area. Investors typically contextualize property security and resident experience by comparing city and county crime trends, recent neighborhood patterns, and on-site measures such as lighting, access control, and management presence.
Regional employment access includes semiconductors, travel center operations, and downtown Cleveland financial and corporate headquarters, supporting a broad commuter tenant base relevant to workforce housing demand.
- Texas Instruments — semiconductors (14.3 miles)
- TravelCenters of America — travel centers & logistics (15.4 miles) — HQ
- Sherwin-Williams — paints & coatings (26.1 miles) — HQ
- KeyCorp — banking (26.2 miles) — HQ
- PNC Center — financial services offices (26.4 miles)
This 24-unit asset benefits from a renter-heavy neighborhood that sustains a wide tenant funnel and supports steady occupancy near the national middle. According to CRE market data from WDSuite, rents align with a mid-teen rent-to-income profile, which can aid retention for value-focused units while keeping pricing power tied to operational execution rather than amenity premiums.
Within a 3-mile radius, population and household counts have grown, with forecasts indicating further household expansion and smaller household sizes—factors that can enlarge the renter pool and support lease-up consistency. Key watch items include limited neighborhood amenities (necessitating a value and convenience positioning) and the area’s more accessible ownership costs, which can introduce competition for entry-level renters.
- Elevated renter concentration provides depth to the tenant base and supports everyday leasing velocity
- Occupancy trends near the national middle with affordability that supports renewal and retention
- 3-mile population and household growth, with forecasts pointing to a larger renter pool over time
- Proximity to major corporate employers supports commuter demand across workforce segments
- Risks: limited neighborhood amenities and relatively accessible ownership options may temper pricing power