| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Poor |
| Demographics | 37th | Poor |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2280 W River Rd N, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1974 |
| Units | 114 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2280 W River Rd N, Elyria OH Multifamily Investment
Neighborhood fundamentals point to steady renter demand and manageable pricing power, according to WDSuite’s CRE market data. Emphasis on workforce households and a broad tenant base supports leasing durability at this 114-unit asset.
The property sits in a Cleveland–Elyria neighborhood rated B- and positioned around the metro median (ranked 285 of 569 neighborhoods). Local amenities skew practical: restaurants and parks score in the top quartile nationally, while grocery and pharmacy access are above national midpoints; cafes are limited. For investors, this mix supports day-to-day livability even if lifestyle retail is thinner than urban cores.
Neighborhood occupancy is in the upper-80s on recent measures; this reflects the broader neighborhood rather than the property and generally supports baseline leasing stability. Within a 3-mile radius, approximately four in ten housing units are renter-occupied, indicating a meaningful renter concentration that underpins multifamily demand and a durable tenant pipeline.
Home values in the immediate neighborhood are relatively accessible versus national norms, and median contract rents remain modest. Combined with a rent-to-income ratio around the mid-teens, this environment can support retention and measured rent growth, with fewer affordability-pressure risks than high-cost ownership markets.
The asset’s 1974 vintage is slightly older than the neighborhood average construction year (late 1970s). Investors should anticipate ongoing capital planning for systems, interiors, and common areas; that same age profile may also present value-add scope to enhance competitive positioning against newer stock.
Safety indicators are competitive at a national level: the neighborhood sits modestly above the national median overall, with violent offense levels trending in a healthier range (higher percentile indicates safer) and improving year over year. Recent data also show an uptick in property-related offenses, reminding investors to underwrite security measures and operational controls. These figures describe neighborhood conditions, not the property, and should be evaluated alongside submarket and asset-level history.
Proximity to diversified employers supports a commuter-friendly renter base, led by semiconductor and transportation services nearby and Cleveland CBD corporate anchors within 20–25 miles. This mix can aid leasing and retention for workforce tenants.
- Texas Instruments — semiconductor (11.2 miles)
- TravelCenters of America — transportation services (11.9 miles) — HQ
- Sherwin-Williams — coatings manufacturer (22.7 miles) — HQ
- KeyCorp — banking (22.8 miles) — HQ
- PNC Center — financial services offices (23.0 miles)
Positioned in a livable pocket of Elyria with practical amenities and a renter base drawn from nearby employment centers, 2280 W River Rd N offers an income-focused profile with operational upside. Neighborhood occupancy sits in the upper-80s (neighborhood metric), and within a 3-mile radius about 40% of units are renter-occupied, reinforcing depth of demand for multifamily. According to CRE market data from WDSuite, local rents remain modest against incomes, which can support retention and steady leasing even as ownership costs stay comparatively accessible.
The 1974 vintage suggests targeted capital planning—HVAC, plumbing, exterior, and interiors—to protect NOI and unlock value-add potential relative to late-1970s neighborhood stock. Investors should also weigh softer school ratings and limited cafe/lifestyle density, balancing those with strong park and restaurant access and a diversified employer base within commuting range.
- Renter depth: ~40% renter-occupied share within 3 miles supports a durable tenant pipeline
- Stable leasing: neighborhood occupancy in the upper-80s supports baseline absorption and retention
- Affordability supports retention: modest rents versus incomes reduce near-term pricing frictions
- Value-add path: 1974 vintage presents scope for systems and interior upgrades to enhance competitiveness
- Key risks: weaker school ratings, limited cafe density, and recent property-offense uptick warrant underwriting