| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Fair |
| Demographics | 32nd | Poor |
| Amenities | 9th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 424 Wesley Ave, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1973 |
| Units | 22 |
| Transaction Date | 2015-09-11 |
| Transaction Price | $400,000 |
| Buyer | WESLEY PROPERTIES LLC |
| Seller | DAVIS CHRIS |
424 Wesley Ave, Elyria OH Multifamily Investment
Neighborhood occupancy is steady and renter demand is supported by a moderate renter-occupied housing base and expanding households, according to WDSuite’s CRE market data. Positioning should emphasize durable tenancy over outsized growth in this Inner Suburb of the Cleveland–Elyria metro.
The property sits in an Inner Suburb of Elyria with neighborhood occupancy around the national median (ranked 346 of 569 metro neighborhoods; slightly above the national median by percentile). Renter-occupied housing accounts for roughly one-third of units locally (ranked 211 of 569; upper-national-percentile share), indicating a workable tenant base for small and mid-size multifamily while not being overwhelmingly renter-heavy.
Within a 3-mile radius, population and households have increased in recent years, with households outpacing population growth — a signal of smaller household sizes and a broader tenant base that supports occupancy stability. Forward-looking projections also indicate additional household growth over the next five years, which should translate into a larger pool of renters entering the market.
The immediate amenity mix is limited (low counts of cafes, groceries, parks, and childcare relative to metro peers), so residents will rely more on auto access for daily needs. Average school ratings in the neighborhood are below national medians, which may narrow the target renter profile toward value-seeking households and workforce tenants rather than school-driven movers.
Median contract rents in the neighborhood have risen over the past five years, while the rent-to-income ratio remains manageable, supporting retention and reducing near-term affordability pressure. Home values sit well below national medians, suggesting ownership is relatively accessible in the metro; for investors this can temper pricing power, but it also positions well-maintained units as more accessible rental options relative to new construction. The asset’s 1973 vintage is newer than the neighborhood’s average construction year (1955), offering a competitive edge versus older housing stock, though typical 1970s buildings may still require selective modernization to sustain leasing velocity.
Safety signals are mixed but generally favorable in broader comparisons. By national percentile, violent offenses trend in the top decile for safety and property offenses also read strong nationally. Relative to the Cleveland–Elyria metro, the neighborhood is competitive among 569 neighborhoods. Recent data show a modest year-over-year increase in property offenses alongside a slight decline in violent offenses, so underwriting should account for variability over shorter periods.
Proximity to diverse employers supports workforce housing demand and commute convenience, with exposure to manufacturing, retail services, and financial services that can aid tenant retention. The list below highlights nearby employment anchors likely to influence leasing.
- Texas Instruments — semiconductors (9.4 miles)
- TravelCenters of America — travel center operator (10.6 miles) — HQ
- Sherwin-Williams — paints & coatings (21.3 miles) — HQ
- KeyCorp — banking (21.4 miles) — HQ
- PNC Center — banking offices (21.6 miles)
424 Wesley Ave offers a straightforward workforce housing thesis: neighborhood occupancy is stable, renter concentration is sufficient to sustain leasing, and the 3-mile radius shows population growth with households expanding faster than population — all supportive of a broader tenant base and day-one demand. The 1973 vintage is newer than the area’s mid-century average, positioning the asset ahead of older local stock while leaving room for targeted value-add upgrades to systems and finishes.
Home values in this submarket are modest by national standards, which can curb outsized rent growth but supports steady retention given a manageable rent-to-income profile; underwriting should prioritize operational execution over speculative appreciation. Based on CRE market data from WDSuite, occupancy trends sit slightly above national medians, and forward-looking household growth within 3 miles reinforces the case for stable tenancy rather than aggressive lease trade-outs.
- Stable neighborhood occupancy and a renter base supportive of consistent leasing
- 1973 vintage newer than local average, with practical value-add and modernization potential
- 3-mile radius shows population and household growth, expanding the tenant pool and supporting retention
- Manageable rent-to-income dynamics favor lease retention and steady cash flow management
- Risks: limited walkable amenities and relatively accessible ownership may temper pricing power; monitor recent property-crime variability