| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 31st | Poor |
| Demographics | 22nd | Poor |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 511 Fuller Rd, Elyria, OH, 44035, US |
| Region / Metro | Elyria |
| Year of Construction | 1990 |
| Units | 42 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
511 Fuller Rd, Elyria OH Multifamily Opportunity
Positioned in Elyria s inner-suburban fabric, the asset benefits from a solid renter base and pricing at workforce levels, according to WDSuite s CRE market data. Investors should underwrite to steady demand with emphasis on leasing execution and retention.
The property sits in an Inner Suburb setting within the Cleveland Elyria metro, where neighborhood fundamentals track near the metro middle overall (C- rating; rank 519 of 569). Amenity access is mixed: groceries are comparatively accessible (above the national average by percentile), while cafes, restaurants, parks, and pharmacies are sparse, suggesting residents rely on nearby corridors for daily needs.
Rents in the immediate neighborhood skew toward the lower end of the metro distribution, supporting workforce housing demand but tempering near-term pricing power. Neighborhood occupancy trends sit below the metro median (ranked 515 of 569), so asset performance will depend on hands-on leasing, renewals, and unit-turn efficiency. Notably, the neighborhood s renter-occupied share is elevated versus many peer areas, indicating a meaningful tenant base for multifamily.
Within a 3-mile radius, demographics indicate a stable renter pool with shifting composition: population has been flat to slightly down recently, while households edged up and are projected to grow further, implying smaller average household sizes and a broader addressable base for apartments. These dynamics can support occupancy stability even as household budgets remain a consideration at local income levels.
The neighborhood s housing stock is older on average, while this asset s 1990 construction is materially newer than surrounding inventory. That relative vintage can reduce immediate capital needs versus century-old stock and offers a practical platform for targeted value-add (interiors, systems, and common areas) to differentiate against aging properties.
Safety indicators for the neighborhood are around the metro median among 569 Cleveland Elyria neighborhoods, per WDSuite s data. Compared nationally, violent and property offense estimates track better than midpack levels, indicating comparatively favorable conditions versus many U.S. neighborhoods, though trends can vary year to year. Investors should monitor submarket-level trends rather than block-level assumptions and incorporate standard security and lighting measures into capex planning.
Nearby employers span electronics, travel services, coatings manufacturing, and financial services, supporting a diversified commuter tenant base and weekday leasing stability. The list below reflects key nodes within typical renter commute ranges.
- Texas Instruments electronics (11.7 miles)
- Travelcenters Of America travel services (13.3 miles) HQ
- Sherwin-Williams coatings & manufacturing (23.7 miles) HQ
- Keycorp banking (23.8 miles) HQ
- PNC Center banking offices (24.1 miles)
This 42-unit asset, built in 1990, is newer than the surrounding neighborhood s predominantly early-20th-century stock a relative advantage that can lower near-term capital exposure while enabling focused renovations to drive competitiveness. According to CRE market data from WDSuite, neighborhood occupancy trends sit below the metro median, so the investment case leans on disciplined leasing, resident retention, and operational efficiency rather than outsized rent lifts.
Demand is underpinned by a meaningful renter-occupied presence locally and a 3-mile market that shows rising households and a forecast for further growth, expanding the tenant base even with modest population changes. Workforce-level rents support absorption and retention, though investors should calibrate rent strategies to local incomes and the area s lean amenity set.
- 1990 vintage versus older local stock reduces immediate system risk and supports targeted value-add scope.
- Renter-occupied concentration and 3-mile household growth support a durable tenant base and occupancy stability.
- Workforce pricing positions the property for retention and steady absorption relative to higher-cost alternatives.
- Proximity to diversified employment nodes underpins weekday leasing and renewal potential.
- Risks: below-metro occupancy norms and limited nearby amenities require vigilant leasing, expense control, and resident experience investments.