| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 49th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 35141 Mildred St, North Ridgeville, OH, 44039, US |
| Region / Metro | North Ridgeville |
| Year of Construction | 1979 |
| Units | 24 |
| Transaction Date | 2010-10-27 |
| Transaction Price | $3,725,000 |
| Buyer | LEDGESTONE PROPERTIES LLC |
| Seller | VENDOME ASSOCIATES CORP |
35141 Mildred St North Ridgeville 24-Unit Multifamily
Neighborhood occupancy has remained above the national median, supporting steady leasing dynamics for smaller units, according to CRE market data from WDSuite. Note that these occupancy metrics reflect the surrounding neighborhood, not the property itself.
35141 Mildred St sits in North Ridgeville, an Inner Suburb within the Cleveland–Elyria metro. Neighborhood occupancy trends are above the national median, signaling relatively stable rent rolls at the submarket level. Renter-occupied housing accounts for a moderate share of neighborhood units, indicating a defined but not unlimited tenant base for multifamily operators.
Amenity density within the immediate neighborhood is limited, with few cafes, groceries, or parks measured locally. Investors should assume residents rely on nearby corridors for daily needs, which can be addressed through targeted marketing around commute convenience and essential services a short drive away.
The property’s 1979 vintage is older than the neighborhood’s average construction year, pointing to potential capital expenditure planning and value‑add opportunities. Refreshing common areas, systems, and interiors can enhance competitiveness versus newer stock while maintaining a pragmatic scope aligned to the unit mix and average unit size.
Within a 3‑mile radius, demographics show population and household growth with rising incomes, expanding the local renter pool over time. While home values in the broader area remain relatively accessible by national standards, this ownership landscape can create competition with for‑sale housing; multifamily strategies may emphasize convenience, professional management, and lease flexibility to support retention and pricing power.
Relative safety benchmarks compare favorably at the national level, with the neighborhood landing in higher national percentiles for both violent and property offense measures. Recent data also indicate material year‑over‑year declines in estimated offense rates, suggesting improving trends. These statistics reflect the neighborhood context within the Cleveland–Elyria metro and are not block‑level readings.
Proximity to diversified employers supports renter demand and retention, with commuting access to technology, retail services, coatings manufacturing, financial services, and corporate offices highlighted below.
- Texas Instruments — technology offices (5.8 miles)
- TravelCenters of America — retail/services (7.1 miles) — HQ
- Sherwin-Williams — coatings & manufacturing corporate (17.7 miles) — HQ
- KeyCorp — financial services (17.7 miles) — HQ
- PNC Center — financial services offices (18.0 miles)
This 24‑unit asset delivers exposure to a suburban neighborhood where occupancy trends run above national medians and renter demand is steady according to CRE market data from WDSuite. The 1979 construction offers clear value‑add pathways—targeted renovations and system upgrades can improve competitive positioning versus newer stock while supporting rent attainment for smaller floor plans.
Within a 3‑mile radius, population and household growth alongside rising incomes point to a larger tenant base over the next several years, which can support occupancy stability and leasing velocity. The area’s owner‑oriented housing mix means the renter pool is more selective, so emphasizing professional management, convenience, and refreshed interiors can help capture and retain demand.
- Neighborhood occupancy above the national median supports stable rent rolls
- 1979 vintage creates value‑add and capital planning opportunities
- 3‑mile population and household growth expand the long‑term renter base
- Access to diverse regional employers underpins commute‑driven demand
- Risks: limited nearby amenities and an owner‑heavy area may narrow tenant depth