| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 49th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 35151 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 |
35151 Mildred St, North Ridgeville OH — 24-Unit Value-Add Multifamily
Neighborhood multifamily occupancy is around the mid-90s, indicating stable renter demand, according to WDSuite s CRE market data, while the property s 1979 vintage suggests potential to enhance competitiveness through targeted renovations.
Situated in an inner-suburban pocket of the Cleveland Elyria metro, the area offers car-oriented convenience but limited immediate walkable amenities. Neighborhood rent levels trend on the more attainable side for the region, and the neighborhood s occupancy sits above the national median, supporting steady lease-up and retention potential, based on CRE market data from WDSuite.
The property s 1979 construction is older than the neighborhood s average vintage (1989). For investors, that typically points to value-add and capital planning opportunities from in-unit updates to common-area refreshes to strengthen leasing velocity versus newer stock.
Unit tenure skews toward ownership in the immediate neighborhood, with a renter-occupied share of housing units near one-third. For multifamily operators, this can translate to a shallower but more stable tenant base, where resident stickiness and targeted marketing drive results.
Within a 3-mile radius, population and household counts have risen in recent years and are projected to expand further through 2028. This expected increase in households indicates a larger tenant base over the medium term, which can help support occupancy stability and measured rent growth even as new supply competes for demand.
Home values in the neighborhood sit below many coastal and gateway markets, creating a comparatively accessible ownership landscape. That can mean more competition from for-sale options at certain price points, but it also supports workforce housing demand where professionally managed rentals offer convenience and flexibility.
Safety indicators compare favorably in a national context: neighborhood measures align with the top quartile nationally for lower crime incidence, and recent year-over-year data show notable declines in both property and violent offenses. For investors, this backdrop supports tenant retention and reduces operational friction relative to less secure locations.
As always, conditions can vary by micro-area and over time. Framing performance against the broader Cleveland Elyria metro and national benchmarks helps contextualize risk management and leasing expectations.
Proximity to diversified employers supports commuting convenience and broad renter demand, with nearby roles spanning semiconductors, travel services, coatings/chemicals, banking, and corporate services.
- Texas Instruments semiconductors (5.8 miles)
- Travelcenters Of America travel services (7.1 miles) HQ
- Sherwin-Williams coatings & chemicals (17.7 miles) HQ
- KeyCorp banking (17.8 miles) HQ
- PNC Center financial services offices (18.0 miles)
This 24-unit asset of compact residences (average unit size roughly 375 sq. ft.) caters to price-sensitive renters seeking convenience within North Ridgeville s inner-suburban setting. Neighborhood occupancy is above the national median and renter demand is reinforced by expected growth in households within a 3-mile radius, while a below-premium ownership market supports workforce-oriented leasing. According to CRE market data from WDSuite, the neighborhood s operating backdrop is consistent with steady absorption rather than boom-bust volatility.
Built in 1979, the property presents value-add potential through modernization, systems updates, and amenity activation to compete with newer stock. The employer base within commuting distance and a safety profile that trends in the stronger national cohorts further support retention and predictable cash flows, with key risks including limited walkable amenities and an ownership-tilted tenure pattern that can temper the depth of the immediate renter pool.
- Above-median neighborhood occupancy supports leasing stability
- 1979 vintage offers clear value-add and capital planning upside
- 3-mile household growth outlook expands the tenant base over time
- Diverse nearby employers bolster demand and retention
- Risks: limited walkable amenities and ownership-leaning tenure may narrow immediate renter depth