| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Best |
| Demographics | 49th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6109 Albert Ave, North Ridgeville, OH, 44039, US |
| Region / Metro | North Ridgeville |
| Year of Construction | 1979 |
| Units | 24 |
| Transaction Date | 1995-12-27 |
| Transaction Price | $494,400 |
| Buyer | LEDGESTONE PROPERTIES LLC |
| Seller | VENDOME ASSOCIATES CORP |
6109 Albert Ave North Ridgeville Multifamily Investment
Positioned in an inner-suburb pocket with solid neighborhood occupancy and a commuter-friendly draw, this 24-unit asset offers a practical value-add path. According to WDSuite’s CRE market data, area fundamentals point to steady renter demand rather than outsized growth.
The property sits in an Inner Suburb setting of the Cleveland–Elyria metro, where the neighborhood posts a C rating and a neighborhood occupancy near the 70th percentile nationally. Within the metro, that occupancy performance is above the median (rank 250 out of 569 neighborhoods), suggesting a baseline of leasing stability relative to peers, per CRE market data from WDSuite.
Local retail and daily-needs density inside the immediate neighborhood is limited (amenity ranks near the bottom among 569 metro neighborhoods), so residents typically rely on nearby corridors for groceries, dining, and services. Investors should underwrite with a car-oriented living pattern in mind rather than walkable retail access.
Vintage housing stock in the neighborhood trends to a late-1980s average, while the subject was built in 1979. That older-than-average positioning implies potential capital planning for systems and common areas, but also creates a straightforward value-add angle to compete against newer stock through targeted renovations and durable operations.
Renter concentration varies by geography: the neighborhood shows roughly one-third of housing units renter-occupied, indicating a workable tenant base; however, demographics aggregated within a 3-mile radius reflect a predominantly owner-occupied area. This mix suggests steady but not unlimited depth for multifamily, favoring right-sized units and disciplined pricing to support occupancy stability.
Safety indicators compare favorably in context. The neighborhood ranks 22 out of 569 Cleveland–Elyria neighborhoods for lower crime, placing it well above the metro average and in the top quartile nationally by WDSuite benchmarks. Recent year-over-year trends also point to declines in both violent and property offenses, which supports resident retention and leasing consistency without overstating block-level conditions.
Nearby employment anchors span semiconductors, coatings, and financial services, supporting a commuter tenant base and weekday demand drivers. The list below highlights Texas Instruments, TravelCenters of America, Sherwin-Williams, KeyCorp, and PNC, which are within a practical drive of the asset.
- Texas Instruments — semiconductors (5.8 miles)
- Travelcenters Of America — travel centers & logistics (7.1 miles) — HQ
- Sherwin-Williams — coatings manufacturer (17.7 miles) — HQ
- Keycorp — banking (17.7 miles) — HQ
- PNC Center — financial services offices (18.0 miles)
This 24-unit, 1979-vintage property offers a practical value-add opportunity in an inner-suburban location where neighborhood occupancy trends above the metro median and safety ranks among the metro’s stronger cohorts. According to CRE market data from WDSuite, the neighborhood sits near the 70th national percentile for occupancy, indicating a foundation for stable leasing while leaving room to enhance competitiveness through targeted upgrades.
Demographics aggregated within a 3-mile radius show population and household growth alongside higher household incomes, which can expand the renter pool over time. At the same time, the area’s predominantly owner-occupied profile means investor strategies should emphasize attainable rents, efficient unit turns, and product differentiation. Limited on-neighborhood amenities reinforce the car-oriented pattern, so underwriting should focus on operational execution rather than walkability premiums.
- Above-metro-median neighborhood occupancy supports baseline leasing stability
- 1979 vintage creates clear value-add and systems-upgrade planning opportunities
- Growing 3-mile population and households point to a gradually expanding tenant base
- Proximity to regional employers underpins commuter demand and retention
- Risks: owner-heavy broader area and sparse neighborhood amenities may limit rent premiums; older systems require disciplined capex