| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Fair |
| Demographics | 54th | Fair |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6520 Pitts Blvd, North Ridgeville, OH, 44039, US |
| Region / Metro | North Ridgeville |
| Year of Construction | 1972 |
| Units | 22 |
| Transaction Date | 2011-12-08 |
| Transaction Price | $900,000 |
| Buyer | LECHKO NOBLE PROPERTY MANAGEMENT LLC |
| Seller | WILLOW RIDGE APARTMENTS LLC |
6520 Pitts Blvd, North Ridgeville OH Multifamily Opportunity
Neighborhood occupancy is competitive among Cleveland–Elyria submarkets and school ratings are strong, according to WDSuite’s CRE market data, supporting stable renter demand in a primarily owner-occupied area. Note that occupancy and school metrics reference the surrounding neighborhood, not the property.
This suburban pocket of North Ridgeville blends family-oriented amenities with access to regional employment, positioning the asset for steady leasing. Neighborhood occupancy trends sit in the top quartile nationally and are competitive among the 569 Cleveland–Elyria neighborhoods, signaling durable renter demand even within a largely owner-occupied setting.
Livability drivers are favorable for households: the average school rating is high for the metro (84th percentile nationally), and essential services score above the national median with groceries, childcare, and dining options reasonably represented. Parks and pharmacies are thinner locally, which may modestly temper walkability compared with denser suburban nodes.
Tenure patterns indicate a low share of renter-occupied housing in the immediate neighborhood, which can constrain the tenant pool but often correlates with quieter surroundings and longer residency once leased. Within a 3-mile radius, median contract rents and rent-to-income ratios suggest lighter affordability pressure than many U.S. suburbs, supporting retention though potentially moderating near-term pricing power.
Demographics within 3 miles point to a stable base today and a larger household count over the next five years, with forecasts indicating notable growth in both households and incomes. This expansion should add depth to the renter pool and support occupancy stability, while the area’s relatively accessible ownership market implies some ongoing competition between renting and buying.
Relative safety indicators are favorable versus national benchmarks. The neighborhood ranks in the safer half metro-wide and sits above the national median for overall safety. Violent offense rates are in the top quartile nationally for safety, and recent year-over-year trends show meaningful improvement, according to CRE market data from WDSuite.
Property offenses track better than the national average as well. As always, investors should evaluate block-level conditions during site visits; the figures here describe neighborhood-level patterns compared with other neighborhoods in the Cleveland–Elyria metro and nationwide.
Proximity to diversified employers supports commuter convenience and multifamily leasing, led by semiconductor, logistics, and corporate headquarters nodes referenced below.
- Texas Instruments — semiconductors (5.4 miles)
- TravelCenters of America — travel services & logistics (6.9 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (17.4 miles) — HQ
- KeyCorp — banking & financial services (17.4 miles) — HQ
- PNC Center — banking & office complex (17.6 miles)
Built in 1972, the property is older than the neighborhood average vintage and may benefit from targeted capital improvements or value-add scope to sharpen its competitive position against newer suburban stock. Neighborhood occupancy sits in a strong national percentile and is competitive within the Cleveland–Elyria metro, while a low renter-occupied share suggests a smaller, but often stickier, tenant base once leased.
Within a 3-mile radius, household counts are projected to rise and incomes trend higher, reinforcing a deeper renter pool and supporting lease stability. Ownership remains relatively accessible locally, so investors should plan for measured rent growth and focus on retention and product differentiation; according to CRE market data from WDSuite, rent-to-income metrics indicate manageable affordability pressure, which supports renewals but can limit pricing power.
- Competitive neighborhood occupancy with strong school ratings supports stable leasing
- 1972 vintage offers clear value-add and systems modernization angles
- 3-mile projections show growth in households and incomes, expanding the renter pool
- Diversified employer access within commuting range underpins demand
- Risk: relatively accessible ownership market may temper rent growth; prioritize retention and product quality