| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 63rd | Good |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5216 E Lake Rd, Sheffield Lake, OH, 44054, US |
| Region / Metro | Sheffield Lake |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2006-03-29 |
| Transaction Price | $1,438,000 |
| Buyer | AHMED IRSHAD |
| Seller | THE MARQUES FAMILY LP |
5216 E Lake Rd Sheffield Lake 24-Unit Multifamily
Neighborhood occupancy is solid and renter demand is supported by a high renter-occupied share, according to WDSuite’s CRE market data, pointing to stable cash flow potential in this inner-suburban pocket of the Cleveland–Elyria metro.
Sheffield Lake’s inner-suburban setting offers livability fundamentals that matter for leasing: park access ranks 47th out of 569 metro neighborhoods (top quartile nationally), restaurants density tracks above national norms, and grocery availability sits comfortably above average. By contrast, cafes and pharmacies are sparse, which investors should weigh when positioning amenities and services.
Multifamily dynamics are favorable at the neighborhood level: occupancy measures 93.6% (63rd percentile nationally), and the share of housing units that are renter-occupied is 49.1%—an 88th-percentile concentration that deepens the tenant base and supports demand durability. Neighborhood NOI per unit ranks 43rd of 569, making it competitive among Cleveland–Elyria neighborhoods, though still below national averages—useful context when calibrating underwriting assumptions.
Within a 3-mile radius, recent years show a slight population dip but a rise in total households alongside smaller average household sizes—patterns that tend to support demand for smaller apartments and studios. Forward-looking projections indicate additional household growth, which can expand the renter pool and reinforce occupancy, based on CRE market data from WDSuite.
Ownership costs in the neighborhood are relatively accessible by national standards (low value-to-income ratio), which can create some competition with entry-level ownership. Even so, rent-to-income levels are moderate, which can aid lease retention and reduce turnover pressure, particularly when paired with steady rent growth at the neighborhood level.
Safety trends are competitive for the region and generally favorable versus national benchmarks. The neighborhood’s overall crime profile ranks 148th out of 569 in the Cleveland–Elyria metro—competitive among metro neighborhoods—and lands around the 65th percentile nationally for safety. Recent year-over-year declines in both violent and property offense rates add a constructive trajectory, though conditions can vary by block and over time.
Proximity to major employers across corporate headquarters and regional offices supports renter demand through commute convenience and diversified wage bases. Notable employers within a commutable radius include TravelCenters of America, Texas Instruments, KeyCorp, Sherwin-Williams, and PNC.
- Travelcenters Of America — corporate offices (10.0 miles) — HQ
- Texas Instruments — corporate offices (10.8 miles)
- Keycorp — corporate offices (19.9 miles) — HQ
- Sherwin-Williams — corporate offices (20.0 miles) — HQ
- PNC Center — corporate offices (20.2 miles)
This 24-unit, 1972-vintage property aligns with neighborhood fundamentals that favor stable occupancy and a deep renter pool. The area posts above-median national occupancy and a high share of renter-occupied housing units, while 3-mile radius data points to growing household counts and smaller household sizes—factors that can support leasing velocity for compact floor plans. According to commercial real estate analysis from WDSuite, neighborhood performance is competitive within the Cleveland–Elyria metro even if some indicators trail national leaders, suggesting disciplined upside with prudent capital planning.
Given its older vintage, capex for systems and interiors can unlock value-add potential and sharpen competitive positioning against newer stock. Affordability signals are balanced—rent-to-income is moderate, aiding retention, while relatively accessible ownership costs in the area may temper pricing power—reinforcing the case for renovations that enhance durability, finishes, and operational efficiency.
- Above-median national occupancy and high renter concentration support demand stability.
- 3-mile household growth and smaller household sizes expand the studio/1BR renter pool.
- 1972 vintage presents value-add and systems-upgrade opportunities to enhance competitiveness.
- Competitive neighborhood standing within the Cleveland–Elyria metro, per WDSuite data, with room to outperform via focused asset management.
- Risks: relatively accessible ownership options can compete with rentals; older plant may require near-term capex.