| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 63rd | Good |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5220 E Lake Rd, Sheffield Lake, OH, 44054, US |
| Region / Metro | Sheffield Lake |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2018-05-01 |
| Transaction Price | $1,400,000 |
| Buyer | SHEFFIELD 48 LLC |
| Seller | AHMED IRSHAD |
5220 E Lake Rd, Sheffield Lake — 24-Unit Value-Add Multifamily
Neighborhood occupancy has trended stable with mid-tier rents, suggesting durable renter demand according to WDSuite’s CRE market data. A 1972 vintage and smaller average unit sizes point to targeted renovation upside and efficient workforce housing positioning.
Sheffield Lake’s inner-suburban setting provides a balanced renter base and steady fundamentals for smaller multifamily assets. Neighborhood occupancy is solid and has improved over the last five years, indicating demand resilience relative to broader Cleveland-Elyria dynamics. The renter-occupied share is around one-half of housing units in the neighborhood, which supports depth of the tenant base and contributes to leasing stability for studios and smaller formats.
Amenities are mixed: restaurants and groceries are competitive for a suburban micro-market, while parks score in the top quartile nationally, adding lifestyle appeal. Cafés and pharmacies are sparse, so convenience for those uses may depend on short drives to adjacent corridors. Compared with national trends, rents track in the middle of the pack, which can help sustain occupancy while leaving measured room for value-focused upgrades rather than premium repositioning.
Vintage averages locally skew to the mid-1970s; this property’s 1972 construction modestly predates that, implying routine capital planning (exteriors, building systems) and selective interior renovations to remain competitive against slightly newer stock. Home values in the neighborhood are lower relative to national norms, which can introduce some competition from entry-level ownership; investors should calibrate finishes and pricing to maintain retention without overreaching on rent premiums.
Within a 3-mile radius, demographics point to a stable population and a growing household count, reflecting smaller household sizes and a broader base of potential renters. Forward-looking projections indicate increases in both households and incomes, which would expand the local renter pool and support occupancy stability over a multi-year hold, based on CRE market data from WDSuite.
Relative to the Cleveland-Elyria metro, the neighborhood’s safety profile is competitive (ranked 148 out of 569 neighborhoods), placing it above the metro median and generally safer than many peer areas. Nationally, it sits in a favorable position (around the 65th percentile), supporting renter retention and day-to-day livability without relying on a premium location narrative.
Recent trend data shows meaningful year-over-year improvements: both violent and property offense rates declined, with reductions that rank well versus national peers. While safety can vary by block and over time, the directional trend is constructive for long-term leasing fundamentals.
The employment base spans transportation, semiconductors, banking, and coatings, supporting a diverse set of commuters and reinforcing workforce housing demand consistent with this submarket.
- Travelcenters Of America — transportation & logistics (9.9 miles) — HQ
- Texas Instruments — semiconductors (10.8 miles)
- KeyCorp — banking (19.9 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (19.9 miles) — HQ
- PNC Center — financial services offices (20.2 miles)
This 24-unit asset combines stable neighborhood occupancy with mid-tier rents and a 1972 vintage that lends itself to targeted value-add. According to CRE market data from WDSuite, the surrounding neighborhood posts a renter-occupied share near one-half, supporting a reliable tenant base for smaller-format units and helping maintain leasing velocity without requiring top-of-market pricing.
Three-mile demographics indicate a growing household count and higher projected incomes, which should expand the renter pool and support occupancy stability. Amenity access is strongest in parks, with everyday retail adequate but not dense, suggesting renovations should focus on durable finishes and functionality. Lower local home values may create some competition from ownership, so underwriting should assume disciplined rent steps and emphasize retention.
- Stable neighborhood occupancy with renter depth supporting steady leasing
- 1972 vintage offers practical value-add via systems, exteriors, and interiors
- Parks access and core conveniences bolster livability for workforce tenants
- Household growth and income projections point to a larger renter pool over time
- Risk: relatively low ownership costs may temper pricing power; manage renewals and upgrades accordingly