| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Fair |
| Demographics | 49th | Fair |
| Amenities | 10th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 690 Harris Rd, Sheffield Lake, OH, 44054, US |
| Region / Metro | Sheffield Lake |
| Year of Construction | 1972 |
| Units | 59 |
| Transaction Date | 2018-07-25 |
| Transaction Price | $1,440,000 |
| Buyer | G-PLEX PROPERTIES LLC |
| Seller | TRADE WINDS FIFTY NINE GARDEN APT LTD |
690 Harris Rd, Sheffield Lake OH Multifamily Value-Add
Neighborhood occupancy has held in a stable range and renter demand is supported by a growing household base, according to WDSuite s CRE market data, positioning this 1972 asset for pragmatic value-add and steady leasing in Lorain County.
Located in an inner-suburb pocket of the Cleveland Elyria metro, the neighborhood posts occupancy around the upper end of regional norms (ranked 257 among 569 metro neighborhoods), which supports leasing durability and fewer downtime months for units. These are neighborhood metrics, not property performance, and they indicate a tenant base that has remained engaged even through recent cycles, based on CRE market data from WDSuite.
Within a 3-mile radius, demographic statistics show households have inched higher while average household size has trended smaller, a combination that typically expands the tenant pool for studios and smaller formats and supports occupancy stability. Projections to 2028 indicate additional population growth with a notable increase in household counts and a decline in average household size, suggesting a larger tenant base for multifamily operators rather than “unit formation.”
Tenure patterns within 3 miles show roughly three in ten housing units are renter-occupied, indicating a moderate renter concentration that can underpin demand for well-managed communities while still competing with ownership options. Neighborhood rent levels sit near national mid-range readings, and a rent-to-income profile that implies manageable affordability pressure can aid lease retention and measured pricing power.
Local amenities are limited in the immediate area (amenity rank 461 of 569 metro neighborhoods), though restaurants index better than other categories. Investors should expect residents to rely on nearby corridors and employment centers for retail and services, which places a premium on unit finishes, on-site convenience, and parking to support retention.
Safety indicators are broadly around national mid-range levels, with the neighborhood ranked 279 out of 569 metro neighborhoods for overall crime and near the 53rd national percentile. Recent data show a meaningful decline in property offenses year over year, while violent incident measures sit below the national midline. These are area-level trends, not block-specific conditions, but the directional decline in property crime supports an improving operating backdrop compared with the prior year.
Proximity to regional employers supports workforce housing demand and commute convenience, anchored by TravelCenters of America, Texas Instruments, KeyCorp, Sherwin-Williams, and PNC Center within a ~10 21 mile band. This concentration helps sustain leasing and renewal prospects for properties serving a diverse employee base.
- Travelcenters Of America corporate offices (10.7 miles) HQ
- Texas Instruments corporate offices (11.3 miles)
- Keycorp corporate offices (20.8 miles) HQ
- Sherwin-Williams corporate offices (20.9 miles) HQ
- PNC Center corporate offices (21.1 miles)
Built in 1972, the property is older than nearby stock and fits a classic value-add profile: investors can plan for system upgrades and thoughtful interior improvements to enhance competitiveness against newer product. Area fundamentals are supportive: neighborhood occupancy ranks above many Cleveland Elyria peers and 3-mile demographics point to a larger household base and smaller household sizes ahead, which typically supports renter pool expansion and steadier lease-up.
Home values in this pocket are comparatively accessible versus national benchmarks, which can temper pricing power but also sustain rental demand for well-located communities that deliver convenience and livability. According to CRE market data from WDSuite, neighborhood rent-to-income dynamics suggest manageable affordability pressure, reinforcing retention potential when paired with disciplined lease management.
- 1972 vintage supports a clear value-add and capital-planning thesis (systems, interiors, common areas)
- Neighborhood occupancy sits above many metro peers, aiding leasing stability
- 3-mile outlook shows more households and smaller sizes, expanding the tenant base
- Rent-to-income profile indicates manageable affordability pressure that can support retention
- Risks: limited nearby amenities and comparatively accessible ownership options can moderate rent growth, requiring focused asset management