| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Fair |
| Demographics | 40th | Poor |
| Amenities | 35th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 350 Salem Dr, Vermilion, OH, 44089, US |
| Region / Metro | Vermilion |
| Year of Construction | 1978 |
| Units | 24 |
| Transaction Date | 2012-09-27 |
| Transaction Price | $92,000 |
| Buyer | CRYSTAL SHORES APARTMENTS EAST LLC |
| Seller | ELDEN PROPERTIES LIMITED PARTNERSHIP |
350 Salem Dr, Vermilion OH Multifamily Investment
Steady renter demand at a modest renter concentration supports predictable leasing and asset management, according to WDSuite’s CRE market data.
The property sits in a suburban pocket of the Cleveland–Elyria metro with a neighborhood rating of C+. Local living essentials are accessible, with grocery options and park access comparing favorably to national norms, while cafes and pharmacies are sparse. For investors, this mix suggests daily needs are covered but lifestyle amenities are limited, which can influence resident profiles and marketing strategies.
Occupancy for the neighborhood is measured at the neighborhood level and trends below the metro median, indicating leasing may rely more on targeted positioning and retention. Renter-occupied housing is modest in share, pointing to a smaller but steady tenant base and generally stable lease rolls rather than heavy turnover, based on CRE market data from WDSuite.
Within a 3-mile radius, recent years show incremental population growth alongside a faster increase in households and a gradual decline in average household size. Looking ahead, household counts are projected to continue rising even as total population is modeled to soften, indicating more, smaller households that can sustain multifamily demand and support occupancy stability.
Home values in the neighborhood sit on the lower end nationally, and rent-to-income ratios indicate relatively manageable renter affordability. For investors, that combination can aid lease retention but may temper near-term pricing power as some households weigh ownership alternatives.
The asset’s 1978 vintage is older than the neighborhood’s average year built, implying capital planning for systems and interiors, with potential value-add upside through renovations to enhance competitiveness against newer stock.
Neighborhood safety indicators are competitive in a broader context, with overall conditions comparing in the top quartile nationally. Property offenses have shown meaningful year-over-year improvement, while violent offense measures remain comparatively better than many areas nationwide. For investors, the trend supports resident retention and leasing narratives, though monitoring submarket shifts remains prudent.
Regional employers within commuting range provide a diversified white-collar employment base that can support renter demand and retention, including Texas Instruments, TravelCenters of America, Sherwin-Williams, KeyCorp, and PNC.
- Texas Instruments — semiconductors (23.3 miles)
- Travelcenters Of America — travel centers (23.6 miles) — HQ
- Sherwin-Williams — coatings & corporate offices (34.3 miles) — HQ
- KeyCorp — banking (34.3 miles) — HQ
- PNC Center — financial services offices (34.6 miles)
This 1978, small-scale multifamily asset in Vermilion offers exposure to a suburban tenant base with manageable renter affordability and a modest renter-occupied share. Household growth within 3 miles—and smaller average household sizes—points to a gradually expanding pool of renters that can support occupancy stability, while lower national positioning on home values reduces ownership costs, reinforcing reliance on rental options for part of the market.
While neighborhood occupancy trends sit below the metro median, thoughtful renovations and operations can sharpen competitiveness versus newer stock. According to CRE market data from WDSuite, local livability fundamentals (grocery and park access) are solid even as lifestyle amenities are thinner, suggesting a workforce-oriented leasing story with selective value-add upside.
- Suburban location with solid access to essentials and parks supports day-to-day livability and resident retention.
- Household growth and smaller household sizes within 3 miles expand the potential renter pool over time.
- Older 1978 vintage presents value-add potential via interior and systems upgrades to compete with newer supply.
- Manageable rent-to-income dynamics can aid renewals, though they may limit near-term rent push.
- Risk: Neighborhood occupancy trends below the metro median may require focused leasing, targeted marketing, and disciplined expense control.