| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 54th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 585 Seville Rd, Wadsworth, OH, 44281, US |
| Region / Metro | Wadsworth |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2013-01-14 |
| Transaction Price | $1,540,000 |
| Buyer | LV2FISH LLC |
| Seller | PJS PROPERTIES LLC |
585 Seville Rd, Wadsworth OH Multifamily with Stable Demand
Neighborhood occupancy trends sit in the mid-90s and renter demand is supported by a moderate renter-occupied housing base, according to WDSuite’s CRE market data. With rents below national norms and a suburban setting, the asset’s positioning favors steady leasing over outsized volatility.
This suburban neighborhood in the Cleveland–Elyria metro carries a C+ neighborhood rating, with fundamentals that favor consistency over outperformance. Neighborhood occupancy is above the national midpoint and near the metro middle, which supports day‑to‑day leasing stability rather than sharp swings. Median asking rents in the immediate area track below national averages, offering room for competitive pricing while protecting against outsized affordability pressure.
The property’s 1973 vintage is older than the neighborhood’s average construction year (early 1990s), pointing to typical capital planning needs for systems and interiors. For investors, this often translates into targeted value‑add opportunities that can sharpen the competitive set against newer stock while managing capex cadence.
Within a 3‑mile radius, demographics from WDSuite show households have grown even as population has softened, implying smaller household sizes and a gradual expansion of the tenant base. Forward‑looking estimates indicate household counts are projected to increase, which would enlarge the local renter pool and help support occupancy. Renter concentration is moderate (roughly three in ten housing units are renter‑occupied in the 3‑mile area), suggesting sufficient depth for workforce‑oriented multifamily without relying on a narrow demand segment.
Ownership costs in the neighborhood sit on the higher side relative to local incomes, which tends to reinforce reliance on rental options and can aid lease retention. At the same time, the area’s day‑to‑day amenity density is limited, so residents depend on nearby corridors for retail and services—an operational consideration when marketing and positioning units.
According to WDSuite’s CRE market data, the neighborhood benchmarks favorably on safety compared with many U.S. neighborhoods: overall crime indicators are above the national median for safety, and violent‑crime measures trend in the top quartile nationally. These patterns typically support tenant retention and broaden the renter pool for families and long‑term residents.
Property‑crime measures also read better than national averages, with recent data showing improvement in violent‑crime trends year over year. While investors should underwrite to submarket‑level variability, the comparative positioning versus national norms is a constructive backdrop for multifamily operations.
The area draws on a diversified employment base across food manufacturing, utilities, tire manufacturing, packaging, and insurance—supporting workforce housing and commute convenience for renters working at nearby anchors listed below.
- J.M. Smucker — food products HQ (11.1 miles) — HQ
- FirstEnergy — electric utility HQ (13.0 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing HQ (14.5 miles) — HQ
- International Paper Company — packaging & paper (16.8 miles)
- Erie Insurance Group — insurance (19.8 miles)
585 Seville Rd is a 24‑unit, 1973‑vintage multifamily asset positioned in a suburban neighborhood that trends near the metro middle on occupancy and above the national midpoint, supporting stable day‑to‑day operations. Rents in the area sit below national levels, creating competitive positioning with manageable affordability pressure and potential room for calibrated revenue management. According to CRE market data from WDSuite, the surrounding 3‑mile area shows household growth alongside moderate renter concentration—signals that point to a larger tenant base and support for steady leasing.
The vintage relative to the neighborhood’s newer average stock underscores value‑add potential through interior upgrades and system modernization, with the aim of enhancing competitiveness against early‑1990s and newer product. The employment base within commuting distance is diverse, which can aid leasing velocity and retention even as local amenity density remains modest.
- Occupancy near the metro middle and above national median supports steady leasing
- Below‑national rent levels provide competitive pricing and retention advantages
- 1973 vintage offers value‑add upside via targeted renovations and system updates
- Diversified nearby employers broaden the renter pool and support demand
- Risks: limited immediate amenity density and older physical plant require active asset management