| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Fair |
| Demographics | 43rd | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6675 Bancroft Ext, Hiram, OH, 44234, US |
| Region / Metro | Hiram |
| Year of Construction | 1972 |
| Units | 44 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
6675 Bancroft Ext, Hiram, OH — 44-Unit Investment Property
Neighborhood occupancy trends are above the metro median, and rents remain modest relative to incomes, according to WDSuite’s CRE market data, supporting stable leasing and retention in this rural Akron submarket.
Hiram’s rural setting offers a quiet living environment with limited walkable amenities, so residents typically rely on regional retail and services by car. For investors, that dynamic tends to attract value-seeking renters and longer commutes, which can support steady tenancy when priced appropriately.
Based on WDSuite’s CRE market data, the neighborhood’s occupancy rate trends above the metro median among 180 Akron neighborhoods, a constructive indicator for income stability even as the area ranks lower on amenity density. Median contract rents are low relative to local incomes, reinforcing lease retention and measured pricing power rather than aggressive growth.
Demographic statistics aggregated within a 3-mile radius show population contraction in recent years alongside essentially flat household counts, with forecasts indicating smaller household sizes and an increase in households through 2028. That shift can expand the renter pool even if population dips, supporting occupancy and demand for practical unit layouts. Neighborhood renter concentration is low today, which implies a thinner tenant base but also room for multifamily absorption as more households opt for rentals.
Home values in the area sit in a moderate range for the region. In investment terms, ownership remains attainable for some households, which may temper top-end rent growth, yet the relatively low rent-to-income ratios suggest resilience in renewal rates and lower turnover risk compared with higher-cost submarkets.
Comparable neighborhood-level crime data is not available in WDSuite for this location. Investors typically benchmark safety using county or metro data trends and on-the-ground assessments, then translate those findings into leasing, insurance, and operating assumptions. Given the rural context, block-level reporting can be sparse; underwriting should incorporate third-party sources and property-specific history rather than relying on anecdote.
Regional employment anchors within commuting distance include logistics, rail operations, manufacturing, and insurance—each supporting diversified renter demand and commute convenience for workforce tenants.
- Home Depot Distribution Center — logistics (17.1 miles)
- Norfolk Southern — rail operations (18.3 miles)
- Norfolk Southern Motor Yard — rail operations (19.2 miles)
- Parker-Hannifin — manufacturing (21.0 miles) — HQ
- Progressive — insurance (22.1 miles) — HQ
This 44-unit property, built in 1972, is slightly newer than the neighborhood’s older housing stock. That vintage positions it for practical value-add—select interior upgrades, common-area refresh, and systems planning—to improve competitiveness while keeping pricing aligned with a value-seeking renter base. According to CRE market data from WDSuite, neighborhood occupancy is above the metro median among 180 Akron neighborhoods, and rent levels sit comfortably against incomes, supporting retention-led cash flow.
Three-mile demographics point to smaller household sizes and a projected increase in households through 2028 despite population decline—an investor-relevant signal of renter pool expansion and support for occupancy. The area’s moderate ownership costs may limit outsized rent growth, but the low rent-to-income profile provides room for measured rent steps and stable renewal outcomes. Key risks include limited walkable amenities and a relatively small local renter concentration, which place a premium on effective management and right-sizing capital plans.
- Above-median neighborhood occupancy supports income stability (Akron metro, 180 neighborhoods).
- 1972 vintage offers attainable value-add and systems modernization to drive NOI.
- Three-mile household growth and smaller household sizes point to a larger renter pool and lease-up resiliency.
- Moderate ownership costs and low rent-to-income ratios support renewal rates and measured rent steps.
- Risks: sparse amenities and a thinner renter base increase reliance on pricing discipline and active management.