| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Good |
| Demographics | 58th | Good |
| Amenities | 54th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1002 Lake St, Kent, OH, 44240, US |
| Region / Metro | Kent |
| Year of Construction | 1972 |
| Units | 116 |
| Transaction Date | 1991-10-01 |
| Transaction Price | $1,825,000 |
| Buyer | KENT LAKE STREET GROUP |
| Seller | --- |
1002 Lake St Kent OH 116-Unit Multifamily
Renter concentration in the surrounding neighborhood and steady occupancy offer a durable tenant base, according to WDSuite s commercial real estate analysis. Positioned near everyday amenities, the asset s smaller-format unit mix can support achievable rents and stable leasing.
Located in Kent s Inner Suburb, the neighborhood rates A- and ranks 44 out of 180 within the Akron metro a competitive position in the top quartile among metro neighborhoods. According to CRE market data from WDSuite, neighborhood occupancy is stable and has trended upward over the past five years; note this reflects neighborhood conditions rather than property-level performance.
Everyday convenience is a strength. Restaurant density sits in a high tier locally (top decile in the metro) with supportive cafe coverage, while grocery access is moderate. Parks and pharmacies are sparser within the immediate neighborhood footprint, so residents may rely on nearby areas for those needs. Average school ratings are around 3 out of 5 and test slightly above national median performance, aiding family appeal without being a primary driver.
Tenure dynamics are favorable for multifamily: roughly six in ten housing units are renter-occupied, placing renter concentration in a high national percentile. For investors, this indicates depth in the tenant pool and supports lease-up and retention. Median home values are comparatively accessible for ownership, which can introduce some competition from for-sale options; however, the area s renter orientation and everyday amenity base typically sustain demand for apartments.
Demographic statistics aggregated within a 3-mile radius show households have edged higher despite a near-flat population trend, pointing to smaller household sizes and a broader renter pool over time. Looking ahead, forecasts indicate additional household growth through the medium term, which should support occupancy stability and consistent demand for appropriately priced units.
Safety conditions are mixed and should be underwritten with neighborhood context. Within the Akron metro, the neighborhood s crime rank sits below the metro median for safety (ranked 32 out of 180), indicating comparatively higher local crime than many peer neighborhoods. Nationally, overall safety measures trend near the middle of the pack.
By offense type, violent incidents benchmark slightly better than national averages, while property crime reads less favorably versus national peers. Recent year-over-year trends are constructive, with a notable improvement in violent offense rates. Investors should factor these dynamics into insurance, security, and operating assumptions rather than drawing conclusions from block-level anecdotes.
The area draws from a diverse regional employment base that supports renter demand through commute convenience, particularly in manufacturing, utilities, logistics, retail distribution, and insurance.
- Goodyear Tire & Rubber tire manufacturing (9.9 miles) HQ
- FirstEnergy utilities (10.6 miles) HQ
- Norfolk Southern Motor Yard rail logistics (15.2 miles)
- Home Depot Distribution Center retail distribution (16.5 miles)
- Erie Insurance Group insurance (22.2 miles)
1002 Lake St is a 1972 vintage, 116-unit property with compact average unit sizes that can align with workforce price points and steady leasing. The surrounding neighborhood ranks in the top quartile among 180 Akron neighborhoods and shows sustained renter demand, with a high share of renter-occupied housing units supporting depth of the tenant base. Based on CRE market data from WDSuite, neighborhood occupancy has strengthened over the last five years, while amenity coverage for dining and cafes helps with day-to-day livability. Given the 1970s construction, investors should plan for targeted capital projects to keep systems current and capture value-add potential versus older local stock.
Demographic statistics aggregated within a 3-mile radius indicate households are expanding even as population trends remain broadly flat, signaling a gradually widening renter pool and support for occupancy stability. Ownership costs are relatively accessible in this market, which can add some competition from for-sale options, but the area s renter orientation and improving neighborhood fundamentals underpin durable multifamily demand.
- Renter-oriented neighborhood supports depth of demand and lease retention
- Upward-trending neighborhood occupancy and strong dining/cafe amenity base
- 1972 vintage offers value-add and system modernization opportunities versus older local stock
- Household growth within 3 miles points to a broader renter pool
- Risks: mixed safety indicators and some competition from relatively accessible ownership options