| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Good |
| Demographics | 56th | Fair |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1546 S Water St, Kent, OH, 44240, US |
| Region / Metro | Kent |
| Year of Construction | 1981 |
| Units | 101 |
| Transaction Date | 2024-12-12 |
| Transaction Price | $6,100,000 |
| Buyer | GLICK KENT HOUSING LLC |
| Seller | RAHF IV KENT LLC |
1546 S Water St, Kent OH Multifamily Opportunity
Stabilized renter demand and improving neighborhood fundamentals suggest durable performance for a 101-unit asset, according to WDSuite’s CRE market data. The Inner Suburb location supports occupancy resilience and day-to-day convenience for tenants.
The property sits in an A-rated Inner Suburb of the Akron, OH metro, ranking 20 out of 180 neighborhoods — a top quartile position that signals competitive fundamentals among Akron submarkets. Amenity access is a relative strength, with parks and cafes concentrated at levels that track in the upper national percentiles, supporting resident livability and leasing appeal.
Neighborhood occupancy is reported around the mid-90s and has trended higher over the last five years, based on CRE market data from WDSuite. Renter-occupied housing makes up a slight majority of units in the neighborhood, indicating a deep tenant base that can support leasing velocity and renewal stability for multifamily operators.
Vintage context matters: the average construction year in the neighborhood is older than mid-century, while the subject’s 1981 vintage is newer than much of the local stock. This typically reduces immediate capital intensity relative to pre-1960 assets, though investors should still plan for systems modernization and selective value-add to remain competitive.
Within a 3-mile radius, demographics skew toward a large 18–34 cohort and households have increased modestly in recent years, with forecasts pointing to additional household growth. That backdrop, combined with median contract rents in the low $800s and a rent-to-income profile indicative of manageable affordability pressure, supports demand depth and retention while leaving room for targeted revenue management rather than across-the-board premium pricing.
Schools in the area average roughly 3.0 out of 5 and rank above the national median, while grocery, pharmacy, and restaurant densities are competitive among Akron neighborhoods. Together these factors enhance day-to-day convenience and can reinforce resident satisfaction and lease renewals.
Neighborhood safety indicators track near the Akron metro median (rank 87 out of 180), and compare below the national median on several measures — signaling an operating environment that benefits from attentive property management and resident engagement. In practical terms, investors should underwrite for standard security measures common to inner-suburban assets.
Property crime estimates sit below the national safety percentile but have improved recently, with year-over-year reductions reported, while violent offense estimates compare weaker nationally and ticked higher over the last year. Framed comparatively, this area is competitive among Akron neighborhoods but not top quartile nationally; stable on property crime trends and mixed on violent-offense momentum.
Proximity to established employers underpins renter demand and commute convenience, led by Goodyear Tire & Rubber, FirstEnergy, Norfolk Southern’s motor yard, a Home Depot distribution facility, and Erie Insurance Group.
- Goodyear Tire & Rubber — manufacturing HQ & corporate offices (8.3 miles) — HQ
- FirstEnergy — utilities HQ & corporate offices (9.3 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (16.1 miles)
- Home Depot Distribution Center — logistics & distribution (17.8 miles)
- Erie Insurance Group — insurance offices (20.5 miles)
This 101-unit, 1981-vintage asset benefits from a neighborhood that ranks in the top quartile among 180 Akron neighborhoods, with amenity access and occupancy that have supported steady leasing outcomes. According to CRE market data from WDSuite, neighborhood occupancy is in the mid-90s and has strengthened over the last five years, while a majority renter-occupied housing mix points to a durable tenant base.
Within a 3-mile radius, a sizable 18–34 population and increasing household counts signal a growing renter pool. Home values are comparatively moderate for the region and rent-to-income levels suggest manageable affordability pressure — a setup that can support retention and consistent collections, while leaving room for targeted value-add to capture rent premiums through finishes and common-area upgrades rather than aggressive market-wide pricing.
- Top-quartile neighborhood positioning in the Akron metro supports occupancy stability
- 1981 vintage offers relative CapEx advantages vs. older local stock, with selective modernization potential
- Majority renter-occupied area and nearby employers deepen the tenant base and aid renewals
- Manageable rent-to-income profile supports retention and measured rent growth strategies
- Risk: safety metrics track near metro median and below national median — underwrite for standard security investment