| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Best |
| Demographics | 25th | Poor |
| Amenities | 36th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1703 Whitehall Blvd, Kent, OH, 44240, US |
| Region / Metro | Kent |
| Year of Construction | 1990 |
| Units | 40 |
| Transaction Date | 1988-10-26 |
| Transaction Price | $134,200 |
| Buyer | CEDAR MEADOWS INC |
| Seller | --- |
1703 Whitehall Blvd, Kent OH Multifamily Investment
Neighborhood renter-occupied share is elevated and household counts are trending upward in the 3-mile area, according to WDSuite’s CRE market data, which supports a durable tenant base despite softer neighborhood occupancy.
Located in Kent’s inner-suburb fabric of the Akron metro, the property sits in a neighborhood rated C+ where livability is mixed: restaurants are competitive among Akron neighborhoods and compare well nationally, while parks, pharmacies, and cafes are limited. Grocery access is competitive across the metro, offering everyday convenience for residents.
Construction stock in the surrounding area skews slightly older (average 1981), while the asset’s 1990 vintage positions it as newer than the neighborhood norm—typically a relative advantage versus older comparables, though selective system updates or common-area refreshes may still be prudent for competitiveness.
Tenure patterns point to multifamily demand depth: the neighborhood’s share of renter-occupied housing units is high relative to the metro, indicating a broad tenant pool. In contrast, neighborhood occupancy is below metro norms and has trended down over five years—an important leasing risk to underwrite.
Within a 3-mile radius, households have grown in recent years and are projected to expand materially through 2028, even as population trends have been mixed—signaling smaller household sizes and a larger renter base. Forecasts call for rising contract rents and a higher renter share by 2028, supporting the case for occupancy stability and pricing power if positioning and operations are strong.
Home values in the neighborhood context are elevated relative to local incomes (high value-to-income ratio), which tends to reinforce reliance on multifamily rentals and can support retention and lease-up, while a higher rent-to-income ratio suggests affordability pressure to monitor in lease management and renewal strategies.
Safety indicators in this Akron metro neighborhood sit below national medians, and the area ranks 45 out of 180 metro neighborhoods for crime—indicating higher crime relative to many Akron subareas. Nationally, comparative signals place the neighborhood below the median for safety; however, recent trend data shows improvement, with both property and violent offense rates declining year over year.
For investors, the trajectory is as important as level: year-over-year declines in property and violent offenses suggest improving conditions, but underwriting should account for security measures, lighting, and resident experience to support renewal rates and asset performance.
Proximity to regional employers underpins workforce housing demand and commute convenience, including Goodyear, FirstEnergy, a Norfolk Southern motor yard, a Home Depot distribution facility, and Erie Insurance offices.
- Goodyear Tire & Rubber — manufacturing HQ (9.3 miles) — HQ
- FirstEnergy — utilities HQ (10.5 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (16.9 miles)
- Home Depot Distribution Center — logistics/distribution (18.3 miles)
- Erie Insurance Group — insurance offices (20.8 miles)
1703 Whitehall Blvd offers a 1990-vintage, 40-unit footprint in an inner-suburb location where the renter-occupied share is high and household growth within a 3-mile radius is expected to expand through 2028. Based on CRE market data from WDSuite, neighborhood occupancy trends lag the metro, but the combination of a deep renter pool, nearby employment nodes, and rising rent trajectories supports a case for stabilized operations with attentive leasing and asset management.
The asset’s newer-than-neighborhood vintage provides a relative competitive edge versus older stock, with potential to capture value through targeted modernization and unit/common-area upgrades. Ownership costs in the broader context are elevated relative to local incomes, reinforcing renter reliance on multifamily housing; at the same time, rent-to-income levels indicate affordability pressure that should be factored into renewal strategies, concessions, and amenity positioning.
- Newer-than-local-vintage (1990) positioning supports competitiveness versus older neighborhood stock.
- High neighborhood renter concentration and projected 3-mile household growth expand the tenant base.
- Nearby employment centers (manufacturing, utilities, logistics) underpin demand and retention.
- Rising rent trajectory through 2028 provides potential pricing power with disciplined operations.
- Risks: below-metro neighborhood occupancy, safety levels below national median, and rent-to-income pressure require conservative underwriting.