| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Good |
| Demographics | 56th | Fair |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 416 Cherry St, Kent, OH, 44240, US |
| Region / Metro | Kent |
| Year of Construction | 1973 |
| Units | 48 |
| Transaction Date | 2011-07-14 |
| Transaction Price | $800,000 |
| Buyer | CHERRY ESTATES LIMITED PARTNERSHIP |
| Seller | CHERRY AFFORDABLE HOUSING INC |
416 Cherry St Kent OH Multifamily Investment
Renter-occupied share in the surrounding neighborhood is elevated, supporting a deeper tenant base; according to WDSuite’s CRE market data, occupancy trends sit above the Akron metro median, pointing to durable leasing.
Located in an Inner Suburb of the Akron metro, the immediate neighborhood is rated A and ranks 20 out of 180 metro neighborhoods, placing it above the metro median and competitive for multifamily investors. Amenity access is a relative strength — parks and cafes rank near the top of the metro (both within the top 12 of 180), and overall amenities land in the top quartile nationally, supporting day-to-day livability and resident retention.
Neighborhood occupancy is above the metro median and sits around the 70th percentile nationally, indicating stable renter demand even through recent cycles based on CRE market data from WDSuite. The share of housing units that are renter-occupied is 52.9% (23rd of 180 in the metro; 90th percentile nationally), signaling a substantial renter concentration and a broad tenant pool for multifamily product.
Within a 3-mile radius, the population was modestly down over the last five years while household counts increased, implying smaller household sizes and a shift toward rental demand. Looking ahead, 3-mile forecasts call for population growth and a pronounced increase in households, which should expand the local renter pool and support occupancy stability.
Median home values in the neighborhood are lower than many national peers, and rent-to-income ratios are comparatively moderate. For investors, that mix suggests retention benefits and steady leasing, while also acknowledging some competition from ownership alternatives that may temper pricing power. Average school ratings are slightly above the national median (3.0 average; 61st percentile), adding another support to long-run neighborhood appeal.
The property’s 1973 vintage is newer than the neighborhood’s older housing stock (average vintage 1949). That positioning can be competitive versus legacy assets, though investors should still underwrite ongoing system upgrades or targeted renovations to meet modern renter expectations.
Neighborhood safety metrics sit near the Akron metro median (crime rank 87 out of 180), while national comparisons indicate the area is below average on safety. For investors, that suggests leasing is supported by location fundamentals but on-site management and security practices remain important for retention.
Recent trends are mixed: estimated property offenses declined year over year, an encouraging directional improvement, while estimated violent offense rates increased over the same period. As always, underwriting should emphasize well-lit common areas, access controls, and coordination with local resources to maintain stable operations.
The employment base features headquarters and major operations within commuting distance, supporting workforce housing demand and lease stability. Nearby anchors include Goodyear Tire & Rubber, FirstEnergy, a Norfolk Southern yard, a Home Depot distribution facility, and Erie Insurance offices.
- Goodyear Tire & Rubber — manufacturing HQ (8.1 miles) — HQ
- FirstEnergy — utilities HQ (8.9 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (15.7 miles)
- Home Depot Distribution Center — logistics/distribution (17.4 miles)
- Erie Insurance Group — insurance offices (20.6 miles)
416 Cherry St benefits from an A-rated neighborhood with amenity depth, renter-heavy tenure, and occupancy levels above the Akron metro median. The 1973 vintage is newer than much of the surrounding housing stock, providing relative competitiveness versus older assets while still offering potential value-add through selective modernization. According to commercial real estate analysis from WDSuite, national percentile readings for occupancy and amenities support a thesis of steady demand with balanced pricing power.
Within a 3-mile radius, households have risen despite prior population softness, and forward projections point to population growth and a larger household base — dynamics that can expand the tenant pool and aid lease retention. Ownership costs are comparatively accessible for the region, which may limit outsized rent growth but also supports stable renewals where rent-to-income remains manageable.
- A-rated, amenity-rich neighborhood; occupancy above the metro median supports leasing stability
- Renter-occupied share near the top of the metro indicates strong tenant base depth
- 1973 vintage competitive versus older stock with potential for targeted renovations
- 3-mile outlook shows population and household growth, supporting demand and retention
- Risks: below-average national safety benchmarks and accessible ownership alternatives may temper pricing power