| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 36th | Poor |
| Amenities | 17th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 668 Page St, Ravenna, OH, 44266, US |
| Region / Metro | Ravenna |
| Year of Construction | 1974 |
| Units | 28 |
| Transaction Date | 2009-03-23 |
| Transaction Price | $420,000 |
| Buyer | 70 HAZEN LLC |
| Seller | CHRISMAN INVESTMENTS LLC |
668 Page St, Ravenna OH Multifamily Investment
Neighborhood occupancy is resilient and competitive, with rates in the top quartile nationally, according to WDSuite’s CRE market data. This positioning suggests steady renter demand and supports underwriting focused on retention rather than outsized lease-up risk for this submarket.
Ravenna’s inner-suburb setting offers stable fundamentals for workforce housing. Neighborhood occupancy trends are strong (top quartile nationally and above the Akron metro median among 180 neighborhoods), indicating consistent demand for rentals over recent cycles. The renter-occupied share of housing units is above most neighborhoods nationwide, reinforcing depth of the tenant base and potential leasing stability for a 28-unit asset.
Vintage context matters: the property was built in 1974, while the neighborhood’s average construction year skews earlier (1959). The asset is newer than much of the local stock, which can be a competitive positive versus older comparables, though investors should still plan for targeted modernization and system updates typical of mid-1970s construction.
Local amenities are mixed. Grocery access is roughly mid-pack within the metro (ranked 91 of 180) and near the national middle, while cafes, parks, and pharmacies are sparse within the immediate neighborhood. Average school ratings trend below the national median, which may tilt demand toward value-oriented renters rather than families seeking top-rated districts.
Within a 3-mile radius, demographic data show households have been broadly steady with a modest decrease in average household size, and forward-looking estimates point to household growth that can enlarge the renter pool. Median contract rents in the neighborhood sit in a moderate band and the rent-to-income profile suggests manageable affordability pressure, supporting retention and measured rent growth strategies. Elevated ownership costs are not a driver here; comparatively accessible home values can introduce some competition with ownership, making unit quality, property management, and pricing discipline important to sustain occupancy.
Neighborhood-level crime benchmarks are not available for this location in the current dataset. Investors typically evaluate safety by comparing submarket trends to broader Akron, OH patterns, layering in property-level controls (lighting, access, monitoring) and historical incident reports. Absent comparable data, underwriting should incorporate on-the-ground diligence and insurer guidance rather than relying on block-level assumptions.
Employment access spans manufacturing, utilities, logistics, and rail, supporting workforce renter demand and commute convenience to nearby hubs. The list below reflects major employers within driving range that can underpin leasing stability: Goodyear Tire & Rubber, FirstEnergy, Norfolk Southern Motor Yard, Home Depot Distribution Center, and Norfolk Southern.
- Goodyear Tire & Rubber — manufacturing HQ and corporate functions (13.3 miles) — HQ
- FirstEnergy — utilities HQ and corporate offices (14.7 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (19.0 miles)
- Home Depot Distribution Center — logistics and distribution (19.5 miles)
- Norfolk Southern — rail offices (20.1 miles)
This 28-unit asset, built in 1974, benefits from a neighborhood with above-median Akron occupancy and top-quartile national stability, pointing to durable leasing fundamentals. The property is newer than much of the surrounding stock, which can aid competitiveness versus 1950s-era buildings, while targeted upgrades typical of mid-1970s construction may unlock value-add potential. According to CRE market data from WDSuite, local rents trend moderate relative to incomes, supporting retention and steady cash flow positioning.
Within a 3-mile radius, demographics indicate steady households with a tendency toward smaller household sizes and expectations for additional household growth, both of which can support renter pool expansion—particularly for compact units. At the same time, more accessible home values in the area can create ownership competition, making asset quality, unit finishes, and management execution key to preserving occupancy and pricing.
- Occupancy strength above the metro median and competitive nationally supports leasing durability
- 1974 vintage is newer than neighborhood average, with renovation and systems upgrades offering value-add levers
- Moderate rents relative to incomes bolster retention and measured rent growth strategy
- 3-mile household growth and smaller household sizes can expand the renter base for compact layouts
- Risks: limited nearby amenities and below-median school ratings; potential competition from entry-level ownership options; unknown neighborhood crime benchmarks warrant on-the-ground diligence