| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Good |
| Demographics | 36th | Poor |
| Amenities | 17th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 682 W Lake St, Ravenna, OH, 44266, US |
| Region / Metro | Ravenna |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 1987-06-30 |
| Transaction Price | $222,000 |
| Buyer | GIULITTO JOSEPH |
| Seller | --- |
682 W Lake St, Ravenna OH Multifamily Investment Thesis
Neighborhood-level occupancy is solid and renter demand appears durable, according to WDSuite’s CRE market data, positioning a 24-unit asset here for stable leasing performance. Relative affordability versus larger Ohio metros may support retention even as pricing must remain competitive.
Ravenna’s Inner Suburb setting offers everyday convenience more than lifestyle flair. Neighborhood amenities skew light, with grocery access around the metro middle but few parks, pharmacies, or cafes; investors should expect a car-forward renter profile. School quality in the neighborhood rates below national norms (average rating sits in the lower tiers), which may modestly influence family-oriented demand.
The neighborhood’s occupancy stands at 95.7% (measured for the neighborhood, not the property), placing it in the top quartile nationally and competitive among Akron’s 180 neighborhoods (ranked 62 of 180). This backdrop typically supports steadier cash flow and reduces lease-up risk relative to softer submarkets, based on CRE market data from WDSuite.
Renter concentration is meaningful: 43.5% of housing units are renter-occupied, a top-quartile reading nationally and competitive in the metro (ranked 40 of 180). For multifamily owners, that indicates a sizable tenant base and potential depth for renewals, though effective management remains key to sustain occupancy and limit concessions.
Home values in the neighborhood trend below national averages, which can make ownership comparatively accessible; for investors, that may cap near-term pricing power in certain unit tiers but can still support steady absorption when positioned against single-family alternatives. Median contract rents sit near the national middle and have grown over the last five years, while the rent-to-income ratio around 0.19 suggests modest affordability pressure — a constructive signal for renewal rates and delinquency management.
Within a 3-mile radius, recent population trends have been roughly flat, but WDSuite’s data indicate a projected increase over the next five years alongside growth in household counts and smaller average household sizes. For investors, that combination points to a gradually expanding renter pool and demand for well-managed, appropriately sized units.
Vintage context matters: the average neighborhood construction year is 1959, while the subject was built in 1977. Being newer than much of the local stock may aid competitiveness on systems and finishes, though investors should still plan for mid-cycle upgrades and common-area refreshes to sustain positioning.
Comparable safety metrics for this specific neighborhood are not available in the provided dataset. Investors typically benchmark property-level incidents and neighborhood trends against Akron-metro peers and citywide averages, then supplement with recent police reports and insurer guidance during diligence. Given the absence of standardized rank or percentile data here, underwriting should include a conservative assumption and local verification.
Regional employment anchors within commuting range support renter demand through a mix of manufacturing, utilities, logistics, and corporate services. The list below highlights nearby employers that can influence leasing stability via steady workforce housing needs.
- Goodyear Tire & Rubber — manufacturing HQ (13.0 miles) — HQ
- FirstEnergy — utilities HQ (14.4 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (18.9 miles)
- Home Depot Distribution Center — logistics/distribution (19.6 miles)
- Norfolk Southern — transportation & logistics offices (20.4 miles)
682 W Lake St offers a 1977-vintage, 24-unit footprint positioned against an older neighborhood stock, creating potential competitive advantage with targeted upgrades. Neighborhood occupancy is strong and in the top quartile nationally, indicating demand resilience that can underpin stable collections, according to CRE market data from WDSuite. Renter concentration is elevated for the area, adding depth to the tenant base, while rent-to-income levels suggest manageable affordability pressure that may aid retention.
Macro context is balanced: ownership costs are comparatively accessible, which can temper rent growth expectations, but steady workforce demand from nearby employers and projected household growth within a 3-mile radius support a constructive long-term outlook. Underwriting should account for modest amenity density and below-average school ratings, and include capital planning for system updates and value-add finishes typical for late-1970s assets.
- Established neighborhood demand with top-quartile occupancy supports leasing stability
- 1977 vintage is newer than local average, offering value-add and modernization angles
- Elevated renter-occupied share provides a broader tenant base for renewals
- Workforce employers within 15–20 miles bolster consistent renter demand
- Risks: limited neighborhood amenities, below-average school ratings, and ownership competition may temper pricing power