| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Good |
| Demographics | 52nd | Fair |
| Amenities | 38th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 779 Eastowne Dr, Ravenna, OH, 44266, US |
| Region / Metro | Ravenna |
| Year of Construction | 1987 |
| Units | 75 |
| Transaction Date | 1990-01-05 |
| Transaction Price | $1,587,900 |
| Buyer | HEATHERWOOD OF RAVENNA |
| Seller | --- |
779 Eastowne Dr Ravenna Multifamily Investment
Neighborhood occupancy has remained in the low 90s with a majority of housing units renter-occupied, supporting demand durability according to WDSuite’s CRE market data.
Ravenna’s Inner Suburb location offers practical access to daily needs. Neighborhood grocery and restaurant density ranks competitive among Akron neighborhoods, with parks availability in the top quartile metro-wide, while cafes, childcare, and pharmacies are relatively sparse. For workforce renters, this mix translates into straightforward livability with essentials nearby, though lifestyle amenities are thinner than core submarkets.
Multifamily fundamentals show stable performance. Neighborhood occupancy sits in the low 90s and has trended up modestly over five years, and the local renter concentration is high for the metro, indicating depth in the tenant base and support for leasing stability. Median asking rents are in the mid-to-high $700s and have grown over the last cycle, pointing to steady—if unspectacular—pricing power relative to the broader Akron market.
Within a 3-mile radius, WDSuite’s data indicates recent population contraction but rising incomes and a shift toward smaller household sizes; projections call for a higher household count alongside smaller average households, which can expand the renter pool despite modest population headwinds. For investors, that combination suggests ongoing demand for well-managed, appropriately priced units and supports occupancy stability.
The property’s 1987 vintage is newer than the neighborhood’s average housing stock, which skews late-1960s. That relative youth can be a competitive advantage versus older product, while still warranting capital planning for aging systems and targeted renovations to capture value-add upside.
Comparable crime statistics for this neighborhood were not available in WDSuite for the Akron metro. Investors typically benchmark safety using metro and national references, property-level incident history, and local management practices rather than block-level claims.
Practical underwriting steps include reviewing recent police blotter trends, confirming on-site lighting and access controls, and comparing any available neighborhood indicators to peer Akron submarkets to contextualize risk.
Employment anchors within commuting range include manufacturing, utilities, rail, and distribution, which collectively support renter demand and retention through a diversified regional workforce: Goodyear Tire & Rubber, FirstEnergy, Norfolk Southern, Norfolk Southern Motor Yard, and a Home Depot distribution facility.
- Goodyear Tire & Rubber — manufacturing (15.1 miles) — HQ
- FirstEnergy — utilities (16.3 miles) — HQ
- Norfolk Southern — rail operations (18.9 miles)
- Norfolk Southern Motor Yard — rail yard (19.1 miles)
- Home Depot Distribution Center — distribution (19.2 miles)
Positioned in Ravenna’s Inner Suburb, this 75-unit, 1987 asset benefits from a neighborhood with low-90s occupancy and a high share of renter-occupied housing units, supporting tenant depth and lease-up stability. Median rents have advanced over the last five years while staying attainable for local incomes, which helps balance pricing power with retention. According to commercial real estate analysis from WDSuite, nearby amenities are strongest in everyday essentials (grocery, restaurants, parks), with fewer discretionary options—an alignment that typically serves workforce housing well.
The vintage is newer than the area’s average housing stock, offering relative competitiveness and a practical platform for selective renovations and systems updates. Demographic data within a 3-mile radius point to smaller household sizes and a potential increase in household counts over time, which can broaden the renter pool even amid modest population softness. Execution focus should center on value-add scope, expense control, and disciplined leasing to sustain occupancy and rental growth in line with metro trends.
- Low-90s neighborhood occupancy and high renter concentration support leasing stability and renewal potential.
- 1987 vintage is newer than local stock, creating room for targeted renovations and operational upgrades.
- Everyday-need amenities (grocery, restaurants, parks) underpin workforce demand and day-to-day livability.
- Within 3 miles, smaller household sizes and a potential rise in household counts can expand the renter pool.
- Risks: thinner lifestyle amenities, muted forward rent growth signals, and regional population softness require disciplined asset management.