| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 30th | Poor |
| Demographics | 36th | Poor |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 856 Cleveland Rd, Ravenna, OH, 44266, US |
| Region / Metro | Ravenna |
| Year of Construction | 1978 |
| Units | 65 |
| Transaction Date | 2012-06-13 |
| Transaction Price | $1,837,000 |
| Buyer | RAVENNA FAMILY HOUSING LIMITED PARTNERSH |
| Seller | TERRILL SUITES INC |
856 Cleveland Rd, Ravenna OH Multifamily Investment
1978-vintage, 65-unit asset positioned for durable renter demand supported by a sizable local renter base and commuter access to major Northeast Ohio employers, according to WDSuite’s CRE market data.
Ravenna’s suburban setting offers everyday conveniences with a practical amenity mix. Neighborhood retail is anchored by grocery and pharmacy access that trends above national midpoints, while restaurants are present but not dense. Childcare options index well compared with national norms, though dedicated parks and cafes are limited. Within the Akron metro, amenity access ranks competitive among 180 neighborhoods, signaling functional livability rather than destination retail.
For investors, the renter-occupied share within a 3-mile radius is approximately 38%, indicating a meaningful tenant base that supports leasing velocity and renewal potential. Neighborhood occupancy levels track near national midpoints, and a rent-to-income ratio near 0.19 suggests manageable affordability pressure that can support retention and measured rent growth. Median home values in the immediate neighborhood sit in a lower-cost ownership market, which can introduce some competition with for-sale options but also keeps multifamily relevant for residents prioritizing flexibility and lower upfront costs.
The property’s 1978 construction is newer than much of the local housing stock (average neighborhood vintage skews older), giving it a relative edge versus pre-war assets while still warranting capital planning for building systems and unit interiors to strengthen competitive positioning. Average school ratings in the neighborhood are on the lower end, which may matter for family renters; positioning toward workforce households and commuters can help mitigate exposure.
Demographic statistics aggregated within a 3-mile radius indicate stable population levels recently, with WDSuite’s outlook pointing to increases in households and higher-income cohorts over the next several years. That combination expands the prospective renter pool and supports occupancy stability, even as household sizes trend smaller.
Comparable neighborhood-level safety metrics are not available in WDSuite for this location at this time. Investors typically benchmark property performance against broader metro and peer suburban submarkets to evaluate resident sentiment and retention risk. Monitoring local trend indicators (lease renewal rates, days-to-lease, and traffic-to-lease conversion) can serve as practical proxies for perceived safety and livability.
Proximity to established Northeast Ohio employers supports commuter-friendly housing demand and lease retention. Notable nearby employment nodes include Goodyear Tire & Rubber, FirstEnergy, Norfolk Southern Motor Yard, the Home Depot Distribution Center, and Norfolk Southern.
- Goodyear Tire & Rubber — manufacturing & corporate (13.9 miles) — HQ
- FirstEnergy — utilities & corporate (15.0 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (18.1 miles)
- Home Depot Distribution Center — logistics & distribution (18.4 miles)
- Norfolk Southern — rail & transportation offices (20.2 miles)
This 65-unit, 1978-vintage asset offers a practical workforce housing thesis in a suburban Ravenna location with commuter access to Akron–Cleveland employment. The building’s vintage is newer than much of the surrounding housing stock, providing competitive positioning versus older assets while leaving room for targeted value-add to common areas, building systems, and interiors. According to CRE market data from WDSuite, the nearby renter base is sizable and neighborhood occupancy trends sit near national midpoints, with rent-to-income levels that support retention-focused revenue management rather than aggressive pushes.
Within a 3-mile radius, forecasts show an increase in households and rising incomes, which can expand the tenant pool and underpin steady absorption even as household sizes decline. Lower local home values can present ownership alternatives; however, they also keep multifamily relevant for residents prioritizing flexibility and lower upfront costs. School quality and a modest neighborhood amenity set are watch items, making property-level upgrades and service quality important levers for leasing and renewal strength.
- Workforce demand drivers with access to major Akron–Cleveland employers supporting leasing depth
- 1978 construction newer than much of local stock, with clear value-add and systems-upgrade pathways
- Renter-occupied presence and rent-to-income levels indicate retention-focused pricing power
- 3-mile outlook shows more households and higher incomes, supporting a larger renter pool
- Risks: lower school ratings, limited destination amenities, and potential competition from lower-cost ownership