| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 42nd | Fair |
| Demographics | 34th | Poor |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1490 Russell Dr, Streetsboro, OH, 44241, US |
| Region / Metro | Streetsboro |
| Year of Construction | 1993 |
| Units | 54 |
| Transaction Date | 1993-08-31 |
| Transaction Price | $125,000 |
| Buyer | STREETSBORO GREEN II LTD PARTNERSHIP |
| Seller | --- |
1490 Russell Dr Streetsboro Multifamily Investment
Neighborhood occupancy has tracked exceptionally tight, supporting stable leasing and durable cash flow according to WDSuite’s CRE market data.
Streetsboro s suburban location offers practical livability for renters, with everyday conveniences nearby and commuting access to greater Akron. Amenity density is mixed: cafes and pharmacies are relatively present, while grocery and park options are thinner within the immediate neighborhood. For investors, this mix suggests day-to-day convenience but fewer destination amenities inside the tract itself, with broader options reachable in the wider metro.
The neighborhood �s occupancy environment is notably tight it ranks 1st out of 180 Akron neighborhoods and sits in the top national percentile indicating strong renter demand and historically low friction on lease-up and renewals at the neighborhood level (not the property). Median rents in the area remain manageable relative to incomes, with a rent-to-income ratio near 0.13, which can support retention and reduce turnover sensitivity.
Within a 3-mile radius, demographics point to a growing tenant base: population increased over the past five years and households expanded meaningfully, with forecasts through 2028 indicating further population growth and a larger household count. The renter-occupied share is roughly one-third of housing units, signaling a sufficient pool of multifamily demand for workforce and market-rate assets and helping support occupancy stability.
Vintage matters for competitive positioning. Built in 1993, the property is newer than the neighborhood �s average construction year of 1972. That recency can provide an edge versus older stock on building systems and curb appeal, while still leaving room for targeted modernization or value-add upgrades to meet current renter expectations.
Comparable neighborhood-level safety metrics were not available in WDSuite for this location. Investors typically benchmark property performance against metro and national trends when data becomes available and incorporate on-the-ground diligence to assess resident experience and operating risk.
Nearby employment anchors span rail operations, distribution, energy, industrial gases, and corporate headquarters, supporting a broad commuter tenant base and reinforcing leasing stability for workforce-oriented units.
- Norfolk Southern Motor Yard rail operations (11.4 miles)
- Home Depot Distribution Center distribution & logistics (11.7 miles)
- FirstEnergy energy & utilities (14.3 miles) HQ
- Goodyear Tire & Rubber manufacturing & corporate (14.4 miles) HQ
- Airgas Merchant Gases industrial gases (19.2 miles)
The investment case centers on demand resiliency and competitive positioning. Neighborhood occupancy ranks 1st of 180 in the Akron metro and is top percentile nationally, indicating a tight leasing backdrop that can support pricing and retention. Built in 1993, the asset is newer than much of the surrounding stock, which can reduce near-term systems risk versus older peers while still offering value-add pathways through modernization and unit finish upgrades. Based on CRE market data from WDSuite, rents remain reasonable relative to incomes in the area, a profile that can underpin steady collections and lower turnover.
Demographic indicators aggregated within a 3-mile radius including recent population and household growth with further gains forecast point to a larger renter pool over time. The local homeownership market is moderately priced for the region, which may cap aggressive rent growth but also sustains multifamily relevance for households prioritizing flexibility and access to jobs across Akron Cleveland corporate corridors.
- Tight neighborhood occupancy backdrop supports leasing stability and renewal capture
- 1993 vintage offers relative competitiveness versus older stock with clear modernization upside
- Expanding 3-mile renter pool and household growth bolster long-run demand
- Reasonable rent-to-income dynamics aid collections and retention
- Risks: thinner grocery/park amenities nearby and potential competition from attainable ownership options