| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Best |
| Demographics | 58th | Good |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1237 Weathervane Ln, Akron, OH, 44313, US |
| Region / Metro | Akron |
| Year of Construction | 1977 |
| Units | 20 |
| Transaction Date | 2011-06-03 |
| Transaction Price | $4,114,871 |
| Buyer | CEDARWOOD RIVERBEND OWNER LLC |
| Seller | CEDARWOOD RIVERBEND L L C |
1237 Weathervane Ln, Akron Multifamily Opportunity
Neighborhood occupancy is elevated and has trended upward, supporting income stability for a 20-unit asset in this inner-suburban pocket of Akron, according to WDSuite’s CRE market data.
This Inner Suburb neighborhood of Akron carries a B+ neighborhood rating and shows strong renter demand signals. Neighborhood occupancy is 96.5% and sits around the 80th percentile nationally, indicating stable leasing conditions at the submarket scale. The renter-occupied share of housing units is high at 72.1% (ranked 4 out of 180 Akron neighborhoods), pointing to a deep tenant base and ongoing demand for multifamily product. Median contract rents in the neighborhood have risen over the past five years, while the rent-to-income ratio around 0.19 suggests manageable affordability pressure that can support retention with disciplined lease management.
Amenity access is mixed. Restaurant density ranks 3rd out of 180 Akron neighborhoods (98th percentile nationally), and grocery access is also competitive (12th of 180; 91st percentile). However, park, cafe, and pharmacy counts inside the neighborhood are limited in the dataset, so day-to-day convenience may rely on nearby corridors rather than immediate block-level options.
Demographic statistics aggregated within a 3-mile radius show population up about 5.8% and households up roughly 7.7% over five years, expanding the local renter pool. Projections indicate a modest dip in population alongside continued household growth and smaller household sizes, which typically supports multifamily demand by adding more households even as average household size declines.
The property’s 1977 construction is slightly older than the neighborhood’s average vintage (1979). For investors, that often points to near- to mid-term capital planning and the potential for targeted renovations or value-add scope to enhance competitiveness against newer stock while maintaining cost discipline.
Safety metrics for the neighborhood are mixed when viewed against national benchmarks. Current indicators sit modestly below the national median for safety, but year-over-year trends show meaningful improvement in violent offense rates (a strong improvement signal compared with neighborhoods nationwide). Investors should underwrite with recent comps and consider standard security, lighting, and property management practices to support resident experience.
Nearby employment anchors span utilities, manufacturing, rail logistics, home improvement distribution, and industrial gases, supporting a diverse workforce renter base and commute convenience for residents.
- FirstEnergy — electric utilities (3.9 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing (6.4 miles) — HQ
- Norfolk Southern Motor Yard — rail logistics (14.0 miles)
- Home Depot Distribution Center — home improvement distribution (17.6 miles)
- Airgas Merchant Gases — industrial gases (18.8 miles)
Positioned in Akron’s inner suburbs, 1237 Weathervane Ln benefits from a high renter-occupied share at the neighborhood level and occupancy around the 80th percentile nationally, supporting income durability. Restaurant and grocery access are competitive within the metro, reinforcing day-to-day convenience that can aid leasing and retention. The 1977 vintage suggests potential value-add upside through selective renovations and systems updates to improve renter appeal relative to newer stock.
Attribution to market context is favorable: rent growth has been positive while rent-to-income levels remain manageable, which can support pricing power without overextending residents. Demographic statistics within a 3-mile radius show household growth and a projected increase in household counts alongside smaller household sizes, which typically broadens the tenant base. According to CRE market data from WDSuite, these dynamics are consistent with stable occupancy among competitive Akron neighborhoods.
- High neighborhood occupancy and strong renter concentration support leasing stability
- Competitive restaurant and grocery access enhances resident convenience and retention
- 1977 vintage provides value-add potential via targeted renovations and system upgrades
- Household growth and smaller household sizes in the 3-mile radius expand the renter pool
- Risks: safety indicators sit below national medians and ownership costs are relatively accessible, requiring thoughtful pricing and resident engagement