| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Best |
| Demographics | 58th | Good |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1318 Weathervane Ln, Akron, OH, 44313, US |
| Region / Metro | Akron |
| Year of Construction | 1973 |
| Units | 36 |
| Transaction Date | 2011-06-03 |
| Transaction Price | $4,114,872 |
| Buyer | CEDARWOOD VILLAGE APARTMENTS I & II OWNE |
| Seller | CEDARWOOD VILLAGE APARTMENTS I & II L L |
1318 Weathervane Ln, Akron OH Multifamily Investment
Neighborhood occupancy is strong and renter demand appears durable, according to WDSuite s CRE market data, supporting stable leasing for a 36-unit asset in Akron s inner-suburban corridor. Directionally, this submarket exhibits competitive restaurants and grocery access, while rent levels suggest room for value-oriented positioning.
Located in an Inner Suburb of Akron with a B+ neighborhood rating, the area demonstrates competitive fundamentals for workforce-oriented multifamily. Neighborhood occupancy is elevated and competitive among Akron neighborhoods (ranked 46 out of 180), indicating support for renewal and lease-up stability. Median contract rents trend near local norms, which can help maintain steady absorption without overreliance on outsized rent pushes.
Local amenity access is mixed. Restaurants are among the highest concentrations in the metro and sit near the top of national comparables (around the 98th percentile), and grocery access ranks strongly within the metro (12 of 180). By contrast, parks, pharmacies, cafes, and childcare options are limited immediately nearby, so convenience skews toward dining and daily essentials rather than a broad amenity set.
Tenure patterns at the neighborhood level indicate a high share of renter-occupied housing units (approximately seven in ten), pointing to a deep tenant base and ongoing demand for apartments. Within a 3-mile radius, demographics show population growth over the past five years with a modest increase in households and a slight reduction in household size ogether implying a larger renter pool and support for occupancy over time. These 3-mile statistics are aggregated and suggest continued churn and new household formation that can underpin leasing activity.
Home values in the immediate area are lower relative to many national peers, which can introduce some competition from entry-level ownership. However, the neighborhood s rent-to-income profile and stable occupancy history indicate that professionally managed multifamily can compete on convenience, location, and services while sustaining retention.
Safety indicators are mixed but trending constructively. Compared with Akron s 180 neighborhoods, this location sits below the metro median for safety (crime rank 49 of 180, where a lower rank indicates more reported crime). Nationally, the neighborhood aligns slightly below the midpoint. That said, recent data show a meaningful decline in violent offense rates year over year, placing the improvement in the stronger range nationally, while property offenses remain a monitoring item.
For investors, the takeaway is risk management rather than avoidance: emphasize lighting, access control, and community oversight to support tenant retention; track ongoing trends as recent improvements continue to materialize.
Proximity to anchor employers supports a diversified employment base and commute convenience for renters, notably across utilities, manufacturing, and consumer goods. The following nearby employers shape day-to-day demand and can aid leasing stability for workforce tenants.
- FirstEnergy utilities & corporate functions (4.2 miles) HQ
- Goodyear Tire & Rubber manufacturing & corporate (6.8 miles) HQ
- Norfolk Southern Motor Yard rail operations (13.9 miles)
- Home Depot Distribution Center logistics & distribution (17.5 miles)
- Airgas Merchant Gases industrial gases offices (18.6 miles)
Built in 1973, the property may benefit from targeted value-add and systems modernization, which can sharpen competitive position against local stock while leveraging stable neighborhood occupancy. Based on CRE market data from WDSuite, the surrounding neighborhood shows durable renter demand, a high renter-occupied housing share locally, and steady leasing conditions supported by strong restaurant and grocery access.
Within a 3-mile radius, population and household counts have increased, while average household size edged down ogether indicating a larger tenant base and continued renter pool expansion. Lower local home values can create some competition with ownership, but the area s rent levels and convenience to major employers suggest apartments can retain pricing power through service quality, unit upgrades, and operational execution.
- Stable neighborhood occupancy and high local renter concentration support leasing durability
- 1973 vintage offers value-add and CapEx angles to enhance NOI and competitiveness
- Strong restaurant and grocery access; workforce employers within commuting distance bolster demand
- 3-mile demographics show population and household growth, expanding the renter pool
- Risks: safety metrics require ongoing management; lower ownership costs may compete with rentals; aging systems call for disciplined capital planning