| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Best |
| Demographics | 58th | Good |
| Amenities | 31st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1321 Weathervane Ln, Akron, OH, 44313, US |
| Region / Metro | Akron |
| Year of Construction | 1976 |
| Units | 32 |
| Transaction Date | 2011-06-03 |
| Transaction Price | $4,114,872 |
| Buyer | CEDARWOOD VILLAGE APARTMENTS III OWNER L |
| Seller | CEDARWOOD VILLAGE APARTMENTS III L L C |
1321 Weathervane Ln, Akron OH Multifamily Investment
Situated in an inner-suburb pocket with high-90s neighborhood occupancy and a deep renter base, the asset offers durable cash flow potential according to WDSuite’s CRE market data. Vintage positioning suggests value-add opportunity while benefiting from steady renter demand.
Located in Akron’s Inner Suburb fabric (neighborhood rating: B+), the area posts an occupancy rate near 96% (ranked 46 of 180 neighborhoods in the metro; top quartile nationally), signaling stable leasing fundamentals for multifamily investors, based on CRE market data from WDSuite. Neighborhood renter concentration is high at roughly 72% of housing units being renter-occupied, indicating a sizable tenant pool and support for absorption and retention at this address; note that this metric reflects the neighborhood, not this specific property.
Amenity access skews toward dining: restaurant density ranks 3 of 180 metro neighborhoods and sits in the 98th percentile nationally, while grocery availability ranks 12 of 180 (91st percentile). By contrast, cafes, parks, and pharmacies are sparse in the immediate neighborhood, which may modestly affect daily convenience but does not negate the strong food-and-grocery footprint that supports everyday needs and leasing appeal.
The average neighborhood construction year is 1979 (rank 44 of 180; near the national mid-range). This property was built in 1976, slightly older than the local average, which points to potential capital planning needs and value-add or modernization upside to improve competitive positioning against newer stock.
Within a 3-mile radius, demographics show population growth over the last five years with household counts increasing and smaller average household sizes, expanding the effective renter base. Median incomes have risen, and median contract rents have also climbed, suggesting room for disciplined rent management; investors should pair this with neighborhood rent-to-income conditions (about 0.19) to balance pricing power with retention risk. Ownership costs in the neighborhood are relatively accessible in the national context, which can introduce some competition with for-sale options; however, the neighborhood’s higher renter concentration supports continued multifamily demand.
Safety trends are mixed and should be evaluated prudently. The neighborhood’s crime rank is 49 out of 180 Akron metro neighborhoods, indicating it is not among the metro’s safest areas and sits below the national median for safety. At the same time, violent incidents show year-over-year improvement, with the decline positioned in a strong national percentile, while property offenses ticked up over the last year. Investors may consider routine security, lighting, and theft-prevention measures tailored to the asset’s operations.
The location draws on a diverse employment base, with proximity to utilities, manufacturing headquarters, rail operations, and distribution that supports renter demand through short commutes.
- FirstEnergy — utilities (4.2 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing (6.7 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (13.8 miles)
- Home Depot Distribution Center — distribution & logistics (17.5 miles)
- Airgas Merchant Gases — industrial gases (18.6 miles)
1321 Weathervane Ln is a 32-unit asset built in 1976, positioned just older than the neighborhood average and suitable for targeted renovations to enhance rentability and operating efficiency. According to CRE market data from WDSuite, the surrounding neighborhood posts high occupancy and an above-metro renter concentration, indicating a deep tenant base and potential for steady lease-up and retention. Within 3 miles, rising household counts and incomes expand the renter pool, while rent growth underscores the importance of balancing pricing with renewal risk.
Home values in the neighborhood are relatively low in the national context, which can create some competition from ownership alternatives; however, the area’s strong renter-occupied share supports multifamily demand. Limited parks, pharmacies, and cafes locally may weigh on convenience, but strong restaurant and grocery density, nearby employment anchors, and value-add potential present a pragmatic path to long-term performance.
- High neighborhood occupancy and sizable renter base support leasing stability
- 1976 vintage offers value-add and systems modernization opportunities
- Strong restaurant and grocery access enhances day-to-day livability for tenants
- Demand supported by nearby employers across utilities, manufacturing, rail, and logistics
- Risks: crime sits below national median; ownership alternatives present some competition; capex required to capture value-add upside