| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Best |
| Demographics | 58th | Good |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1500 Marion Ave, Akron, OH, 44313, US |
| Region / Metro | Akron |
| Year of Construction | 1981 |
| Units | 101 |
| Transaction Date | 2019-12-16 |
| Transaction Price | $6,250,000 |
| Buyer | WESLEY TOWER LP |
| Seller | E T L HOUSING CORPORATION |
1500 Marion Ave Akron Multifamily Investment Opportunity
Top-quartile positioning within the Akron metro and neighborhood occupancy above the national median point to durable renter demand, according to WDSuite’s CRE market data. The Inner Suburb location supports leasing stability with everyday amenities close by and a renter-occupied share near two-fifths of local housing units.
Located in Akron’s Inner Suburb, the neighborhood ranks in the top quartile among 180 metro neighborhoods (A rating), signaling competitive fundamentals for multifamily. Neighborhood occupancy trends sit above the national median and have improved over the past five years, supporting a stable leasing backdrop for investors.
Daily-needs access is a relative strength: grocery stores, parks, and pharmacies score in the 90th percentile or better nationally, while restaurants are also well-represented. However, the area has limited cafes and formal childcare centers, so convenience skews toward essentials rather than lifestyle retail. School quality averages around 2 out of 5, which may temper appeal for families prioritizing school performance and should be considered in unit-mix and marketing strategies.
Tenure patterns indicate depth for multifamily: roughly 40% of neighborhood housing units are renter-occupied, pointing to a meaningful tenant base. Within a 3-mile radius, household counts have edged higher and are projected to expand further, implying a larger tenant pool over the next cycle and supporting occupancy stability. Median household incomes in the 3-mile area have risen from prior periods and are forecast to advance, while median rents are also projected to increase—factors that favor consistent demand yet call for careful lease management.
Home values in the immediate area are comparatively accessible on a national scale, yet the local value-to-income relationship runs high for the metro, which tends to reinforce reliance on rental housing rather than ownership. For investors, that dynamic can underpin demand and retention, though rent-to-income signals point to potential affordability pressure—best managed through measured renewals and attention to unit-level value.
Vintage and positioning: Built in 1981, the asset is slightly older than the neighborhood average vintage. That profile suggests value-add potential through interior modernization and systems upgrades, along with prudent capital planning to maintain competitiveness versus newer stock.
Safety metrics are mixed and roughly around the metro median among 180 Akron neighborhoods, with overall safety levels trending below national medians. Property offenses have eased modestly year over year, while violent-offense readings show recent volatility. For underwriting, a practical approach is to assume average metro comparables, monitor quarterly trends, and emphasize property-level security and lighting as part of the operating plan.
The area draws from a diversified employment base that supports renter demand through commute convenience to regional headquarters and operations. Nearby employers include utilities, manufacturing, rail operations, insurance, and distribution—key drivers for workforce stability in the submarket.
- FirstEnergy — utilities (3.1 miles) — HQ
- Goodyear Tire & Rubber — manufacturing (5.8 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (16.0 miles)
- Erie Insurance Group — insurance (19.2 miles)
- Home Depot Distribution Center — distribution (19.7 miles)
This 1981, 101-unit property benefits from a top-quartile neighborhood ranking within the Akron metro and occupancy that sits above the national median—factors that support stable cash flow potential relative to metro peers. According to CRE market data from WDSuite, the area’s renter concentration and improving neighborhood occupancy trends point to a durable tenant base, while the asset’s slightly older vintage offers practical value-add avenues through interior updates and systems modernization.
Within a 3-mile radius, household counts are projected to rise and incomes are expected to strengthen, expanding the renter pool and supporting lease-up and renewals. At the same time, rent-to-income and school-quality signals warrant disciplined pricing and targeted amenity investments to maintain retention. Net takeaway: location fundamentals and employer proximity are constructive, with upside through thoughtful capital planning and conservative operations.
- Top-quartile neighborhood rank in Akron with above-median occupancy supporting leasing stability.
- 1981 vintage creates clear value-add paths via interiors and building systems.
- Diversified nearby employers (utilities, manufacturing, insurance, distribution) underpin workforce housing demand.
- 3-mile household growth and income gains expand the tenant base and support renewals.
- Risks: affordability pressure and variable safety/school metrics call for measured rent strategy and property-level enhancements.