| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 53rd | Fair |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2384 E Market St, Akron, OH, 44312, US |
| Region / Metro | Akron |
| Year of Construction | 1977 |
| Units | 37 |
| Transaction Date | 2017-10-17 |
| Transaction Price | $1,288,600 |
| Buyer | Y2p-teddy, LLC |
| Seller | Par Invs, LLC |
2384 E Market St Akron Multifamily Investment
Inner-suburb setting with above-median neighborhood occupancy and proximity to major employers supports steady renter demand, according to WDSuite s CRE market data. This location favors workforce housing dynamics with balanced pricing power and operational upside.
Located in an Inner Suburb of Akron with a neighborhood rating of B, the area posts neighborhood occupancy around the mid-90s, above the national median, which supports income stability for multifamily assets. Renter-occupied housing accounts for about 29% of units in the neighborhood, indicating a meaningful but not dominant renter concentration and a tenant base that skews toward workforce households.
Amenity access is mixed: restaurants are strong (top quartile nationally) with competitive density among 180 Akron neighborhoods, and grocery and pharmacy access track above national medians. Parks and cafes are limited, so on-site features and nearby everyday services matter for retention. Average school ratings in the neighborhood sit below national medians, which may influence unit mix strategy toward singles and smaller households.
The property s 1977 vintage is newer than the neighborhood s average construction year (1963). For investors, that relative youth can reduce near-term competitive obsolescence versus older stock, while still leaving room for targeted system updates and common-area improvements to sharpen positioning.
Within a 3-mile radius, recent population trends have been flat to slightly negative, while the household count has edged up and is projected to grow further alongside smaller average household sizes. This pattern typically expands the renter pool and supports occupancy stability even when overall population softens. Median contract rents in the neighborhood remain accessible, and a rent-to-income ratio near 12% suggests manageable affordability pressure, though it can temper near-term pricing power.
Safety metrics in this neighborhood track below national medians, with violent and property offense rates positioned in the lower national percentiles (less favorable) compared to neighborhoods nationwide. However, property crime shows a recent year-over-year decline, indicating some improvement in trend. Investors often underwrite for enhanced lighting, access controls, and visibility measures to support tenant retention and operating stability.
The address benefits from proximity to established regional employers that support a steady commuting tenant base, including Goodyear, FirstEnergy, Erie Insurance, Norfolk Southern facilities, and J.M. Smucker. This employment mix underpins workforce housing demand and can aid lease retention during cycles.
- Goodyear Tire & Rubber corporate headquarters & manufacturing (1.7 miles) HQ
- FirstEnergy utilities & corporate offices (4.3 miles) HQ
- Erie Insurance Group insurance offices (14.4 miles)
- Norfolk Southern Motor Yard rail operations (19.7 miles)
- J.M. Smucker consumer packaged goods (21.9 miles) HQ
This 37-unit asset with compact average floorplans (approximately 540 sq. ft.) aligns with workforce housing needs in an Inner Suburb that posts above-median neighborhood occupancy, according to CRE market data from WDSuite. Relative to older surrounding stock, the 1977 vintage can compete well, while targeted upgrades present value-add potential to lift NOI and tenant retention.
Local fundamentals suggest steady, needs-based demand: within a 3-mile radius, households are increasing even as population is flat to modestly lower, which typically broadens the renter pool as household sizes shrink. Accessible neighborhood rents and a moderate rent-to-income profile support occupancy stability, though they can limit rapid rent escalations. Employer proximity strengthens weekday demand, while safety and school ratings warrant pragmatic asset management and capital planning.
- Above-median neighborhood occupancy supports income stability and leasing velocity.
- 1977 vintage offers competitive positioning versus older stock with clear value-add paths.
- Workforce-oriented unit mix (avg. ~540 sq. ft.) aligns with renter demand and retention.
- Proximity to Goodyear, FirstEnergy, and other employers bolsters weekday demand.
- Risks: below-median safety metrics and modest school ratings; accessible rents may temper pricing power.