| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 53rd | Fair |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2525 Wedgewood Dr, Akron, OH, 44312, US |
| Region / Metro | Akron |
| Year of Construction | 1978 |
| Units | 100 |
| Transaction Date | 2008-03-11 |
| Transaction Price | $2,632,000 |
| Buyer | ELLET SENIOR HOUSING LTD |
| Seller | ELLET APARTMENTS INC |
2525 Wedgewood Dr Akron Multifamily Investment
Leasing fundamentals are supported by steady neighborhood occupancy and a meaningful base of renter-occupied units, according to WDSuite’s CRE market data.
Located in an inner-suburban pocket of Akron, the property benefits from practical amenities and everyday services. The neighborhood ranks 31 out of 180 Akron neighborhoods for overall amenities, placing it in the top quartile locally, with strong proximity to grocery and pharmacy options. Restaurant density trends above national norms, while cafes and parks are more limited, pointing to convenient daily needs rather than destination retail.
Occupancy in the surrounding neighborhood is above the national median and broadly consistent with stable renter demand. Median contract rents remain accessible relative to incomes, which supports retention and reduces turnover risk for value-focused assets. Neighborhood rent-to-income levels are favorable for operators managing renewals and modest rent steps.
Within a 3-mile radius, demographics show a slight decline in population alongside a small increase in households, indicating smaller household sizes and a broader tenant base over time. Income levels have risen meaningfully over the past five years, which can underpin steady leasing and collections. Forecasts through 2028 point to continued household growth and rising incomes, expanding the pool of qualified renters even as population trends remain flat to slightly negative.
For schools, neighborhood averages trend below the national median, which may be less of a driver for demand but aligns with workforce housing positioning. On a metro basis, the area is competitive among Akron neighborhoods for everyday conveniences, supporting day-to-day livability that helps stabilize occupancy.
Safety metrics are mixed when viewed against national and metro benchmarks. The neighborhood sits around the middle of the pack within Akron (ranks near the 79th out of 180 neighborhoods), indicating it is competitive among local peers but below the national median for safety. Property offense rates have improved year over year, while violent offense measures have shown some recent increase. Investors should underwrite with current trend data and consider standard property-level measures to support resident comfort and retention.
Nearby employment anchors span manufacturing, utilities, insurance, rail operations, and food & beverage, supporting a broad workforce renter base and commute convenience for residents at this location. The list below reflects notable employers by proximity that can contribute to leasing stability.
- Goodyear Tire & Rubber — manufacturing HQ and corporate offices (2.1 miles) — HQ
- FirstEnergy — electric utility corporate offices (4.8 miles) — HQ
- Erie Insurance Group — insurance offices (14.0 miles)
- Norfolk Southern Motor Yard — rail operations (20.2 miles)
- J.M. Smucker — food & beverage corporate offices (21.9 miles) — HQ
Built in 1978, the asset is newer than much of the local housing stock, offering a competitive position versus older properties while leaving room for selective modernization to drive rent and renewal performance. According to CRE market data from WDSuite, neighborhood occupancy trends sit above national medians and rent levels remain accessible relative to incomes, supporting retention and consistent collections. Everyday amenities are strong for grocery, pharmacy, and restaurants, aligning with a workforce renter profile.
Within 3 miles, households are edging higher even as population is flat to slightly down, signaling smaller household sizes and a gradually expanding renter pool. Income gains and forecast rent growth reinforce the case for steady demand, though relatively accessible home values in the metro can create some competition with ownership. Safety indicators are mixed and should be monitored, with underwriting incorporating prudent operating reserves and resident-experience investments.
- 1978 vintage offers competitive positioning versus older stock with value-add potential via targeted upgrades
- Occupancy above national medians and favorable rent-to-income levels support retention and cash flow stability
- Strong everyday amenities (grocery, pharmacy, restaurants) enhance livability and leasing durability
- 3-mile household growth and rising incomes expand the qualified renter base over the medium term
- Risks: mixed safety trends and relatively accessible ownership options may temper pricing power