| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 25th | Poor |
| Demographics | 42nd | Fair |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2551 Shoreline Dr, Akron, OH, 44314, US |
| Region / Metro | Akron |
| Year of Construction | 1976 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2551 Shoreline Dr, Akron OH Multifamily Investment
Stabilization hinges on capturing workforce demand and managing lease turnover; according to WDSuite’s CRE market data, neighborhood occupancy trends sit below metro norms, making active operations and pricing discipline central to performance.
Located in a suburban pocket of Akron, the property sits within a neighborhood rated C among 180 metro neighborhoods, placing it above the metro median only in select categories. Parks and trails are a relative strength (ranked 27 of 180, top quartile locally; 79th percentile nationally), and grocery access is competitive among Akron neighborhoods (43 of 180; 75th percentile nationally). Dining density is also respectable (50 of 180; ~70th percentile nationally), while cafes and pharmacies are sparse, suggesting residents rely on broader trade areas for some daily services.
Neighborhood occupancy registers at 78.1% with a five‑year slide, placing the area in the lower tier locally (174 of 180). For investors, this implies leasing requires hands‑on management, targeted marketing, and cautious underwriting. At the same time, rents are modest (median contract rent roughly in the $700s per month) with five‑year growth recorded in WDSuite’s data, supporting value positioning and potential rent trade‑offs for upgraded finishes.
Within a 3‑mile radius, demographic statistics show a mixed backdrop: recent declines in population and households have been followed by forecasts calling for population growth and a sizeable increase in households through 2028. If realized, that expansion would widen the renter pool and support occupancy stabilization. The renter‑occupied share within this radius sits around two‑fifths of housing units, indicating a meaningful tenant base that can underpin leasing, particularly for well‑managed workforce housing.
Home values in the immediate neighborhood are lower than national norms (7th percentile nationally), which can mean more attainable ownership options nearby. For multifamily, this dynamic can create competition with entry‑level ownership, but it also supports steady rental housing demand for residents prioritizing flexibility or near‑term affordability. School ratings in the neighborhood trend below national averages (2.0/5; 37th percentile), so marketing may skew toward renters weighting commute convenience and price over school quality.
Safety metrics for the neighborhood trend below national averages, with ranks that place it on the higher‑crime side of the Akron metro (crime rank 59 out of 180). Even so, WDSuite’s data indicates year‑over‑year improvement, with both violent and property offense rates declining over the past 12 months. Nationally, the area sits in lower safety percentiles today, but the downward trend in reported offense rates suggests conditions have been improving rather than deteriorating.
Investors should underwrite with conservative assumptions on security and turnover, while recognizing that recent momentum — including double‑digit percentage declines in both violent and property offense estimates — can support leasing narratives focused on practical on‑site measures and neighborhood trend improvement.
Proximity to established employers supports a workforce renter base and commute convenience, notably in utilities, manufacturing, insurance, and food products. Nearby anchors include FirstEnergy, Goodyear, Erie Insurance, and J.M. Smucker, with rail logistics from Norfolk Southern within a commutable radius.
- FirstEnergy — utilities (4.3 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing (4.8 miles) — HQ
- Erie Insurance Group — insurance (14.0 miles)
- J.M. Smucker — food products (16.3 miles) — HQ
- Norfolk Southern Motor Yard — rail logistics (21.4 miles)
Built in 1976, the 24‑unit asset is newer than much of the surrounding housing stock (which skews to the 1950s), offering a competitive edge versus older properties while still presenting value‑add potential through system upgrades and interior refreshes. According to CRE market data from WDSuite, neighborhood occupancy trails metro norms, so performance will depend on disciplined leasing, resident retention, and targeted renovations that justify measured rent premiums.
Investor focus should center on workforce demand from nearby anchors, value positioning relative to ownership options, and the forecasted expansion of households within a 3‑mile radius — all of which can support a larger tenant base and steadier absorption. Affordability indicators, including moderate rent‑to‑income levels, point to manageable retention risk when paired with prudent rent setting and service quality.
- Mid‑1970s construction offers competitive positioning versus older neighborhood stock, with clear value‑add and modernization levers.
- Workforce demand supported by nearby employers (utilities, manufacturing, insurance, food products) enhances leasing depth.
- Moderate rent levels and rent‑to‑income positioning support pricing power for renovated units while maintaining retention.
- Forecast growth in households within a 3‑mile radius suggests a larger renter pool and improved absorption potential.
- Risks: below‑median neighborhood occupancy and below‑average safety percentiles require active management, security investments, and conservative underwriting.