| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 35th | Poor |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2553 Romig Rd, Akron, OH, 44320, US |
| Region / Metro | Akron |
| Year of Construction | 1987 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2553 Romig Rd Akron Multifamily Value-Add Position
Neighborhood metrics point to a deep renter-occupied base and steady occupancy at the neighborhood level, according to WDSuite’s CRE market data, supporting durable demand for a 1987-vintage asset in an Inner Suburb location.
The property sits in an Inner Suburb of Akron with a C+ neighborhood rating. The area’s housing stock skews older (average construction year 1963 across the neighborhood), so a 1987-vintage asset positions competitively versus much of the nearby inventory while still warranting targeted system upgrades or common-area refreshes to keep pace with tenant expectations.
Renter-occupied housing accounts for a majority share in the neighborhood (56.8% renter concentration), indicating a broad tenant base and consistent leasing funnel for multifamily. Neighborhood occupancy is reported at 90.9% and has trended higher over the past five years, supporting expectations for stable collections and lower downtime through cycles.
Local amenity access is mixed: grocery options are comparatively convenient (above metro median by rank among 180 neighborhoods), and childcare density is similarly favorable, while parks, pharmacies, and cafes are limited. These dynamics suggest everyday necessities are accessible, though on-site or nearby lifestyle amenities can further differentiate a property’s leasing appeal.
Within a 3-mile radius, recent years show modest population softening and smaller average household sizes, but forecasts point to a return to growth by 2028 with increases in total population and households, which would expand the renter pool. Neighborhood-level median contract rents have risen meaningfully over the last five years from a low base, while a relatively high rent-to-income ratio signals some affordability pressure—calling for careful lease management and value-focused amenities to support retention.
Home values in the neighborhood are comparatively low versus national benchmarks, which can create some competition from entry-level ownership. For investors, that typically translates to a focus on unit quality, service reliability, and modest premiums justified by convenience and maintenance-free living, rather than outsized rent pushes.
Safety indicators are mixed relative to both the Akron metro and national benchmarks. By rank within the Akron metro (126 out of 180 neighborhoods), the area trends below the metro median, indicating higher crime exposure than many local peers. Nationally, the neighborhood sits in lower safety percentiles, signaling comparatively elevated crime versus neighborhoods across the country.
Recent movement is nuanced: estimated property offense rates show a year-over-year decline, an encouraging directional trend for investors monitoring risk. At the same time, estimated violent offense rates ticked up over the last year. Taken together, the data supports a practical risk posture—thoughtful lighting, access controls, and resident engagement can be prudent measures to support tenant confidence and retention.
Proximity to anchor employers underpins steady renter demand, with a concentration of utility, manufacturing, insurance, and consumer goods headquarters and offices within a commutable radius. The following nearby employers help support leasing durability at workforce-oriented price points.
- FirstEnergy — electric utility (4.2 miles) — HQ
- Goodyear Tire & Rubber — manufacturing (5.4 miles) — HQ
- Erie Insurance Group — insurance (15.5 miles)
- J.M. Smucker — consumer packaged goods (16.5 miles) — HQ
- Norfolk Southern Motor Yard — transportation operations (20.4 miles)
Built in 1987, this 48-unit asset is newer than much of the surrounding neighborhood stock and can compete well with targeted upgrades rather than wholesale repositioning. A majority renter-occupied neighborhood and neighborhood occupancy around the metro median point to durable tenant demand and manageable downtime, while proximity to multiple headquarters supports steady leasing. According to CRE market data from WDSuite, the local rent backdrop has been rising from a low base, suggesting room for operational upside when paired with disciplined renewal strategies.
Investor focus should balance upside with practical risk controls. The 3-mile catchment shows forecasts for renewed population and household growth by 2028, which would expand the renter pool and support occupancy stability. At the same time, a relatively high rent-to-income ratio and competitive entry-level ownership options call for measured rent setting and amenity value. Attention to security design and resident experience can further enhance retention.
- 1987 vintage offers competitive positioning versus older neighborhood stock with targeted modernization potential
- Majority renter-occupied neighborhood and stable neighborhood occupancy support leasing durability
- Access to regional headquarters and employers underpins steady workforce housing demand
- Forecast growth within 3 miles expands the tenant base and supports occupancy stability
- Risks: affordability pressure (higher rent-to-income ratio), some crime exposure, and competition from accessible homeownership options