| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 35th | Poor |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2597 Romig Rd, Akron, OH, 44320, US |
| Region / Metro | Akron |
| Year of Construction | 1982 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2597 Romig Rd Akron Multifamily Investment
Neighborhood renter concentration supports a stable tenant base and mid-range occupancy, according to WDSuite’s CRE market data, positioning this 48-unit asset for steady leasing in Akron’s inner-suburban context.
The property sits in an Inner Suburb neighborhood of Akron rated C+, ranked 126 out of 180 metro neighborhoods, which places it below the metro median but still competitive for workforce housing. Amenities are mixed: grocery access performs competitively among Akron neighborhoods (rank 57 of 180), while parks, pharmacies, and cafes are limited, indicating residents rely on nearby commercial corridors for daily needs rather than destination retail.
Neighborhood multifamily occupancy is 90.9% (neighborhood metric, not property-level) with improvement over the last five years, suggesting demand resilience through cycles. The share of housing units that are renter-occupied is elevated at 56.8% (top decile nationally), which supports a deeper tenant base and potential leasing stability for multifamily investors.
Construction vintage in the neighborhood averages 1963, while the subject’s 1982 vintage is newer than much of the local stock—typically a relative advantage for leasing and capex planning; investors should still underwrite for system modernization and value-add finishes as appropriate.
Demographics aggregated within a 3-mile radius show recent population and household contraction, but forecasts point to renter pool expansion over the next five years, with increases in population and households that can support occupancy and absorption. Income growth is also projected to strengthen, which can underpin rent levels and reduce turnover risk relative to past cycles.
Home values in the neighborhood are comparatively low for the region, which can introduce some competition from ownership options; however, modest rent levels and a sizable renter-occupied share suggest continued reliance on rental housing, with pricing power tied to asset quality and management execution rather than amenity-driven premiums.
Safety indicators for the neighborhood rank 98 out of 180 Akron metro neighborhoods, which is below the metro average and weaker than national comparisons (lower national percentiles). For investors, this typically calls for prudent security measures and resident engagement to support retention and property performance.
Recent trends show estimated property offenses declining year over year, while violent offense estimates ticked up modestly. These are neighborhood-level metrics, not property-specific, and they underscore the importance of on-site visibility, lighting, and partnerships with local resources to help sustain leasing and resident satisfaction.
Proximity to major corporate employers underpins a steady workforce renter base and commute convenience for residents, notably within utilities, manufacturing, insurance, and food products. Key nearby employers include FirstEnergy, Goodyear Tire & Rubber, Erie Insurance, and J.M. Smucker.
- FirstEnergy — utilities (4.2 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing (5.5 miles) — HQ
- Erie Insurance Group — insurance (15.5 miles)
- J.M. Smucker — food products (16.4 miles) — HQ
Built in 1982, the property is newer than the neighborhood’s average vintage, offering relative competitiveness versus older stock while leaving room for targeted upgrades to drive rent positioning. Neighborhood metrics indicate mid-range occupancy with five-year improvement and a high renter-occupied share, supporting demand depth. According to CRE market data from WDSuite, the area’s modest rent levels and improving neighborhood occupancy support an income-focused strategy, with value-add potential tied to interior finishes and operational execution.
Within a 3-mile radius, forward-looking demographics point to growth in population and households, which can expand the renter pool and support lease-up and retention. At the same time, comparatively low home values may create ownership alternatives, and rent-to-income ratios signal affordability pressure in parts of the neighborhood—factors that merit disciplined pricing and renewal strategies alongside attention to security and resident experience.
- 1982 vintage offers competitive positioning versus older local stock, with clear value-add angles
- Elevated renter-occupied share supports tenant depth and leasing stability
- Forecast growth in nearby population and households expands the renter pool
- Workforce employment base nearby (utilities, manufacturing, insurance, food) underpins demand
- Risks: below-metro-average safety metrics, affordability pressure, and competition from lower-cost ownership require disciplined operations