| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 43rd | Good |
| Demographics | 14th | Poor |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 376 W Cedar St, Akron, OH, 44307, US |
| Region / Metro | Akron |
| Year of Construction | 1995 |
| Units | 21 |
| Transaction Date | 2013-06-18 |
| Transaction Price | $650,000 |
| Buyer | CEDAR KNOLL ASSOCIATES LLC |
| Seller | CEDAR STREET ASSOCIATES LIMITED PA |
376 W Cedar St Akron Multifamily Investment
High renter concentration in the surrounding neighborhood supports a deep tenant base, while occupancy trends indicate the need for active leasing and retention strategies, according to WDSuite’s CRE market data.
This Inner Suburb location in Akron offers everyday convenience with a strong mix of food and beverage options nearby. Restaurant and cafe density is competitive among Akron neighborhoods and sits in the top quartile nationally, while grocery access is solidly mid-pack. Park and pharmacy counts within the immediate neighborhood are limited, so residents typically rely on broader area amenities.
The average construction year in the neighborhood skews older (1930s), whereas the property’s 1995 vintage positions it as newer than much of the local stock—often translating to relatively better curb appeal and systems condition compared to pre-war buildings, though investors should still plan for modernization cycles typical of late-1990s assets.
Investor fundamentals are mixed. Neighborhood occupancy is below the metro median, suggesting leasing execution matters; however, renter concentration is high (share of housing units that are renter-occupied), which supports demand depth for multifamily. At the same time, neighborhood NOI per unit ranks competitively (top tier within the Akron metro), indicating that well-operated assets can perform despite softer occupancy in the surrounding area.
Within a 3-mile radius, demographics point to a stable-to-improving demand backdrop. Over the prior period, population edged down while household counts held roughly flat, implying smaller household sizes and ongoing rental need. Forward-looking projections show increases in both households and population by the forecast year, which would expand the local renter pool and support occupancy stability. Median contract rents in the 3-mile area remain accessible relative to major metros, but rent-to-income dynamics in the immediate neighborhood imply some affordability pressure, so pricing power will depend on unit quality and effective lease management. These takeaways are informed by multifamily property research from WDSuite’s data.
Safety outcomes in the neighborhood trail national averages, with crime indicators sitting below the national median. Relative to the Akron metro, the neighborhood’s crime rank is in the lower half (ranked 85 out of 180 neighborhoods), signaling that investors should underwrite prudent security and tenant-experience measures.
Recent momentum is directionally positive: estimated property offenses declined meaningfully year over year and violent offense rates also eased, according to WDSuite’s CRE market data. While the area is not top quartile nationally on safety today, the improving trend helps temper risk and should be monitored alongside leasing performance and retention.
Proximity to major employers supports workforce housing demand and commute convenience for residents, notably in utilities, manufacturing, and consumer products. The anchors below represent nearby employment nodes that can reinforce leasing and retention.
- FirstEnergy — utilities (0.85 miles) — HQ
- Goodyear Tire & Rubber — manufacturing (3.34 miles) — HQ
- Erie Insurance Group — insurance (16.89 miles)
- Norfolk Southern Motor Yard — rail operations (17.67 miles)
- J.M. Smucker — consumer products (19.89 miles) — HQ
376 W Cedar St offers a 1995-vintage, 21-unit asset in a renter-heavy Akron neighborhood, balancing strong tenant-base depth with below-metro-median neighborhood occupancy. The property’s newer vintage versus much of the surrounding pre-war stock can support competitive positioning with targeted upgrades, while neighborhood NOI per unit performance sits among the metro’s stronger cohorts, suggesting capable operators can sustain solid economics even amid uneven occupancy, based on WDSuite’s commercial real estate analysis.
Within a 3-mile radius, household counts are projected to grow alongside population by the forecast year, pointing to a larger tenant base and supporting long-run leasing fundamentals. Affordability signals vary: area rents remain relatively accessible, yet the immediate neighborhood’s rent-to-income profile indicates potential retention risk if rents outpace incomes—underscoring the value of amenity-light renovations, efficient unit turns, and disciplined renewal strategies.
- Newer-than-neighborhood vintage (1995) supports competitive positioning vs. older local stock with targeted capex
- High renter concentration indicates depth of demand for multifamily and broader tenant sourcing
- Neighborhood NOI per unit ranks among the metro’s stronger cohorts, reinforcing operating potential
- Forecast household and population growth within 3 miles expands the renter pool and supports occupancy
- Key risks: below-metro-median neighborhood occupancy, safety perceptions vs. national averages, and affordability pressure requiring careful rent and renewal management