| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 41st | Fair |
| Demographics | 21st | Poor |
| Amenities | 32nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 406 Sumner St, Akron, OH, 44304, US |
| Region / Metro | Akron |
| Year of Construction | 1994 |
| Units | 49 |
| Transaction Date | 2022-08-30 |
| Transaction Price | $1,935,000 |
| Buyer | 406 SUMNER LLC |
| Seller | TORREY ASSOCIATES LLC |
406 Sumner St Akron Multifamily Investment
Neighborhood data point to a deep renter base and moderate rents relative to incomes, supporting demand resilience, according to WDSuite s CRE market data; note that these indicators reflect neighborhood conditions, not this specific property.
Located in Akron s Inner Suburb fabric, the area surrounding 406 Sumner St blends strong food-and-beverage density with everyday service gaps. Restaurant density sits at the top of the metro (ranked 1 of 180) and cafes are competitive among Akron neighborhoods (ranked 3 of 180), while grocery, park, and pharmacy access are limited within the immediate neighborhood. For residents, that mix can sustain foot traffic and convenience dining, but investors should note potential reliance on nearby districts for essentials.
Schools benchmark slightly above national norms for comparable urban neighborhoods (average rating around 3.0 out of 5; top quartile among 180 metro neighborhoods), which can help family retention without commanding premium rents. Neighborhood median contract rents are around the metro middle (ranked 54 of 180), and rent-to-income metrics trend on the more manageable side nationally, suggesting room for steady occupancy but measured pricing power.
The neighborhood s housing stock skews older (average vintage 1930), so a 1994 build like this asset is newer than typical nearby properties. That positioning can support competitive leasing versus older comparables, while still warranting attention to aging systems and selective modernization to meet renter expectations.
Tenure patterns indicate a very high share of renter-occupied housing at the neighborhood level (near the top of the metro distribution), implying a sizable tenant pool and depth for workforce-oriented product. Within a 3-mile radius, households are projected to grow over the next five years alongside rising incomes, supporting a larger tenant base and reinforcing occupancy stability.
Safety trends are mixed. Relative to the Akron metro, the neighborhood s crime positioning is on the weaker side (ranked 61 out of 180), and national benchmarking places it below average for safety. However, recent year-over-year shifts show meaningful declines in both property and violent offenses, indicating improving momentum compared with many neighborhoods nationwide. Investors should underwrite with prudent security and operating practices while recognizing the positive trajectory.
Proximity to large employers underpins renter demand and commute convenience in this submarket. Notable nearby employment nodes include FirstEnergy, Goodyear Tire & Rubber, Erie Insurance Group, Norfolk Southern, and J.M. Smucker.
- FirstEnergy corporate offices (0.8 miles) HQ
- Goodyear Tire & Rubber corporate offices (2.1 miles) HQ
- Erie Insurance Group insurance (16.0 miles)
- Norfolk Southern Motor Yard rail operations (18.3 miles)
- J.M. Smucker consumer goods (20.1 miles) HQ
This 1994, 49-unit asset offers a relative vintage advantage in an Inner Suburb neighborhood dominated by older housing stock, supporting competitive positioning versus prewar comparables. Neighborhood rent levels trend around the metro middle while rent-to-income indicators suggest manageable affordability pressure, which can aid retention and steady occupancy, according to CRE market data from WDSuite. The area s strong dining density and proximity to major employers enhance livability and leasing, though investors should account for limited nearby essentials and a safety profile that trails metro averages but is improving.
Within a 3-mile radius, forecasts show growth in households and incomes over the next five years, pointing to a larger tenant base and the potential to sustain occupancy with thoughtful renovations and operating discipline. Given the property s age, targeted capital planning around systems and finishes can capture value-add upside relative to older competition without overextending on speculative upgrades.
- Newer-than-neighborhood vintage (1994) supports competitive positioning versus older local stock.
- Neighborhood rents around metro middle with manageable rent-to-income dynamics support retention potential.
- Strong nearby employers and top-of-metro dining density aid leasing and day-to-day convenience.
- 3-mile outlook shows growing households and incomes, expanding the renter pool and supporting occupancy stability.
- Risks: below-average neighborhood safety relative to metro and limited essential retail nearby warrant conservative underwriting and active management.