| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 45th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 409 Brown St, Akron, OH, 44311, US |
| Region / Metro | Akron |
| Year of Construction | 1999 |
| Units | 21 |
| Transaction Date | 2020-02-21 |
| Transaction Price | $1,646,000 |
| Buyer | RJED CORP |
| Seller | VARGO MICHAEL |
409 Brown St Akron 21-Unit Multifamily
Neighborhood renter concentration is high, supporting a larger tenant base even as occupancy trends run below metro norms, according to WDSuite’s CRE market data. Expect leasing to be driven by workforce demand and proximity to major employers rather than lifestyle amenities.
409 Brown St sits in an Inner Suburb pocket of Akron where renter-occupied housing is a defining feature. The neighborhood’s renter concentration is among the highest in the metro (ranked 3rd of 180 neighborhoods), which indicates depth for multifamily leasing and renewal activity. By contrast, neighborhood occupancy runs below both metro and national norms (ranked 171st of 180; national percentile 17), suggesting investors should underwrite to more conservative lease-up and retention assumptions while focusing on operational execution.
Daily-needs access is a relative strength. Grocery and pharmacy density rank near the top of the Akron metro (grocery rank 10th of 180; pharmacy rank 6th of 180), and restaurants are also competitive (14th of 180). However, parks, cafes, and childcare options are sparse in this immediate area (each ranked near the bottom of 180), so resident demand here is more utility-driven than amenity-led.
The 1999 construction is newer than the area’s average vintage of 1927, positioning the asset competitively versus older stock. Investors can emphasize modernization and selective system updates to further differentiate against pre-war comparables while planning for typical late-1990s building system lifecycles.
Within a 3-mile radius, demographics point to a stable renter base with upside. Households have edged higher in recent years even as population softened modestly, and forecasts to 2028 indicate growth in both population and households, implying a larger tenant base over the medium term. Median contract rents in the 3-mile area have risen over the last five years, and neighborhood-level rent-to-income of 0.27 signals manageable affordability pressure, supporting lease retention with prudent rent management. Based on CRE market data from WDSuite, home values in the immediate neighborhood are low relative to income, which can introduce some competition from entry-level ownership; operators should lean on convenience, quick maintenance response, and flexible lease terms to sustain occupancy.
Safety indicators in this neighborhood trend below metro and national averages (crime rank 101st of 180 Akron neighborhoods; national percentile 28). For investors, this calls for thoughtful on-site management practices—lighting, access controls, and community standards—to support resident experience and retention.
Recent data show mixed momentum: estimated property offenses declined year over year (approximately a 10.5% decrease; about median nationally for improvement), while estimated violent offenses rose modestly. Framing performance relative to the region is prudent in underwriting and marketing, and aligning security measures with resident expectations can help stabilize leasing.
Proximity to established employers supports workforce demand and commute convenience for residents. Key nearby anchors include energy utilities, tire manufacturing headquarters, insurance, rail operations, and branded consumer goods.
- FirstEnergy — energy utility (1.0 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing (1.84 miles) — HQ
- Erie Insurance Group — insurance (15.85 miles)
- Norfolk Southern Motor Yard — rail operations (18.37 miles)
- J.M. Smucker — branded consumer goods (20.16 miles) — HQ
This 21-unit, 1999-vintage property benefits from a deep renter pool in an Inner Suburb of Akron and proximity to major employment centers. Compared with much older neighborhood stock, the asset’s vintage offers competitive positioning and a clear path for value-add through targeted updates rather than full repositioning. According to CRE market data from WDSuite, neighborhood occupancy trails metro norms, so returns hinge on disciplined leasing, resident services, and expense control rather than outsized rent growth assumptions.
Neighborhood fundamentals skew toward utility and workforce demand: strong access to grocery, pharmacy, and restaurants; modest lifestyle amenities; and a very high share of renter-occupied units that supports ongoing tenant demand. Within a 3-mile radius, forecasts indicate growth in both population and households by 2028, pointing to a larger renter base that can support occupancy stability with prudent management. Ownership costs nearby are relatively low, which can create competition from entry-level buying; operators should emphasize convenience, responsiveness, and unit quality to sustain pricing power.
- 1999 vintage out-competes older neighborhood stock; targeted modernization offers value-add potential
- High renter concentration (ranked 3rd of 180 in Akron) supports tenant demand depth
- Daily-needs access (grocery, pharmacy, restaurants) underpins workforce appeal
- 3-mile forecasts show growth in population and households, reinforcing the renter pipeline
- Risks: below-metro occupancy and safety metrics require strong on-site management and conservative underwriting