| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 32nd | Poor |
| Demographics | 53rd | Fair |
| Amenities | 53rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 480 Canton Rd, Akron, OH, 44312, US |
| Region / Metro | Akron |
| Year of Construction | 1978 |
| Units | 100 |
| Transaction Date | 2004-03-29 |
| Transaction Price | $4,397,461 |
| Buyer | JOYCE ELLET LP |
| Seller | TEAMSTER RETIREE APARTMENTS ELLET INC |
480 Canton Rd, Akron OH Multifamily Investment
Positioned in Akron’s inner-suburban fabric, this 100-unit asset benefits from steady neighborhood occupancy and everyday convenience, according to WDSuite’s CRE market data. The area’s renter demand skews stable, with amenities and employment access supporting leasing durability.
Livability fundamentals are anchored by everyday retail and services. Restaurant density ranks in the top quartile among 180 Akron metro neighborhoods, and both grocery and pharmacy access also place in the top quartile, while cafes and parks are limited. For investors, this mix points to practical convenience that supports retention even if lifestyle amenities are thinner.
Neighborhood occupancy is 93.8% (64th percentile nationally), indicating resilient utilization versus national norms, based on CRE market data from WDSuite. Median contract rents in the neighborhood sit below national levels, and the rent-to-income ratio of 0.12 suggests manageable affordability pressure—a supportive backdrop for lease management and pricing discipline.
The property’s 1978 vintage is newer than the neighborhood’s average construction year (1963). That positioning can offer a competitive edge over older stock, while still warranting targeted modernization planning for aging systems or value-add finishes to enhance rentability.
Tenure patterns indicate a renter-occupied share around 29% (above the national median), which implies a sufficient tenant base for multifamily leasing. Within a 3-mile radius, households have inched higher over the past five years even as population edged down, pointing to smaller household sizes and a steady renter pool. Forecasts show further increases in household counts alongside smaller average household size, which can expand the addressable renter base and support occupancy stability over time.
School ratings average about 2.0/5 (above the metro median but below national norms). While not a primary driver for most workforce tenants, this factor can influence certain household segments and should be reflected in marketing and unit-mix strategies.
Safety indicators are mixed. The neighborhood ranks 79th out of 180 Akron metro neighborhoods for crime, placing it above the metro median, while national comparisons sit below the median (mid-30s percentiles). Property offenses have declined year over year (improvement placed above the national median), which signals some recent momentum, but investors should underwrite prudent security measures and emphasize well-lit common areas and access controls.
Proximity to major employers helps sustain a broad renter base and commute convenience. Nearby corporate anchors include Goodyear, FirstEnergy, Erie Insurance Group, Norfolk Southern Motor Yard, and J.M. Smucker, supporting consistent leasing exposure to office, industrial, and services employment.
- Goodyear Tire & Rubber — manufacturing (2.1 miles) — HQ
- FirstEnergy — utilities (4.8 miles) — HQ
- Erie Insurance Group — insurance (14.0 miles)
- Norfolk Southern Motor Yard — rail operations (20.2 miles)
- J.M. Smucker — consumer packaged goods (21.9 miles) — HQ
This 100-unit community sits in an inner-suburban Akron location where essential retail access, top-quartile restaurant and grocery presence, and above-median neighborhood occupancy support durable demand. The area’s rent-to-income ratio of 0.12 indicates manageable affordability pressure that can aid retention, and median rents remain below national levels, providing room for disciplined revenue management as units are refreshed. According to CRE market data from WDSuite, neighborhood occupancy trends stand above national medians, reinforcing a stable leasing backdrop.
Built in 1978, the asset is newer than the neighborhood’s 1960s-era average, offering competitive positioning versus older comparables while still warranting selective capital projects to modernize systems and finishes. Within a 3-mile radius, households have increased despite modest population decline and are projected to grow further with smaller household sizes—a setup that can expand the renter pool and support occupancy stability over the medium term. Key risks include nationally below-median safety readings and school ratings, and potential competition from accessible ownership options in this market; underwriting should reflect prudent operating expenses and value-add pacing.
- Above-median neighborhood occupancy and practical amenity access support leasing stability
- 1978 vintage is newer than local averages, with targeted modernization upside
- Manageable rent-to-income profile provides room for disciplined pricing and retention
- Risks: below-median national safety and school scores; potential competition from ownership options