| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 45th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 508 E Buchtel Ave, Akron, OH, 44304, US |
| Region / Metro | Akron |
| Year of Construction | 1972 |
| Units | 23 |
| Transaction Date | 2024-12-13 |
| Transaction Price | $2,100,000 |
| Buyer | AOA BUCHTEL LLC |
| Seller | BUCHTEL ASSET LLC |
508 E Buchtel Ave Akron Multifamily Value-Add
Renter demand is supported by a high renter concentration nearby and strong daily-needs access, according to WDSuite’s CRE market data. This positioning can help stabilize operations while leaving room for selective upgrades to improve competitiveness.
Situated in Akron’s inner-suburban fabric, the property benefits from practical amenities that matter to renters. Neighborhood data indicate strong access to groceries and pharmacies (both competitive nationally), while cafes and parks are limited—an operational consideration for marketing and tenant experience. Median rents in the immediate neighborhood trend below national norms, which can aid leasing velocity and retention, though it may moderate near-term pricing power.
Local occupancy in the neighborhood trails most Akron submarkets (ranked 171 of 180 metro neighborhoods), signaling softer demand at the block-group level and the need for focused leasing and renewal strategies. Counterbalancing that, the share of housing units that are renter-occupied within a 3-mile radius is roughly 60%, indicating a sizable tenant base that supports ongoing multifamily demand. Rent-to-income levels point to manageable affordability pressure, which can support renewal rates when paired with disciplined rent setting and service quality.
Within a 3-mile radius, demographics are broad-based with notable young-adult representation today and forecasts calling for population growth and a sizable increase in households by 2028. A rising household count and slightly smaller average household size would expand the renter pool and support occupancy stability for well-positioned assets.
The building’s 1972 vintage is newer than much of the surrounding housing stock. That relative positioning can be an advantage versus older product, while still leaving room for targeted capital improvements to systems and interiors to sharpen competitiveness and capture value-add upside.
Safety indicators for the neighborhood are mixed and should be monitored alongside property-level operations. The area ranks 101 out of 180 Akron metro neighborhoods for crime, which is below the metro median and aligns with a lower national safety percentile. Recent trends are nuanced: property offenses have declined year over year, while violent incidents ticked up modestly. Investors commonly address this profile with lighting, access control, and resident engagement, and by aligning marketing to workforce renters who prioritize proximity and price.
Proximity to established employers underpins renter demand and commuting convenience, led by utilities, manufacturing, insurance, rail logistics, and food products within a regional drive.
- FirstEnergy — utilities (0.9 miles) — HQ
- Goodyear Tire & Rubber — tires manufacturing (1.8 miles) — HQ
- Erie Insurance Group — insurance (16.2 miles)
- Norfolk Southern Motor Yard — rail logistics (18.0 miles)
- J.M. Smucker — food products (20.7 miles) — HQ
This 23-unit, 1972-vintage asset offers a practical value-add angle in an inner-suburban Akron location with strong daily-needs access. The neighborhood’s rent levels sit below national norms, supporting leasing velocity and renewal potential, while a roughly 60% renter concentration within a 3-mile radius points to depth in the tenant base. According to CRE market data from WDSuite, local occupancy in the immediate neighborhood lags many Akron peers, reinforcing the importance of hands-on leasing, targeted turns, and amenity-light operational efficiency.
Relative to older nearby housing stock, the property’s vintage can be competitive with selective modernization of interiors and building systems. Employer proximity—including utilities and manufacturing headquarters—adds commuting convenience that can support steady demand. Forward-looking demographics within 3 miles indicate population growth and a sizable increase in households by 2028, which would expand the renter pool and help stabilize occupancy for well-managed assets.
- Value-add upside: 1972 vintage positions well versus older stock with targeted updates
- Depth of demand: ~60% renter-occupied units within 3 miles supports leasing
- Daily-needs convenience: strong grocery and pharmacy access aids retention
- Employer adjacency: nearby HQs and services bolster workforce renter appeal
- Risk: submarket occupancy lags (171 of 180) requires active leasing and renewal strategy