| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 38th | Fair |
| Demographics | 35th | Poor |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 520 Massillon Rd, Akron, OH, 44306, US |
| Region / Metro | Akron |
| Year of Construction | 1972 |
| Units | 20 |
| Transaction Date | 2022-12-08 |
| Transaction Price | $2,000,000 |
| Buyer | CEDARWOOD LIVING LLC |
| Seller | MARTINEZBER LLC |
520 Massillon Rd, Akron OH Multifamily Opportunity
Neighborhood occupancy trends are steady with improving direction, supporting lease stability for smaller-unit product, according to WDSuite’s CRE market data. Pricing sits at the more accessible end of the Akron spectrum, which can aid retention while limiting near-term pricing power.
520 Massillon Rd sits in an Inner Suburb of Akron where neighborhood fundamentals favor stable, workforce rental demand. The neighborhood’s occupancy is around the 60th percentile nationally with a positive five-year trend, based on CRE market data from WDSuite, suggesting resilient absorption for well-managed assets.
Daily-needs access is a relative strength: grocery presence ranks competitively (49 of 180 metro neighborhoods), and restaurant density is in the upper tier locally and around the 83rd percentile nationwide. By contrast, cafes, parks, childcare, and pharmacies are sparse within the neighborhood footprint. For investors, this mix points to convenience for essentials but limited lifestyle amenities that may cap premium positioning.
Renter-occupied housing accounts for a meaningful share of units in the neighborhood (ranked 49 of 180 in the metro and higher than most U.S. neighborhoods), indicating a solid tenant base for multifamily. Median contract rents in the neighborhood track below national medians, which can support retention and lease-up velocity but may temper short-term rent growth without upgrades.
Within a 3-mile radius, recent population drifted slightly lower while household counts held roughly steady; forward-looking data show modest population growth and an increase in households alongside smaller household sizes. For investors, that points to a broader renter pool over time and supports occupancy stability, even if per-household space needs shift. Average school ratings are below national norms, which can influence unit mix appeal but is less determinative for smaller units. Home values are comparatively low for the U.S., creating potential competition from ownership options and requiring disciplined pricing and amenity strategy to maintain leasing momentum.
Built in 1972, the property is newer than much of the neighborhood’s housing stock (average vintage 1958). That relative age advantage can support competitive positioning versus older comparables, while investors should still plan for ongoing systems modernization and selective value-add to elevate rent potential.
Safety indicators place the neighborhood around the metro middle by rank (88 of 180 Akron neighborhoods), while national percentiles signal more reported incidents than many U.S. neighborhoods. Violent and property offense measures sit in lower national percentiles; however, the most recent year shows a decline in estimated property offenses, indicating some improvement in trend.
For underwriting, this suggests balanced, not outsized, security considerations: standard property-level measures and lighting, plus resident screening and partnerships with local patrols, typically align with investor expectations for similar Akron submarkets.
Proximity to major employers underpins workforce housing demand and commute convenience, including Goodyear, FirstEnergy, Erie Insurance, Norfolk Southern facilities, and J.M. Smucker. These anchors support leasing durability across economic cycles.
- Goodyear Tire & Rubber — manufacturing HQ & corporate offices (1.1 miles) — HQ
- FirstEnergy — utilities corporate offices (3.8 miles) — HQ
- Erie Insurance Group — insurance offices (13.9 miles)
- Norfolk Southern Motor Yard — rail operations (20.2 miles)
- J.M. Smucker — branded foods corporate offices (20.8 miles) — HQ
This 20-unit asset of smaller-format apartments at 520 Massillon Rd benefits from steady neighborhood occupancy, essential retail access, and a sizable renter base. According to CRE market data from WDSuite, the neighborhood’s occupancy trends are stable with incremental improvement, supporting consistent lease-up for efficient-unit product. Rents in the area sit below national medians, which helps retention and keeps the address competitive in workforce segments, while home values are relatively low for the U.S., implying some competition from ownership alternatives and the need for disciplined rent management.
Constructed in 1972, the property is newer than much of the surrounding housing stock, offering a positioning edge versus older comparables. Targeted capital to modernize building systems and finishes can unlock value-add returns and improve pricing power, especially given proximity to large employment centers like Goodyear and FirstEnergy that broaden the tenant pool. Forward-looking 3-mile demographics indicate modest population growth and a notable increase in households with smaller sizes, which supports gradual renter pool expansion and occupancy stability over the hold period.
- Stable neighborhood occupancy and resilient absorption underpin baseline cash flow
- Workforce pricing supports retention; value-add can drive rent lift
- 1972 vintage is newer than local stock, easing competitive positioning vs. older assets
- Employer proximity (Goodyear/FirstEnergy) broadens tenant base and supports leasing
- Risks: below-average school ratings, limited lifestyle amenities, and ownership competition may temper premium rents