| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 84th | Best |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 559 Parkhill Dr, Akron, OH, 44333, US |
| Region / Metro | Akron |
| Year of Construction | 1996 |
| Units | 20 |
| Transaction Date | 1994-11-18 |
| Transaction Price | $200,000 |
| Buyer | PARK HILL PROPERTIES LTD LIABILITY CO |
| Seller | PERRINE GEORGE O |
559 Parkhill Dr, Akron OH Multifamily Opportunity
Owner-leaning but high-income neighborhood fundamentals support steady renter demand and pricing discipline, according to WDSuite’s CRE market data. Neighborhood occupancy is measured for the neighborhood, not this property, and trends point to resilient leasing conditions versus broader Akron.
This A+ suburban neighborhood ranks 3rd out of 180 Akron metro neighborhoods, indicating top-tier local fundamentals for multifamily investors. Amenity access is a clear strength: cafés rank competitively (4th of 180; top quartile nationally) with strong grocery and pharmacy density also scoring above national medians. Average school ratings are strong for the metro (13th of 180; top quartile nationally), reinforcing family-friendly appeal that can aid retention.
Rents in the neighborhood sit near the national midpoint while household incomes trend well above it, suggesting room for disciplined rent growth without overextending affordability. The local rent-to-income ratio is favorable for lease stability, and neighborhood occupancy sits above the national median, supporting consistent cash flow potential at stabilized assets.
Vintage context: the property was built in 1996, newer than the neighborhood’s average 1975 stock. That positioning typically enhances competitiveness versus older buildings, though investors should still plan for selective system updates or modernization to match current renter expectations.
Tenure dynamics are owner-leaning (renter-occupied share is below half), which implies a smaller but generally higher-income renter pool and potential for steady demand in quality, well-located multifamily. Within a 3-mile radius, recent population levels were broadly stable while household counts edged up, and WDSuite’s projections indicate household growth ahead, which would expand the local tenant base and support occupancy.
Safety indicators present a mixed picture. Relative to the Akron metro, the neighborhood’s crime rank (37th out of 180, where lower ranks indicate more crime) suggests it sits closer to the metro’s higher-incident cohort. However, compared with neighborhoods nationwide, WDSuite’s data places violent and property offense risk in stronger percentiles, indicating better-than-average safety in the national context.
Recent year-over-year changes show upticks in both violent and property offense rates, so investors should monitor near-term trends and underwrite prudent security measures. As always, safety conditions vary within sub-areas and over time; investors typically validate block-level patterns with on-the-ground diligence and current comparables.
Proximity to established employers supports workforce housing demand and commute convenience, notably in utilities, manufacturing, logistics, and consumer goods. The following anchors contribute to a diversified employment base relevant to renter retention and leasing.
- FirstEnergy — utilities (5.6 miles) — HQ
- Goodyear Tire & Rubber — manufacturing (8.2 miles) — HQ
- Norfolk Southern Motor Yard — rail logistics (16.1 miles)
- Airgas Merchant Gases — industrial gases (19.6 miles)
- J.M. Smucker — consumer packaged goods (19.8 miles) — HQ
559 Parkhill Dr benefits from an A+ suburban setting with strong amenities and schools, neighborhood occupancy above the national median, and a high-income renter pool that supports stable leasing. Built in 1996, the asset is newer than much of the local stock, offering a competitive edge versus older vintages while leaving room for targeted value-add improvements.
Household incomes outpace national medians while neighborhood rents sit near mid-range levels, an attractive setup for disciplined growth and retention. Within a 3-mile radius, WDSuite’s projections point to gains in household counts, which would expand the tenant base and underpin occupancy stability; according to CRE market data from WDSuite, these dynamics are consistent with resilient demand in stronger Akron subareas.
- Newer 1996 vintage vs. local average, improving competitive positioning
- High-income households with mid-range neighborhood rents support pricing power
- Amenity and school strength (top-tier in metro) supports retention and leasing
- Employment anchors nearby reinforce workforce renter demand
- Risks: owner-leaning tenure limits renter depth; safety trends warrant monitoring; park access is limited