| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Best |
| Demographics | 84th | Best |
| Amenities | 68th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 580 Parkhill Dr, Akron, OH, 44333, US |
| Region / Metro | Akron |
| Year of Construction | 1995 |
| Units | 20 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
580 Parkhill Dr Akron Multifamily Investment Potential
Neighborhood occupancy trends are steady and supported by higher-income households, according to WDSuite’s CRE market data, pointing to durable renter demand for well-maintained assets. Positioning focuses on retention and quality-of-life advantages rather than deep value pricing.
The property sits in an A+ rated suburban neighborhood that is competitive among Akron neighborhoods (ranked 3 out of 180). Local fundamentals favor day-to-day convenience: café density ranks 4th of 180 and scores in the 93rd percentile nationally, with groceries and pharmacies also testing in the 80th+ percentiles. School quality averages 4.0 out of 5 and is in the 84th percentile nationally, a profile that tends to support family-oriented renter retention.
At the neighborhood level, occupancy is healthy and above the national median (64th percentile), while contract rents track near the national middle, offering room for programmatic upgrades to influence pricing power. The building’s 1995 vintage is newer than the neighborhood’s older housing stock (average year 1975), suggesting relative competitiveness against legacy properties, though investors should budget for aging systems and selective modernization.
Renter-occupied share is lower at the neighborhood scale (roughly one-fifth to one-quarter of units), indicating a primarily owner-occupied area with a stable, higher-income resident base. For investors, that typically means a focused but reliable tenant pool and lower turnover, with leasing velocity linked more to product quality and management than to concessions-driven demand.
Demographics within a 3-mile radius show recent stability with a modest population dip but an expected expansion in both population and households over the next five years, pointing to a larger tenant base over time. Median household incomes rank in the mid-to-high percentiles nationally, which supports occupancy stability and the ability to sustain modest rent steps without outsized affordability pressure.
Ownership costs sit above many nearby areas (median home values around the national 60th percentile), which helps sustain reliance on multifamily housing for some households. At the same time, a relatively accessible value-to-income ratio indicates some competition from ownership, making product differentiation and service levels important for lease retention.
Safety indicators compare favorably to many U.S. neighborhoods, with violent and property offense rates testing in the top quintile for safety nationally (around the 80th–86th percentiles). This positions the area as above the national average from a comparative-risk standpoint.
Year-over-year trends show recent increases in reported offenses, so investors should monitor trajectory alongside property-level measures and resident feedback. Within the Akron metro context, neighborhood results are broadly competitive; however, prudent underwriting should incorporate current trend monitoring rather than assuming continued improvement.
Nearby headquarters and operations underpin a broad white-collar and industrial employment base that supports renter demand and commute convenience, including FirstEnergy, Goodyear Tire & Rubber, Norfolk Southern Motor Yard, Airgas, and J.M. Smucker.
- FirstEnergy — utilities (5.5 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing (8.1 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (16.2 miles)
- Airgas Merchant Gases — industrial gases (19.7 miles)
- J.M. Smucker — consumer foods (19.8 miles) — HQ
This 1995, 20-unit asset offers relative competitiveness versus older neighborhood stock and benefits from steady neighborhood occupancy and strong local incomes. Based on CRE market data from WDSuite, neighborhood occupancy tests above the national median while rents sit near the middle, creating a path for value through targeted upgrades and disciplined operations. Within a 3-mile radius, projections point to population growth and a sizable increase in households, expanding the renter pool and supporting long-run leasing stability.
Investor considerations include a primarily owner-occupied setting that concentrates demand among higher-income renters—positive for retention but requiring product differentiation. Affordability indicators (low rent-to-income at the neighborhood scale) support ongoing rent collections, while relatively accessible ownership means lease management and service quality matter to mitigate move-outs. Safety benchmarks are favorable nationally, but recent year-over-year crime gains warrant monitoring and proactive property-level measures.
- 1995 vintage outcompetes older local stock; plan for selective system upgrades
- Healthy neighborhood occupancy with mid-market rents offers operational upside
- 3-mile projections show growth in population and households, expanding the tenant base
- Higher-income renter profile supports retention and stable collections
- Risks: rising year-over-year crime trends, limited nearby parks, and competition from ownership