| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 26th | Poor |
| Demographics | 45th | Fair |
| Amenities | 45th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 591 E Buchtel Ave, Akron, OH, 44304, US |
| Region / Metro | Akron |
| Year of Construction | 1979 |
| Units | 21 |
| Transaction Date | 2024-12-13 |
| Transaction Price | $2,100,000 |
| Buyer | AOA BUCHTEL LLC |
| Seller | BUCHTEL ASSET LLC |
591 E Buchtel Ave Akron Multifamily Investment
High renter concentration in the surrounding neighborhood and strong everyday retail access point to steady tenant demand, according to WDSuite’s CRE market data. Occupancy is below the metro median, so pricing and leasing strategy should emphasize value and convenience to sustain stability.
The property sits in an Inner Suburb setting of Akron where neighborhood-level renter-occupied housing is high (renter concentration), offering a broad tenant base for multifamily operators. While the neighborhood’s occupancy is below the metro median among 180 Akron neighborhoods, sustained renter demand can support lease-up with the right positioning and operations, based on CRE market data from WDSuite.
Daily needs are well covered: the neighborhood ranks competitive among Akron neighborhoods for restaurant density and sits in the top decile nationally for grocery and pharmacy access. By contrast, parks, cafes, and childcare options are limited in this immediate pocket. The mix suggests convenience-driven livability that can aid retention even if lifestyle amenities require short drives.
Vintage matters for competitiveness: with a 1979 construction year, the asset is newer than the neighborhood’s older housing stock (average year built skews pre‑war). That positioning can help it compete against aging inventory; however, investors should still plan for targeted system upgrades or modernization to meet today’s renter expectations.
Demographic indicators aggregated within a 3‑mile radius show a large workforce-age cohort today and a projected increase in households over the next five years. This points to a larger tenant base and potential renter pool expansion, supporting occupancy management and renewal strategies even as the broader population trend has been mixed in recent years.
Safety trends are mixed relative to the Akron metro. The neighborhood’s overall crime position sits below the metro average (ranked in the weaker half among 180 Akron neighborhoods), and it trails national safety norms. That said, recent data show property offenses moving lower year over year, indicating incremental improvement. Operators should account for these dynamics in security, lighting, and resident communication plans.
Proximity to major employers supports workforce housing demand and commute convenience, notably in utilities, manufacturing, and consumer goods. The following nearby employers anchor the area’s job base and can help sustain leasing and retention.
- FirstEnergy — utilities HQ (1.1 miles) — HQ
- Goodyear Tire & Rubber — manufacturing HQ (1.7 miles) — HQ
- Erie Insurance Group — insurance offices (16.2 miles)
- Norfolk Southern Motor Yard — rail operations (18.0 miles)
- J.M. Smucker — consumer goods HQ (20.8 miles) — HQ
This 1979, 21‑unit asset offers positioning advantages versus older neighborhood stock while serving a renter-heavy submarket. Neighborhood occupancy is below the metro median, but high renter concentration and strong access to daily-needs retailers can support steady demand with value-forward operations. According to commercial real estate analysis from WDSuite, local rents sit below national norms and rent-to-income levels indicate manageable affordability pressure, which can aid retention if expenses are controlled.
Forward-looking 3‑mile demographics point to growth in households and higher incomes over the next five years, implying a larger tenant base and room for strategic upgrades. Investors should balance these tailwinds against risks from softer neighborhood occupancy and a high-cost-of-capital environment by emphasizing asset quality, security, and disciplined leasing.
- Newer-than-area vintage (1979) enhances competitiveness versus older local stock; plan selective system and finish updates
- High neighborhood renter concentration supports depth of tenant demand and renewal potential
- Strong grocery/pharmacy access and nearby employers bolster leasing and day-to-day convenience
- 3-mile outlook shows household and income growth, supporting rent optimization and occupancy stability
- Risks: below-metro neighborhood occupancy and competitive homeownership costs require disciplined pricing, security, and expense control