| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 44th | Good |
| Demographics | 63rd | Good |
| Amenities | 60th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3780 S Viona Dr, Coventry Township, OH, 44319, US |
| Region / Metro | Coventry Township |
| Year of Construction | 1986 |
| Units | 23 |
| Transaction Date | 2011-09-08 |
| Transaction Price | $1,200,000 |
| Buyer | PORTAGE LAKES INVESTMENTS LLC |
| Seller | COVETRY LTD |
3780 S Viona Dr Coventry Township 23-Unit Multifamily
Neighborhood occupancy is competitive in the Akron metro and has trended upward, supporting stable leasing conditions according to WDSuite’s CRE market data. Renter demand is reinforced by a moderate renter-occupied housing share and everyday amenities nearby.
The property sits in an Inner Suburb of the Akron, OH metro that is competitive among Akron neighborhoods (ranked 29 out of 180). Local occupancy in the neighborhood is strong and above the metro median (rank 58 of 180) and sits in the top quartile nationally by percentile, signaling steady tenant retention rather than lease-up risk.
Everyday needs are well covered: grocery and pharmacy density score above national midpoints, and cafes and restaurants test above metro medians, which helps support renter convenience and leasing stickiness. Park access is limited within the neighborhood (ranked 180 of 180), so outdoor recreation is more destination-based rather than walk-up.
Construction vintage in the neighborhood skews older (average 1964), while this asset was built in 1986. Being newer than much of the local stock can provide a relative competitive edge, though investors should still evaluate system modernization and common-area updates to meet current renter expectations.
Within a 3-mile radius, recent data show a slight population contraction alongside essentially flat household counts, with projections indicating an increase in households and smaller average household size over the next five years. That mix points to a gradually expanding renter pool and demand for smaller-format rental units, which can support occupancy stability and turnover management.
Renter-occupied housing accounts for roughly a third of units in the neighborhood (about 36%, above the national midpoint). This level of renter concentration suggests a meaningful tenant base for multifamily operators while still coexisting with owner-occupied stock. Median home values are moderate for the region, which can introduce some competition from ownership options; however, rent-to-income levels are manageable locally, aiding renewal strategies and pricing discipline.
Safety indicators for the neighborhood align roughly with national averages by percentile, placing the area near the middle of peer neighborhoods nationwide. Compared with the Akron metro, the neighborhood s crime positioning is neither an outlier on the high nor low end.
Recent trends are mixed: property offense rates have improved year over year (ranked favorably by change within the metro), while violent offense rates increased over the same period. Investors may wish to monitor these trends over multiple periods and compare them against submarket and citywide patterns for context.
Proximity to major employers underpins local renter demand, with a strong base across manufacturing, utilities, insurance, and consumer goods within a commutable radius. Notable nearby employers include Goodyear Tire & Rubber, FirstEnergy, Erie Insurance Group, The J.M. Smucker Company, and Norfolk Southern.
- Goodyear Tire & Rubber manufacturing (5.6 miles) HQ
- FirstEnergy utilities (6.4 miles) HQ
- Erie Insurance Group insurance (11.2 miles)
- J.M. Smucker consumer goods (15.4 miles) HQ
- Norfolk Southern Motor Yard rail operations (23.9 miles)
This 1986-vintage, 23-unit asset benefits from a neighborhood with competitive Akron-metro occupancy and top-quartile national standing by percentile, supporting leasing stability. Being newer than the neighborhood 19s average 1960s stock positions the property well versus older comparables, while still leaving scope for targeted upgrades to enhance rentability. According to CRE market data from WDSuite, the area 19s renter-occupied share and steady amenity coverage help sustain demand, though limited park access is a consideration for some renter segments.
Affordability signals are balanced: rent-to-income levels track as manageable, which supports retention and collections, while moderate home values suggest potential competition from ownership alternatives. Nearby anchor employers across manufacturing, utilities, insurance, and consumer goods widen the tenant base and can support occupancy through cycles. Looking forward, projections within a 3-mile radius point to an increase in households and smaller household sizes, indicating gradual renter pool expansion that can aid renewal velocity and pricing discipline.
- Competitive neighborhood occupancy with top-quartile national positioning supports leasing stability
- 1986 vintage is newer than area average, offering relative competitiveness with potential for selective value-add
- Diverse nearby employers broaden the renter base and aid retention through cycles
- Manageable rent-to-income levels support renewals and collections
- Risks: limited park access and competition from ownership options may temper pricing power