| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Fair |
| Demographics | 54th | Fair |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2607 3rd St, Cuyahoga Falls, OH, 44221, US |
| Region / Metro | Cuyahoga Falls |
| Year of Construction | 1976 |
| Units | 24 |
| Transaction Date | 2004-06-04 |
| Transaction Price | $2,250,000 |
| Buyer | FRY RICHARD B |
| Seller | SILVERWOOD APARTMENTS INC |
2607 3rd St, Cuyahoga Falls Multifamily Opportunity
Neighboring submarket fundamentals point to steady renter demand and high occupancy, according to WDSuite’s CRE market data, offering investors a practical entry to a stable Akron-area rental corridor.
Situated in Cuyahoga Falls within the Akron, OH metro, the property benefits from a neighborhood rated A and positioned among stronger-performing Akron neighborhoods for day‑to‑day convenience. Grocery access is a standout (ranked 5th out of 180 metro neighborhoods), and cafes and restaurants are dense relative to the metro, supporting everyday livability that tends to help with leasing and renewals. Pharmacy options are thinner locally, which may modestly shift some errand trips to adjacent areas.
Occupancy in the neighborhood is competitive among Akron neighborhoods and tracks above national norms, reinforcing leasing stability for well‑positioned assets. Typical rents in the surrounding area remain manageable against local incomes, which can aid retention while still leaving room for measured rent steps where property quality justifies it.
Within a 3‑mile radius, demographics indicate a broadly stable population with a slight increase in households and a renter‑occupied share around two‑fifths of units. This renter concentration suggests a meaningful tenant base for mid‑scale multifamily, while forecast data points to modest population growth and smaller household sizes over the next five years—conditions that generally support ongoing demand for rental units.
The area’s housing stock skews older on average, and a 1976 vintage positions this asset as newer than much of the surrounding inventory—often an advantage versus mid‑century properties. For investors, that can translate to relative competitiveness with nearby stock, while still planning for systems modernization or targeted value‑add to meet current resident expectations.
Safety indicators benchmark well versus national comparisons. Recent data shows violent incident rates in the top decile nationally (safer than most neighborhoods), and property crime measures are in the upper quartile nationally. That said, the latest year reflects a noticeable uptick in property incidents; investors may wish to monitor trendlines and emphasize lighting, access control, and resident engagement to maintain on‑site safety perception.
Proximity to major employers underpins workforce housing demand and commute convenience, with nearby corporate anchors spanning utilities, manufacturing, rail logistics, distribution, and industrial gases.
- FirstEnergy — utilities HQ (4.7 miles) — HQ
- Goodyear Tire & Rubber — manufacturing HQ (5.9 miles) — HQ
- Norfolk Southern Motor Yard — rail logistics (13.4 miles)
- Home Depot Distribution Center — distribution (16.4 miles)
- Airgas Merchant Gases — industrial gases (19.5 miles)
This 24‑unit, 1976‑vintage asset sits in an A‑rated neighborhood with strong amenity access and competitive occupancy—factors that typically support leasing stability and steady collections. Newer than much of the nearby housing stock, the property can compete well against older inventory while benefiting from targeted modernization to capture renter preferences. According to CRE market data from WDSuite, neighborhood occupancy trends are above national norms, and local rent levels remain manageable relative to incomes—conditions that can support retention while permitting disciplined rent growth tied to upgrades and service quality.
Within a 3‑mile radius, households have inched higher and are projected to grow further as household sizes trend smaller, expanding the renter pool over time. Ownership costs in the area remain relatively accessible, which can create some competition with entry‑level ownership; however, a sizable renter‑occupied share and proximity to large employers sustain depth of demand for well‑run multifamily.
- Competitive neighborhood occupancy supports leasing stability
- 1976 vintage offers an edge versus older local stock with value‑add potential
- Amenity‑rich location and major employers help sustain renter demand
- Manageable rent‑to‑income dynamics support retention and measured rent steps
- Risk: recent uptick in property crime warrants monitoring and proactive onsite measures