| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 69th | Good |
| Amenities | 55th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3350 Prange Dr, Cuyahoga Falls, OH, 44223, US |
| Region / Metro | Cuyahoga Falls |
| Year of Construction | 1988 |
| Units | 20 |
| Transaction Date | 2015-12-10 |
| Transaction Price | $275,000 |
| Buyer | FRIENDSHIP TERRACE LP |
| Seller | CEDAR DEVELOPMENT INC |
3350 Prange Dr, Cuyahoga Falls Multifamily Investment
Neighborhood indicators point to steady renter demand and manageable affordability pressures, according to WDSuite’s CRE market data for the surrounding area. The asset’s 20 units offer scale for professional management in an inner-suburban setting of the Akron, OH metro.
Located in an Inner Suburb of the Akron, OH metro, the neighborhood rates competitively among 180 metro neighborhoods (overall grade: A). Area occupancy is in the low 90% range at the neighborhood level and has edged down modestly over the past five years, suggesting stable leasing conditions with some attention needed on retention and renewals.
Livability supports workforce and professional renter appeal. Cafe density is competitive for the metro, parks access is solid, and grocery options are average, though pharmacy presence is limited in the immediate area. Average school ratings sit near the national middle, which can be neutral for family-oriented demand.
At the neighborhood level, the renter-occupied share is roughly one-third of housing, indicating a moderate but reliable tenant base for multifamily. With a rent-to-income ratio around 0.12 locally, affordability pressure appears manageable, which can support lease retention and lower turnover risk.
Within a 3-mile radius, WDSuite data show modest population growth recently and a projected increase by the middle of the decade, alongside a notable rise in household counts and a gradual decrease in average household size. Together, these trends point to a larger tenant base and sustained demand for rental units over time.
Home values in the neighborhood are elevated for the region, and median household incomes are strong relative to national norms. In high-cost ownership pockets, renters often remain in multifamily longer, supporting occupancy stability and pricing power when units are well-positioned and maintained.
Safety indicators compare favorably on a national basis. Violent-offense rates score in a high national percentile (top quartile), and property-offense rates also trend better than the national middle, according to WDSuite’s neighborhood benchmarks. Recent year-over-year readings indicate incremental improvement in both categories. Conditions can vary within short distances, so property-level operations and lighting, access control, and resident engagement remain important.
Proximity to established employers underpins renter demand via short commutes to utilities, manufacturing, rail operations, distribution, and industrial gases. The following nearby employers shape the local employment base:
- FirstEnergy — utilities (5.1 miles) — HQ
- Goodyear Tire & Rubber — tire manufacturing (6.8 miles) — HQ
- Norfolk Southern Motor Yard — rail operations (12.5 miles)
- Home Depot Distribution Center — distribution & logistics (15.8 miles)
- Airgas Merchant Gases — industrial gases (18.3 miles)
3350 Prange Dr is a 20-unit asset built in 1988, pairing efficient scale with larger floor plans (average unit size about 1,326 sq. ft.). The vintage suggests selective modernization or system upgrades could capture value-add upside while keeping capital planning disciplined. Neighborhood-level occupancy sits in the low 90% range and has eased slightly over five years; paired with a moderate renter-occupied share, this points to durable but competitive leasing that rewards differentiated unit quality and management.
Elevated home values and solid local incomes support renter reliance on multifamily housing, while a low rent-to-income ratio indicates manageable affordability pressure that can aid retention. Within a 3-mile radius, WDSuite trends point to population growth and a meaningful increase in households ahead, implying a larger tenant base and support for occupancy stability. These dynamics, according to CRE market data from WDSuite, are consistent with inner-suburban locations that can deliver steady performance when assets are well maintained and appropriately positioned.
- 1988 vintage with targeted value-add and system updates to enhance competitive positioning
- Larger average unit sizes (~1,326 sq. ft.) support resident retention and pricing power
- Neighborhood occupancy in the low 90% range with manageable affordability pressure supports steady cash flow
- 3-mile area shows population growth and rising household counts, expanding the tenant base
- Risk: slight five-year softening in neighborhood occupancy and limited pharmacy amenities warrant proactive leasing and resident services