| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 36th | Fair |
| Demographics | 62nd | Good |
| Amenities | 40th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 737 Center Ave, Cuyahoga Falls, OH, 44221, US |
| Region / Metro | Cuyahoga Falls |
| Year of Construction | 1975 |
| Units | 31 |
| Transaction Date | 2015-06-17 |
| Transaction Price | $910,000 |
| Buyer | HOWE CENTER APARTMENTS LLC |
| Seller | CAMBRIA II LLC |
737 Center Ave Cuyahoga Falls Multifamily Investment
Neighborhood metrics point to steady renter demand and everyday convenience, while occupancy at the neighborhood level has softened versus metro norms, according to WDSuite’s CRE market data—supporting a cautious value-add positioning.
Cuyahoga Falls’ inner-suburb setting offers practical access to daily needs: grocery density is competitive among Akron neighborhoods and restaurant options are solid, though parks, pharmacies, and cafes are limited within the immediate neighborhood. Childcare availability ranks competitively in the metro, which can support retention for workforce renters. School ratings are not available in the current dataset.
At the neighborhood level, occupancy has trended below the metro median in recent years, suggesting more selective leasing conditions but also potential for investors to capture upside through targeted improvements and management execution. Median asking rents in the area have grown over the last five years, and within a 3-mile radius, contract rents are projected to continue rising, which can reinforce pricing power when paired with asset-level upgrades.
Tenure patterns indicate a meaningful renter-occupied share of housing units in the neighborhood, providing depth to the tenant base and supporting leasing velocity for multifamily assets. Within a 3-mile radius, households have inched higher even as population was roughly flat to slightly down, indicating smaller household sizes and a renter pool that can sustain demand for well-managed apartments. Forecasts call for notable growth in total households over the next five years within this 3-mile area, expanding the local tenant base and supporting occupancy stability.
The property’s 1975 construction is newer than the neighborhood’s average vintage, positioning it competitively against older stock while still offering opportunities to modernize building systems and finishes. Home values in the surrounding area are relatively moderate for the region; this can introduce some competition from ownership alternatives, but it also underscores the role of multifamily as an accessible option that can support retention through value and convenience.
Safety indicators present a mixed but manageable picture. Compared with U.S. neighborhoods overall, recent violent and property offense rates are in stronger national percentiles, signaling comparatively favorable levels. However, year-over-year changes indicate a recent uptick that investors should monitor through ongoing leasing feedback and insurance diligence. Within the Akron metro context, overall crime positioning is closer to the middle of the pack, so underwriting should incorporate prudent reserves and standard security best practices.
The area draws from a diversified employment base anchored by utilities, manufacturing, and logistics, which supports commuter convenience and renter demand. Key nearby employers include FirstEnergy, Goodyear Tire & Rubber, Norfolk Southern, Home Depot distribution, and Airgas.
- FirstEnergy — utilities (4.6 miles) — HQ
- Goodyear Tire & Rubber — manufacturing (5.5 miles) — HQ
- Norfolk Southern Motor Yard — rail logistics (13.8 miles)
- Home Depot Distribution Center — distribution (16.8 miles)
- Airgas Merchant Gases — industrial gases (20.0 miles)
This 31-unit asset built in 1975 sits in an inner-suburb neighborhood with everyday conveniences and a renter base that supports leasing depth. At the neighborhood level, occupancy has been below the metro median, but rent growth has been positive and 3-mile household counts are projected to increase, pointing to demand that can reward focused renovations and operational discipline. Based on CRE market data from WDSuite, the asset’s newer-than-average vintage versus local stock provides a competitive footing, while modernization of systems and interiors can unlock value-add returns.
Affordability signals are balanced: area home values are moderate and rent-to-income levels suggest manageable renter affordability pressure, which can aid retention. The trade-off is potential competition from ownership options and the need to monitor recent safety trends; both can be addressed through prudent underwriting, targeted amenity upgrades, and resident experience initiatives.
- 1975 vintage is newer than neighborhood average, offering competitive positioning with clear modernization upside
- Renter-occupied share and diversified nearby employers support tenant base depth and leasing stability
- Positive rent trajectory and projected 3-mile household growth underpin revenue potential with upgrades
- Risk: neighborhood occupancy below metro median—execution and value-add needed to capture upside
- Risk: recent offense-rate uptick warrants ongoing monitoring and standard security measures