| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 68th | Best |
| Amenities | 42nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 293 Maplewood Dr, Cortland, OH, 44410, US |
| Region / Metro | Cortland |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | $2,200,000 |
| Buyer | VT LARNEY II LTD |
| Seller | CORTLAND COURTS REALTY TRUST |
293 Maplewood Dr Cortland Multifamily Value-Add Opportunity
In a predominantly owner-occupied pocket of Cortland, neighborhood-level occupancy trends have been steady and schools rate well, according to WDSuite’s CRE market data. The setting supports durable workforce demand while offering investors operational levers tied to modernization and management efficiency.
Located in Cortland within the Youngstown–Warren–Boardman metro, the neighborhood rates A and is competitive among metro peers (14th of 222 neighborhoods). Amenity access is balanced for a suburban location, with cafes and everyday retail density landing above national midpoints, while park access is limited—an item to weigh in positioning common areas and on-site amenities.
The property’s 1973 vintage is slightly older than the neighborhood’s average construction year (late 1970s). For investors, that points to straightforward capital planning: exterior refresh, systems upgrades, and in-unit renovations can sharpen competitive standing versus newer stock while supporting rent trade-outs in line with local multifamily property research.
Household and demographic indicators are aggregated within a 3-mile radius. Over the last five years, population and family counts in the radius have inched up, and households grew modestly, indicating a stable tenant base. Looking ahead, forecasts show a dip in total population but an increase in household count and a slight reduction in average household size—conditions that can expand the renter pool even as headcounts shift, supporting occupancy stability for appropriately sized units.
Tenure skews heavily toward ownership (renter-occupied share is in the high teens both in the neighborhood and the 3-mile radius), which implies a smaller but durable renter base. With median household incomes rising and rent levels still relatively accessible, ownership costs may remain competitive; however, this dynamic can reinforce lease retention for quality rentals and support measured pricing power when renovations elevate finish levels. School quality sits in the top decile nationally, a family-friendly signal that can aid retention in larger floor plans.
Safety compares favorably at the national level, with both property and violent offense measures landing above national midpoints and showing notable year-over-year improvement. Within the metro, the neighborhood’s crime rank (25 of 222) indicates more incidents than many local peers, so operators should maintain standard security practices and lighting, but the national positioning and improving trendlines suggest a manageable risk profile for workforce-oriented assets.
Proximity to transportation, logistics, manufacturing, and insurance employers supports commuter convenience and broad renter demand drawn to workforce housing near Cortland. The list below covers nearby rail operations, distribution, industrial manufacturing, insurance campuses, and regional headquarters that can underpin leasing stability.
- Norfolk Southern — rail transportation (13.7 miles)
- Home Depot Distribution Center — distribution & logistics (39.1 miles)
- Parker-Hannifin — industrial manufacturing (40.6 miles) — HQ
- Progressive Discovery Building — insurance operations (40.8 miles)
- Progressive — insurance (40.9 miles) — HQ
This 24-unit asset offers a pragmatic value-add path in a suburban A-rated neighborhood that is competitive within the Youngstown–Warren–Boardman metro. The 1973 vintage suggests targeted renovations—mechanicals, exteriors, and interior finishes—can reposition the asset against predominantly late-1970s stock. Renter concentration is modest, yet incomes are healthy and school quality is strong, supporting retention and occupancy stability when product is well-maintained and unit mixes align with family demand. Based on CRE market data from WDSuite, neighborhood-level affordability remains supportive relative to local incomes, indicating room for disciplined rent optimization following upgrades.
Forward-looking demographics within a 3-mile radius point to a nuanced setup: total population is expected to soften, but household counts are projected to rise and average household size to edge lower. This combination typically broadens the tenant base for well-located multifamily, while low rent-to-income levels and steady safety trends provide a foundation for consistent cash flows. Key risks include a smaller renter pool in an ownership-leaning market and the need for capital to modernize 1970s physical plant.
- 1973 vintage presents clear value-add and systems upgrade opportunities
- A-rated, competitive neighborhood with strong schools aids tenant retention
- Household growth and smaller sizes within 3 miles support renter pool expansion
- Affordability versus incomes offers room for disciplined rent optimization
- Risks: smaller renter base in owner-heavy area; capex required for 1970s systems