| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 89th | Best |
| Amenities | 37th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 29338 Detroit Rd, Westlake, OH, 44145, US |
| Region / Metro | Westlake |
| Year of Construction | 1987 |
| Units | 32 |
| Transaction Date | 1999-06-21 |
| Transaction Price | $14,800,000 |
| Buyer | STURBRIDGE SQUARE OHIO LLC |
| Seller | STURBRIDGE SQUARE APARTMENTS INVESTORS L |
29338 Detroit Rd Westlake Multifamily Opportunity
Neighborhood-level occupancy remains in the low 90s with a high share of renter-occupied units, pointing to a stable tenant base for this Westlake asset, according to CRE market data from WDSuite. Solid local incomes help support rent levels while maintaining a balanced rent-to-income profile.
Westlake’s inner-suburban setting offers balanced fundamentals for multifamily investors. The neighborhood earns an A rating and ranks 40 out of 569 Cleveland–Elyria neighborhoods, indicating competitive positioning within the metro. Neighborhood-level occupancy is 91.8% (near the national midrange), and the area’s renter concentration is substantial at roughly half of housing units being renter-occupied, supporting demand depth and leasing continuity.
Everyday convenience is a strength: grocery access and park availability track above national averages, while cafes, childcare, and pharmacies are less dense in the immediate area. For investors, this mix points to reliable daily needs coverage with fewer walk-to lifestyle amenities, which may favor properties that emphasize on-site conveniences and parking.
Income and housing context support rentability. Median household income in the neighborhood sits well above national norms, and rent levels have advanced over the last five years. With a neighborhood rent-to-income ratio near the national midpoint, pricing power appears measured rather than stretched, which can aid retention and reduce turnover-related expenses.
Within a 3-mile radius, demographics are affluent and stable, with a modest recent population dip but forecasts showing growth in both population and households over the next five years. A rising household count alongside slightly smaller average household sizes suggests a broader pool of renters entering the market, which can support occupancy stability and steady leasing velocity.
Vintage considerations are manageable: the property’s 1987 construction is slightly newer than the neighborhood average (early 1980s). That positioning can be competitive against older stock, though investors should plan for ongoing system updates and potential modernization to meet current renter expectations.
Safety indicators are mixed and should be evaluated in context. The neighborhood’s overall crime rank sits below the metro median (416 out of 569 Cleveland–Elyria neighborhoods), suggesting comparatively higher incident levels than many suburban peers. Nationally, property offenses benchmark favorably around the upper half of safer areas, while violent offense measures land closer to the national midpoint. Recent year-over-year changes show upticks, underscoring the value of standard security practices and attentive property management.
For underwriting, it is prudent to compare trendlines to peer suburbs and verify on-the-ground conditions. Practical measures such as lighting, controlled access, and coordination with local authorities can help sustain resident confidence and retention.
Proximity to diversified employers supports workforce housing demand and commute convenience. Nearby anchors include TravelCenters of America, Texas Instruments, Sherwin-Williams, KeyCorp, and PNC Center, which together broaden the prospective renter base and can aid lease stability.
- Travelcenters Of America — corporate offices (2.7 miles) — HQ
- Texas Instruments — corporate offices (4.1 miles)
- Sherwin-Williams — corporate offices (13.3 miles) — HQ
- Keycorp — corporate offices (13.3 miles) — HQ
- PNC Center — corporate offices (13.6 miles)
This 32-unit property at 29338 Detroit Rd benefits from a renter-driven neighborhood where occupancy holds in the low 90s and incomes are strong relative to national norms. According to CRE market data from WDSuite, the area’s competitive metro rank and solid day-to-day amenities (notably groceries and parks) support demand resiliency, while rent-to-income levels indicate room for disciplined pricing without excessive affordability pressure.
Built in 1987, the asset is slightly newer than the local average, offering a competitive stance versus older stock and potential value-add through targeted modernization. Forecasts within a 3-mile radius point to growth in both population and households, expanding the renter pool and supporting occupancy stability over the medium term, though investors should weigh mixed safety readings and the lighter density of lifestyle amenities.
- Competitive neighborhood position within the Cleveland–Elyria metro supports ongoing renter demand
- Income strength and balanced rent-to-income profile aid retention and measured pricing power
- 1987 vintage offers value-add potential through selective renovations and system updates
- 3-mile forecasts show expanding renter pool, supporting occupancy stability
- Risks: mixed safety indicators and fewer nearby lifestyle amenities may require enhanced security and on-site offerings