| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Good |
| Demographics | 40th | Poor |
| Amenities | 24th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2606 W Erie Ave, Lorain, OH, 44053, US |
| Region / Metro | Lorain |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2001-01-12 |
| Transaction Price | $958,500 |
| Buyer | 2538 WEST ERIE AVE LLC |
| Seller | FREDERICK LAKEVIEW LLP |
2606 W Erie Ave Lorain Multifamily Investment
Neighborhood occupancy trends are above the metro median and renter-occupied housing is the slight majority, indicating a stable tenant base, according to WDSuite’s CRE market data.
Located in Lorain’s Inner Suburb fabric, the area carries a C neighborhood rating and shows occupancy strength that is above the metro median (ranked 259 out of 569 Cleveland–Elyria neighborhoods and in the 69th percentile nationally). For investors, this points to steadier leasing and reduced downtime relative to weaker pockets of the metro.
Renter-occupied units account for roughly half of neighborhood housing (51.6%), a high renter concentration (rank 77 of 569) that deepens the prospective tenant pool for a 24-unit asset. Within a 3-mile radius, population has grown recently with additional gains expected, and households are projected to rise meaningfully while average household size trends smaller — dynamics that typically expand the renter pool and support occupancy stability.
Daily needs access is serviceable rather than destination-driven: restaurant density is competitive among Cleveland–Elyria neighborhoods (rank 151 of 569) and grocery access is also competitive (rank 207 of 569), while cafes, parks, and pharmacies are limited locally. For underwriting, this mix suggests convenience for essentials with fewer experiential amenity drivers immediately nearby.
Home values in the neighborhood sit in lower national percentiles, and rent-to-income levels trend manageable (40th percentile nationally). This combination can sustain renter reliance on multifamily housing and aid lease retention, though it also introduces potential competition from more accessible ownership options. These patterns are consistent with commercial real estate analysis benchmarks seen across Midwest inner-suburban locations.
Comparable neighborhood crime metrics were not available in the current WDSuite dataset for this location. Investors often contextualize safety by reviewing city and county trend reports and touring at multiple times of day. Given the absence of ranked figures, we recommend treating safety as a local diligence item alongside property operations and tenant profile.
Regional employers within commuting range help support workforce renter demand, notably in corporate services, manufacturing, and headquarters operations reflected below.
- Texas Instruments — semiconductor offices (16.1 miles)
- Travelcenters Of America — travel centers & corporate services (16.1 miles) — HQ
- Keycorp — banking & financial services (26.7 miles) — HQ
- Sherwin-Williams — coatings & corporate (26.7 miles) — HQ
- PNC Center — banking offices (27.0 miles)
Built in 1972, the property offers a typical vintage for the area with potential value-add and capital planning needs around interiors, building systems, and common areas. Neighborhood occupancy is above the metro median and renter concentration is high, indicating a sizable tenant base and a path to consistent leasing if operations are well-managed. According to CRE market data from WDSuite, the neighborhood’s national occupancy percentile is solid while rent-to-income levels remain manageable — a backdrop that can support retention and steady rent collections.
Within a 3-mile radius, recent population growth and a projected increase in households alongside smaller household sizes point to renter pool expansion over the next several years. Essentials-oriented amenities (restaurants, groceries) are competitive within the metro, though lifestyle amenities are thinner, which should be reflected in positioning and renovation scope. Lower home values by national comparison can reinforce multifamily demand yet may also create some competition with ownership; underwriting should account for pricing discipline and product differentiation.
- Above-metro occupancy and sizeable renter-occupied housing share support leasing stability
- 1972 vintage with value-add and systems modernization potential
- 3-mile radius shows population growth and forecast household gains, expanding the tenant base
- Competitive access to essentials (restaurants, groceries) within the metro aids day-to-day livability
- Risks: thinner lifestyle amenities nearby and potential competition from accessible ownership options