Beruflich Dokumente
Kultur Dokumente
in the City of
Mentor, Ohio
Prepared For:
Mr. Dave Wiles
CT Consultants
8150 Sterling Court
Mentor, Ohio 44060
Project Number D1883KDMB
August 20, 2015
TABLE OF CONTENTS
I. INTRODUCTION ....................................................................................................... I-1
A. OBJECTIVES .................................................................................................... I-1
B. METHODOLOGY .............................................................................................. I-1
C. DATA ANALYSIS .............................................................................................. I-2
D. USES AND APPLICATIONS ............................................................................. I-2
II. SCOPE OF SURVEY............................................................................................... II-1
ii
iii
I. INTRODUCTION
A. OBJECTIVES
This study analyzes the feasibility of developing a single-family, condominium and
apartment community on the existing Mentor Lagoons in Mentor, Ohio. After fully
discussing the scope and area of survey with Mr. Dave Wiles of CT Consultants, the
Danter Company, LLC undertook the analysis.
B. METHODOLOGY
The methodology we use in our studies is centered on three analytical techniques: the
Effective Market Area (EMA)SM principle, a 100% data base, and the application of data
generated from supplemental proprietary research.
The Effective Market Area (EMA) PrincipleThe EMA principle is a concept developed
by the Danter Company, LLC to delineate the support that can be expected for a
proposed development. An EMA is the smallest specific geographic area that will
generate the most support for that development. This methodology has significant
advantages in that it considers existing natural and manmade boundaries and
socioeconomic conditions.
Survey Data BaseOur surveys employ a 100% data base. In the course of a study,
our field analysts survey not only the developments within a given range of price,
amenities, or facilities, but all conventional developments within the EMA.
Proprietary ResearchIn addition to site-specific analyses, Danter Company, LLC
conducts a number of ongoing studies, the results of which are used as support data for
our conclusions. Danter Company, LLC maintains a 100% data base of more than
1,500 communities, with each development cross-analyzed by rents, unit and project
amenities, occupancy levels, rate of absorption, and rent/value relationships.
SM
I-1
C. DATA ANALYSIS
This study represents a compilation of data gathered from various sources, including
the properties surveyed, local records, and interviews with local officials, real estate
professionals, and major employers, as well as secondary demographic material.
Although we judge these sources to be reliable, it is impossible to authenticate all data.
The analyst does not guarantee the data and assumes no liability for any errors in fact,
analysis, or judgment.
The secondary data used in this study are the most recent available at the time of the
report preparation.
In Section VIField Survey, we have attempted to survey 100% of all units. Since this
is not always possible, we have also compared the number of units surveyed with the
number of multifamily housing starts to establish acceptable levels of representation.
All developments included in the study are personally inspected by a field analyst
directly employed by the Danter Company, LLC.
The objective of this report is to gather, analyze, and present as many market
components as reasonably possible within the time constraints agreed upon. The
conclusions contained in this report are based on the best judgments of the analysts;
we make no guarantees or assurances that the projections or conclusions will be
realized as stated. It is our function to provide our best effort in data aggregation, and
to express opinions based on our evaluation.
I-2
II-1
III. CONCLUSIONS
A. INTRODUCTION
This report evaluates the potential to develop a single-family, condominium and
apartment community on the existing Mentor Lagoons in Mentor, Ohio. The site is in
Lake County.
The subject site, the existing Mentor Lagoons Marina, contains three peninsulas offering
potential development. The entire site is proposed to be developed as mixed-use
residential with apartments, condominiums and single-family homes. The apartment
component is recommended for the south peninsula. The remaining two peninsulas
have individual boat basins in place and are better suited for single-family use.
Condominiums would occupy the tips of a peninsula or relate to the existing marina.
MENTOR LAGOONS MASTER PLAN
III-1
The Danter Company has completed all of the data collection and analysis necessary
for the preparation of a development plan. The following represents our opinion of the
most profitable development scenario. Other alternatives considered are the following:
1. The site being total developed as single-family This alternative resulted in a
prolonged absorption period that would not be desirable to a potential developer.
2. Totally developed as condominiums The condominium market has not returned
to the robust years predating the financial crises of the mid-2000s. The number
of condominiums that could be accommodated on the site would far outpace the
market potential.
3. Land values associated with a 100% rental community world not be as profitable
to the sellers. Further, the number of units could not be supported by the market.
4. It is our opinion that the site will not support any significant retail or office
development. Lack of accessibility and visibility are contributing factors.
5. The recommended plan, with a mix of rental, single-family and condominiums,
will minimize the overall absorption period and maximize the value of the site.
Conclusions for the development of this project are based on analyses of the area
including the existing and anticipated rental, single-family and condominium housing
markets, demographics, the economy, the appropriateness of the site for the proposed
development, and overall housing demand. The study will evaluate past, current, and
future trends in the area; the impact of those trends on rental housing alternatives;
current rental housing alternatives; need and market support for additional rental
housing; and any proposed additions to the area rental base.
The analysis of the existing rental housing market is based on the establishment and
analysis of a Site Effective Market Area (EMA) for the proposed project. EMA refers to
a methodology developed by the Danter Company, LLC to describe areas of similar
economic and demographic characteristics. EMAs are bounded by both "hard" and
"soft" boundaries. Hard boundaries are marked by rivers, freeways, railroad rights of
way, and other physical boundaries. Soft boundaries are changes in the socioeconomic
makeup of neighborhoods. EMAs differ for the various development types based on the
mobility patterns associated with each.
Based on the characteristics of the Site EMA, a field survey of existing residential
development, an analysis of the appropriateness of the site for the proposed
development, and a demographic analysis of the Site EMA, support levels can be
established for additional multifamily rental development.
III-2
The following analyses have been conducted to identify market potential for a proposed
market-rate apartment development at the site:
B. ASSUMPTIONS
There are several assumptions relative to these recommendations for development.
The assumptions are:
1. All of the on-site development costs will be the responsibility of the developer.
2. There will be no off-site expenses. All utilities, road improvements, etc., will be
available to the site
3. The depth of the waterways surrounding the development area has not been
determined although The City of Mentor and the Mentor Harbor Yacht Club
annually dredge a portion of the lagoon area. For purposes of this report, it is
assumed that the water throughout the property will be of sufficient depth to
accommodate most sailboats (5)
4. There is an agreement in place with the Mentor Harbor Yacht club for joint
maintenance of the harbor.
5. The property will be appropriately zoned for the recommended development.
6. The property can be gated
7. The existing marina and building are part of the development
III-3
8. Docks and camping spots along the south edge of the nature preserve will be
removed.
LOT TYPE
Boat House Lot
Premium
Boat House Lot
Standard
Basin Lot
Standard Waterfront
Lot
Condominium Lots
Total
NUMBER
OF LOTS
7
LOT PRICE
$225,000
COMPLETED HOME
PRICE RANGE
$1,000,000+
$175,000
$650,000+
49
14
$150,000
$110,000
$500,000+
$450,000+
44
123
$50,000
$250,000 - $350,000
There are 47 basins inset into the north and middle peninsulas that can be developed
as either boathouse or basin lots. A boathouse lot is one that encompasses an entire
basin and enables the construction of a boathouse over the basin. The boathouse may,
or may not, be attached to the residence. The premium boathouse lots are located on
the end of the peninsulas. A basin lot is one that shares a basin, in which case there
would be no boathouse but docks could be accommodated. Standard waterfront lots are
the lots with conventional waterfront frontage. Docks could be accommodated parallel to
the waterway.
The 32 condominium lots would be developed at the tip of the north peninsula and
would encompass 7 of the basins. Twelve of the condominium lots would overlook the
marina.
Total absorption of the single-family and condominium components is estimated at 3.5
to 4.0 years.
1. SINGLE FAMILY SUPPLY/DEMAND ANALYSIS
SINGLE-FAMILY SUPPLY ANALYSIS
The proposed development, Mentor Lagoons, is unique in Northeast Ohio. Little or no
waterfront development has been done in the past 40 to 50 years. In addition to the
homes bordering the existing Mentor Lagoons, somewhat similar developments, dating
III-4
$1,000,000+
VERMILION
LAGOONS
1
$900,000 - $999,999
10
$800,000 - $899,999
13
19
$700,000 - $799,999
11
15
30
$600,000 - $699,999
14
26
47
$500,000 - $599,999
43
42
87
$400,000 - $499,999
36
79
25
145
$300,000 - $399,999
22
21
41
21
105
Under $300,000
12
16
30
38
77
233
137
485
Average
$487,552
$412,863
$528,473
$553,308
$496,448
Median
$392,064
$422,222
$480,173
$558,705
$457,143
2,625
1,832
2,774
2,155
2,446
$185.73
$225.36
$190.51
$256.76
$202.96
45
40
55
52
47.4
PRICE RANGE
Total
TOTAL
11
Values are based on the respective county auditor estimates of market value. A review
of properties currently listed or recently sold shows values ranging from 110% to 165%
of the auditors estimate of market value. The above values represent 110% of the
auditor estimates.
The Mentor properties are those homes located on the water across from the existing
Mentor Lagoons marina and campground. The Eastlake homes are those waterfront
properties along the Chagrin River in Eastlake, Ohio and the Sandusky homes are the
waterfront properties facing south into Sandusky Bay along Cedar Point Road.
III-5
III-6
The average value for Mentor is 18.1% higher than values in similar properties in
Eastlake and 7.7% below Sandusky values. Homes in Vermilion Lagoons have the
highest average price, $553,308.
Mentor homes are significantly larger than Westlake and about equal to Sandusky
homes. Average square feet in Mentor is 2,625, second largest among the four
developments. Price per square foot is lowest in Mentor at $185.73, compared with an
average of $202.98.
III-7
It is also our opinion that values of Mentor homes are impacted by the nature of
development on the Mentor Lagoons campground which significantly compromises the
view. All of the properties in the database have river or canal type views. None have
lake views. However, some of the properties along Cedar Point Drive have a secondfloor lake view across Cedar Point Drive. These properties also have Lake Erie beaches
across the Lake Erie Drive, hence their somewhat higher price.
Following is a distribution of lots in the market by width and depth.
FRONTAGE
<50'
50' - 59'
60'-69'
70'-79'
80'-89'
90'-99'
100'+
Total
Average
DEPTH
<120'
120'-129'
130'-139'
140'-149'
150'-159'
160'-169
170'-179'
180'-189'
190'-199'
200'+
Total
Average
29
5
1
3
38
79.7
CHAGRIN
LAGOONS
20
28
7
7
1
2
12
77
70.9
VERMILION
LAGOONS
7
58
17
26
4
1
24
137
72.7
119
9
7
1
1
1
1
36
38
293.0
11
4
5
5
2
6
5
3
13
23
77
166.1
MENTOR
137
100
SANDUSKY
10
10
18
74
19
17
85
233
90.3
TOTAL
37
96
42
136
29
21
124
485
78.4
PERCENTAGE
6.9%
18.0%
7.9%
25.5%
5.4%
3.9%
23.3%
91.0%
40
4
6
7
1
3
3
1
0
168
233
233
170
17
18
13
4
9
8
5
14
227
485
198.0
31.9%
3.2%
3.4%
2.4%
0.8%
1.7%
1.5%
0.9%
2.6%
42.6%
91.0%
The average width of waterfront lots in the market is 78.4 feet and the average depth is
198.0 feet. The distribution at the subject site is compared with the market in the
following tables. All of the lots proposed at the subject site will be at least 70 ranging to
80. Some of the cul-de-sac lots will have considerable more waterfront frontage. Most
lots will be 150 deep. Lots at the subject site will meet market expectations.
III-8
2000-2004
2005-2009
2010-2014
TOTAL
Sandusky
Chagrin Lagoons
Mentor
Vermillion Lagoons
Total
29
4
4
32
69
38
20
8
21
87
37
17
1
28
83
104
41
13
81
239
The years 2005 through 2009 had the highest number of resales at 87 (17 per year).
There were 83 resales between 2010 and 2014, about 16 per year.
NEW SINGLE FAMILY SALES, LAKE COUNTY, OHIO
Lake County had a high of 478 single family sales in 2006 of which 37 were at $450,000
or higher, 8% of the total. Since 2010, there have been 123 sales at $450,000 or higher
accounting for 21% of total sales.
Sales declined since the 2006 high to a low of 142 in 2011. There was a recovery to
193 sales in 2013. Sales declined again in 2014 to only 55 closings. However, the most
recent decline is a function of supply rather than demand. Currently, there are very few
active subdivisions in the market, especially with product in the upper price ranges.
300
200
100
0
III-9
$300,000$399,999
$400,000$499,999
$500,000$599,999
$600,000$699,999
$700,000$799,999
$800,000$899,999
$900,000$999,999
$1,000,000+
YEAR
<$300,000
55
186
179
252
315
316
344
289
181
146
148
99
132
135
32
8
7
29
48
77
81
69
82
78
59
52
38
33
37
44
14
6
5
10
13
11
19
32
31
32
21
7
9
7
7
7
6
4
0
2
3
1
2
11
12
13
5
0
3
0
1
3
0
3
0
0
0
0
3
2
3
2
1
0
0
1
1
1
1
0
0
0
0
0
1
1
3
0
3
1
0
2
0
0
1
0
0
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
1
1
1
1
0
1
1
0
1
2
0
1
0
2
0
0
2
0
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
TOTAL
2,817
754
DISTRIBUTION 72.3% 19.4%
TOTAL
68
227
244
342
421
432
478
414
272
206
200
142
179
193
55
22
221
5.7%
59
1.5%
15
0.4%
12
0.3%
2
0.1%
4
0.1%
11
0.3%
3,895
100.0%
The share of new Lake County homes selling for over $400,000 increased dramatically
between the 2000-2004 period and the 2005-2009 period, increasing from 5.6% to
10.3%. This decreased to 7.4% in the most recent time period, 2010-2015, due primarily
to the lack of available product.
III-10
III-11
Qualifying Incomes
For the purpose of this analysis, we assume that 20% of the purchase price of new
home will be cash, yielding an 80% mortgage requirement. While many developments
may offer 90% financing, current underwriting requirements at the proposed price range
generally reflect 80% financing.
Because of the difficulty of developing new product under $175,000, our analysis will
only consider households with incomes that will qualify them for homes above that price
point.
Income/mortgage/purchase price requirements are as follows:
INCOME
$42,000 - $49,000
$49,000 - $56,000
$56,000 - $70,000
$70,000 - $84,000
$84,000 - $98,000
$98,000 - $112,000
$112,000 - $140,000
$140,000 - $196,000
$196,000 - $224,000
$224,000 - $252,000
$252,000 - $280,000
$280,000 - $560,000
$560,000 - $840,000
MORTGAGE
$120,000 - $139,999
$140,000 - $159,999
$160,000 - $199,999
$200,000 - $239,999
$240,000 - $279,999
$280,000 - $319,999
$320,000 - $399,999
$400,000 - $559,999
$560,000 - $639,999
$640,000 - $719,999
$720,000 - $799,999
$800,000 - $1,599,999
$1,600,000 - $2,399,999
AMOUNT
FINANCED
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
Following are the 2015 estimated income distributions of total households for Lake
County:
HOUSEHOLD
INCOME RANGE
$49,000 - $56,000
$56,000 - $70,000
$70,000 - $84,000
$84,000 - $98,000
$98,000 - $112,000
$112,000 - $140,000
$140,000 - $196,000
$200,000 AND OVER
QUALIFIED HOME
PRICE
$175,000 - $199,999
$200,000 - $249,999
$250,000 - $299,999
$300,000 - $349,999
$350,000 - $399,999
$400,000 - $499,999
$500,000 - $699,999
OVER $700,000
TOTAL
III-12
2015 TOTAL
HOUSEHOLDS
DISTRIBUTION
6,037
12,181
10,564
9,666
4,390
7,023
6,604
3,244
59,708
10.1%
20.4%
17.7%
16.2%
7.4%
11.8%
11.1%
5.4%
100.0%
Based on levels of affordability of new product, an optimal capture factor can be applied
to income ranges to determine the annual demand. The optimal capture factors have
been established in mature markets with adequate supply. Within these markets,
demographic characteristics have been analyzed, including growth rates and household
size, and economic factors have been considered including income levels and
employment profiles.
Single-Family Penetration Analysis
Based on the application of established capture factors for similar markets, the resulting
annual demand for single-family homes in the Mentor Site EMA can be established.
We have applied established capture rates based on those in established markets to
establish the potential demand for single-family homes in the Mentor EMA.
PRICE RANGE
$175,000 - $199,999
$200,000 - $249,999
$250,000 - $299,999
$300,000 - $349,999
$350,000 - $399,999
$400,000 - $499,999
$500,000 - $699,999
OVER $700,000
QUALIFIED
2015 EMA
HOUSEHOLDS
6,037
12,181
10,564
9,666
4,390
7,023
6,604
3,244
59,708
ESTIMATED
INTERNAL DEMAND
CAPTURE FACTOR
0.0038
0.0051
0.0041
0.0038
0.0029
0.0022
0.0029
0.005
0.0038
ESTIMATED
DEMAND FROM SITE
EMA HOUSEHOLDS
23
62
43
37
13
15
19
16
229
When considering all price ranges, the total maximum annual support base is estimated
to be approximately 43 homes, without considering existing supply or demand from
outside the market area.
Because of the unique character of the proposed development, as well as the subject
site, we estimate that as much as 65% of the support for any new single-family
development at the site will come from outside the EMA.
III-13
PRICE RANGE
$175,000 - $199,999
$200,000 - $249,999
$250,000 - $299,999
$300,000 - $349,999
$350,000 - $399,999
$400,000 - $499,999
$500,000 - $699,999
Over $700,000
Total
ESTIMATED
DEMAND FROM
EMA HOUSEHOLDS
23
62
43
37
13
15
19
16
229
ESTIMATED
DEMAND FROM
OUTSIDE THE EMA
42
117
80
69
24
28
35
30
425
ESTIMATED
TOTAL
DEMAND
65
177
123
106
37
43
54
46
654
When considering the demand both from within and outside the EMA, the total support
is estimated to be approximately 121 new single-family homes per year in the proposed
price range. The proposed development will contain 79 single family homes at an
anticipated 5-year absorption period, or 16 units per year. This is a 13.2% capture rate.
This is about equal to the number of resale waterfront homes in the market (these
homes average nearly 50 years of age).
It should be noted that there are few single-family alternatives in the EMA offering a
lifestyle product for home in the $450,000+ price range. None are waterfront
developments. In fact, there are no waterfront developments in the entire region.
It is important to note that optimal absorption is seldom achieved within a market.
Generally, maximum absorption occurs only when sales are a function of demand rather
than being limited by supply.
In most markets that achieve sales close to demand, there are various product types
represented with various sales prices available, i.e., a full range of price, concept and
location alternatives. Maximum sales are, generally, only achieved in overbuilt markets.
In underserved markets, individual projects often exceed expectations due to the lack of
competition.
3. GEOGRAPHIC ORIGIN OF SUPPORT
Because of the unique character of the subject site, additional support will be generated
from outside the Lake County area. A comparison of typical versus anticipated
geographic support for the subject site is as follows:
III-14
TYPICAL SUPPORT
INTERNAL MOBILITY
EXTERNAL MOBILITY
TOTAL
70%
ANTICIPATED SUPPORT AT
SUBJECT SITE
35%
30%
100%
65%
100%
GAS
ELECTRIC
STEAM
WATER/SEWER
TRASH
CABLE TV
INTERNET
The proposed project will be available in 2017. Changes in the projects site, rent, unit
mix, amenities, floor plans, or opening date may invalidate these findings. The project
is proposed as follows:
III-15
UNIT DESCRIPTION
One-Bedroom/
1.0 Bath Garden
One-Bedroom/
1.0 Bath Garden
Two-Bedroom/
2.0 Bath Garden
Two-Bedroom/
2.5 Bath Townhouse
1 Car Attached Garage
Two-Bedroom/
2.5 Bath Townhouse
2 Car Attached Garage
Three-Bedroom/
2.5 Bath Townhouse
2 Car Attached Garage
Total
NUMBER
24
SQUARE
FEET
700
RENTS AT
OPENING*
$1,195
RENT PER
SQUARE FOOT
$1.71
24
800
$1,350
$1.69
48
1,000
$1,600
$1.60
72
1,150
$1,950
$1.70
60
1,250
$2,250
$1.80
20
1,400
$2,400
$1.71
248
*2017
Range
Frost-free refrigerator with icemaker
Microwave oven
Dishwasher
Disposal
Central air conditioning
Washer/dryer
Washer/dryer hookups
Carpet
III-16
Fireplace
Security system
Balcony/patio
100% Lake Erie views
Garage
Window coverings
Ceiling fan
9 ceilings
Bedrooms
Master bedroom sizes should be at least 150 square feet for a one-bedroom unit and
170 square feet for a two- or three-bedroom unit. The second bedroom should be at
least 150 square feet, and the third bedroom at least 130 square feet.
Closets
The following lineal feet of closet space should be achieved:
One-Bedroom
Two-Bedroom
Three-Bedroom
16 Lineal Feet
26 Lineal Feet
32 Lineal Feet
Entry
The entry into the units should be open and airy. Entry should be directly into the great
room with a view of the opposing windows. This is especially important given that all
units will have water views.
PROJECT AMENITIES
Project amenities will include the following:
Swimming pool
Community building
Spa pool
Fitness center
Playground
Adjacent to park
Movie theater
Jog/bike trail
On-site storage space
In addition, front yard dock space can be available for townhouse units. A marina is
available within the project.
The project amenities will accommodated within the master amenity complex
associated with the marina.
III-17
1. ABSORPTION
The overall absorption rate is expected to average 18 to 20 units per month, but could
be as high as 24 to 26 units per month in the first few months after opening. The overall
absorption period (to 93% occupancy) is expected to be approximately 9 to 11 months.
Prior studies have shown that absorption tends to be seasonal, with up to 64% of
annual absorption taking place in the peak summer months (May through August). The
shoulder season (the two months on either side of the peak season) generally accounts
for approximately 24% of annual absorption. The off season, November through
February, typically accounts for the remaining 12% of absorption. While these
percentages do not hold true in all markets, they give a good indication of the potential
seasonal variations in absorption.
Factors that affect absorption include (but are not limited to) the following: area mobility
patterns; availability of new product; age, quality, and rent of existing rental properties in
the Site EMA; area growth; area median income; product variety; proposed product
development; and date of opening.
The anticipated spring opening date will be important in achieving the targeted
absorption period. A later release may extend absorption through the slower winter
months.
2. APARTMENT DEMAND FACTOR ANALYSIS
COMPARABLE MARKET RENT ANALYSIS
Comparable market rent analysis establishes the rent potential renters would expect to
pay for the subject unit in the open market. Comparable market rent is based on a
trend line analysis for the area apartment market. For each unit type, the trend line
analysis compares net rent by comparability rating for all market-rate developments.
Comparability ratings have been established for all developments in the Site EMA
based on unit amenities, project amenities, overall aesthetic appeal, and location. The
comparability ratings for each property are listed in the Field Survey section in this
report. The trend line is a function of a scatter plot showing each apartment community
created by plotting the comparability rating on the horizontal axis and the rent on the
vertical axis. This evaluation provides a comparison of existing market rents to those at
the proposed project. Additional factors also influence a propertys ability to actually
achieve the comparable market rent, including the number of units at that comparable
market rent, the step-up support base at that rent range, and the age and condition of
the subject property and competitive units.
It should also be noted that the product to be offered at the subject site is unmatched
anywhere in the greater Cleveland area. The rents will be among the highest in the
suburban market. (Downtown Cleveland rents will be somewhat higher.)
III-18
Considering the proposed unit and project amenities and an appealing aesthetic quality,
the proposed subject site is anticipated to have an overall comparability rating of 36.5.
The overall rating is based on ratings of 13.0 for unit amenities, 14.0 for project
amenities, and 9.5 for aesthetic quality.
Based on prior studies conducted by The Danter Company, rents in the Site EMA have
in/decreased at an established rate of 1.8% per year over the past 5 years.
Based on the current rent structure of one-bedroom units, present-day rent for a
development comparable to the one proposed is $1,275 per month. Based on the
estimated rate of increase (1.8%), projected one-bedroom rent is $1,321 at opening in
2017. The proposed average rent of $1,273 is 96.3% of the market-driven rent. The
average rent among waterfront properties is $1,390.
Based on the current rent structure of two-bedroom units, present-day rent for a
development comparable to the one proposed is $1,550 per month. Applying the
average annual increase in the Site EMA yields two-bedroom rent of $1,606 at opening.
The proposed two-bedroom rent of the garden units of $1,600 is 96.5% of the marketdriven rent. The average rent among waterfront properties is $2,173.
There are too few three-bedroom units in the market from which to establish a
meaningful trend line. The three-bedroom rents have been established based on the
typical gap found between two- and three-bedroom units.
The two- and three-bedroom townhouse units deserve special attention. These units will
not only have water views, but will have direct water access with the front door opening
directly onto the water. There is also the potential for a private dock at the front door to
the unit. Rent for these units is comparable to properties in the Cleveland area with
water views (even though none of those units have direct water access). The average
three-bedroom rent for waterfront properties is $2,810 compared with $2,400 at the
subject site.
The following table compares the market rent at opening with the proposed rent at the
subject site for one-, two-, and three-bedroom units. Rents are net, including only trash
removal.
UNIT TYPE
One-Bedroom
Two-Bedroom
Three-Bedroom
MARKET RENT
AT OPENING AT
36.5
COMPARABILITY
RATING
$1,321
$1,606
N/A
AVERAGE RENT
AT
WATERFRONT
PROPERTIES
$1,390
$2,173
$2,810
III-19
PROPOSED
AVERAGE
OPENING
RENT
$1,273
$1,600
$2,400
PROPOSED RENT
AS A PERCENT OF
MARKET AND
WATERFRONT
RENT
96.3% & 91.6%
96.5% & 73.6%
N/A & 85.4%
With the proposed rents ranging from 96.4% to 96.5% for direct market comparisons
and from 73.6% to 91.6% compared with waterfront properties, the proposed units will
be perceived as a value within the market.
The number of units proposed at the site must be considered relative to the projects
ability to achieve a given rent level. Previous research conducted by Danter Company,
LLC indicates that, all other factors being equal, larger properties must be a better value
in the marketplace than smaller properties due to the higher number of units that must
be rented each month. To generate a sufficient number of potential renters, larger
properties typically need to set rents below comparable market rent. The proposed
240-unit complex is of average size in Northeast Ohio and, as such, should equal rent
trends in the area.
The relative value the proposed units represent in the market is further illustrated by the
following trend line analyses.
III-20
Rent
1400
1300
1200
1100
1000
900
800
700
600
500
400
12
14
16
18
20
22
24
26
28
Comparability Rating
Legend:
Site
Market-Rate Properties
Tax Credit Properties
Waterfront Properties
Market-Driven Rent
III-21
30
32
34
36
38
Rent
14
16
18
20
22
24
26
Comparability Rating
Legend:
Site
Market-Rate Properties
Tax Credit Properties
Waterfront Properties
Market-Driven Rent
III-22
28
30
32
34
36
3. STEP-UP SUPPORT
Previous studies performed by the Danter Company, LLC indicate that 60% of the
support for new apartment development will typically be generated from the existing
apartment base in the EMA, especially from those tenants paying rent within an
appropriate step-up of the proposed rents.
The 100% database field survey methodology allows us to accurately measure potential
support from conventional renters. Our studies indicate that, at the proposed rent range
and special site amenities, tenants are willing to incur rental increases of up to $300 per
month for a rental alternative when it is perceived as a value. This is the step-up
support base.
Step-up support is a critical factor in projecting absorption because it directly measures
the depth of potential support from the households most likely to move to the subject
site. Step-up support is best expressed as a ratio of proposed units to potential support.
A lower ratio indicates a deeper level of market support and that the subject site will
have to capture fewer of these households in order to achieve successful initial
absorption. A higher ratio indicates a lower level of potential support from conventional
renters and that the subject site will have to attract a higher level of support from outside
this group, potentially slowing absorption.
At the proposed rent levels, the step-up support base totals 337 units.
DISTRIBUTION OF STEP-UP/DOWN SUPPORT
One-Bedroom
Two-Bedroom
Three-Bedroom
Total
Units Proposed
Ratio of Proposed Units to
Potential Step-Up Support Base
TOTAL
180
157
0
337
240
71.2%
The proposed 240-unit development represents 71.2% of the total step-up support
base, This is considered to be a very high ratio. However, because of the unique
character of the site, we expect a much larger share of the support to come from
outside the existing rental pool. The following table compares the typical support with
that expected at the subject site. Only 25% of the 240 units expected to originate from
the EMA step-up support, 60 units. These 60 units represent 17.8% of the internal stepup support, a much more favorable ratio.
III-23
Internal Mobility
Apartment
Other
External Mobility
Total
TYPICAL SUPPORT
ANTICIPATED SUPPORT
50%
20%
30%
100%
25%
15%
60%
100%
Median Rent
Rent at 36.5
Comparability Rating
Rent Among Waterfront
Properties
Subject Site (Average)
ONE-/TWO-BEDROOM
RENT GAP
$81
$285
TWO-/THREE- BEDROOM
RENT GAP
$51
N/A
$783
$637
$800
$327
The two-/three-bedroom rent gap at median rent is reflective of the lack of new threebedroom product in the area. Further, properties in the EMA are generally older and
often functionally obsolete. The large gap among average one- and two-bedroom units
III-24
recommended at the subject site is a function of the higher rents for two-bedroom
townhouse units.
6. COMPETITIVE ANALYSIS
There are two sets of criteria which can be used to identify comparable properties. A
project can be conceptually and/or economically comparable. Given that the existing
rental pool in the EMA is relatively old and functionally obsolete and does not directly
compare with the units at the subject site, the site is being compared with tenant
expectations among waterfront properties. More information on the waterfront properties
can be found in Conclusions Section E (page III-38).
Conceptually Comparable Properties are those properties that have a similar
comparability rating to the proposed project. A similar comparability rating indicates that
properties will likely have similar unit and project amenities and a similar aesthetic
rating. They may or may not have similar rents.
Economically Comparable Properties are those properties with similar net rent levels to
the proposed project. These properties may or may not have a similar comparability
rating.
Following is a list of properties judged to be economically and/or conceptually
competitive with the subject site:
MAP
CODE
-
PROJECT
SUBJECT SITE*
Mariners Watch
Flats East Bank
Quay 55
The Shoreway
The Bingham
TOTAL
NUMBER
OF UNITS
248
62
243
140
45
340
YEAR
OPENED
2017
2015
2015
2003
2014
2004
III-25
TWO-BEDROOM
RENT
$1,600 - $2,250
$1,900 - $3,500
$2,425 - $3,165
$1,705 - $3,085
$1,500 - $2,500
$1,594 - $2,400
COMPARABILITY
RATING
36.5
29.0
31.5
32.5
32.5
27.5
X
X
X
X
X
X
X
X
X
X
X
X
O
O
O
X
X
X
X
X
SECURITY SYSTEM
X
X
X
X
S
X
X
X
X
X
X
X
X
X
X
S
CEILING FAN
B
B
B
X
X
S
X
X
X
GARAGE
X
B
VAULTED/9+ CEILINGS
X
X
X
X
X
X
X
X
X
X
X
X
BALCONY/PATIO
X
X
X
X
X
X
INTERCOM SECURITY
C
C
C
C
C
C
OVERSIZED WINDOWS
WASHER/DRYER HOOKUPS
X
X
X
X
X
X
HARDWOOD/CONCRETE FLOORS
WASHER/DRYER
X
X
X
X
X
X
WINDOW COVERINGS
AIR CONDITIONING
CARPET
DISPOSAL
I
X
X
X
I
X
DISHWASHER
X
X
X
X
X
X
MICROWAVE
REFRIGERATOR
PROJECT
SUBJECT SITE
Mariners Watch
Flats East Bank
Quay 55
The Shoreway
The Bingham
RANGE
A comparison of unit amenities at these projects and the proposed project is as follows:
I Ice maker
C Central air conditioning
W Window air conditioning
B Blinds
S Some
O - Optional for an additional fee
As the unit amenity comparison shows, the proposed project will compete well with the
most comparable units in the market in terms of unit amenities. The proposed project
would be the only one in the market offering fireplaces and lake views from every unit.
III-26
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
MARINA/DOCKS
BUSINESS CENTER
X
X
SECURITY GATE
X
X
X
X
X
X
PICNIC AREA
LAKE
JOG/BIKE TRAIL
SPORTS COURT
ELEVATOR
X
X
X
X
X
X
ON-SITE MANAGEMENT
X
X
X
X
X
X
X
X
FITNESS CENTER
X
X
CONCIERGE
CAR WASH
CABANAS
BILLIARDS/GAME ROOM
PROJECT
SUBJECT SITE
Mariners Watch
Flats East Bank
Quay 55
The Shoreway
The Bingham
POOL
X
X
X
The project amenities comparison shows the proposed project to be very competitive on
a feature-for-feature basis. The spa pool, playground, movie theater, boat storage, onsite marina, and direct access to Lake Erie that are proposed for the project at the
subject site are amenities none of the comparable waterfront projects offer.
A distribution of competitive properties by units offered follows:
MAP
CODE
-
PROJECT
SUBJECT SITE
Mariners Watch
Flats East Bank
Quay 55
The Shoreway
The Bingham
TOTAL
UNITS
248
62
243
140
45
340
STUDIO
-
ONEBEDROOM
48
33
175
12
35
85
III-27
UNITS OFFERED
TWOTHREEBEDROOM BEDROOM
180
20
29
61
7
126
2
10
204
51
FOURBEDROOM
-
Prospective residents respond to three principal factors when selecting specific units:
Unit and bedroom sizes (in square feet), rent, and features of these projects are listed
as follows:
ONE-BEDROOM COMPARISON-TABLE 1
PROJECT
SUBJECT SITE
One-Bedroom, 1.0 Bath
One-Bedroom, 1.0 Bath
Mariners Watch
St. Lawrence
St. Clair
Flats East Bank
Unit Type N
Unit Type S
Quay 55
The Shoreway
Unit Type 1-A
Unit Type 1-D
The Bingham
Unit Type B1
Unit Type B2
AVERAGE
UNIT
SIZE
BEDROOM
SIZE
NUMBER
OF BATHS
RENT
RENT PER
SQUARE
FOOT
700
800
150
150
1
1
$1,195
$1,350
$1.71
$1.69
633
918
110
120
1
1
$1,400
$1,630
$2.21
$1.78
774
880
800
142
139
120
1
1
1
$1,785-$2,135*
$2,195
$1,345-$2,004*
$2.40-$2.76
$2.49
$1.68-$2.51
948
895
212
129
1
1
$1,300
$1,190
$1.37
$1.33
824
648
802
146
126
140
1
1
1
$1,300
$1,129
$1,535
$1.58
$1.74
$1.94
III-28
ONE-BEDROOM COMPARISON-TABLE 2
PROJECT
SUBJECT SITE
One-Bedroom, 1.0 Bath
One-Bedroom, 1.0 Bath
Mariners Watch
St. Lawrence
St. Clair
Flats East Bank
Unit Type N
Unit Type S
Quay 55
The Shoreway
Unit Type 1-A
Unit Type 1-D
The Bingham
Unit Type B1
Unit Type B2
AVERAGE
CLOSET/STORAGE SPACE
CLOTHES
CLOSET
GUEST
BEDROOM
(LINEAL FEET) CLOSET
CLOSET
EXTRA
STORAGE
ENTRY
16
16
Yes
Yes
Walk-In
Walk-In
Yes
Yes
Very Good
Very Good
11.1
15.1
Yes
Yes
Walk-In
Walk-In
No
No
Good
Fair
14.2
24.4
26.6
Yes
Yes
Yes
Walk-In
Walk-In
Walk-In
Yes
Yes
No
Good
Poor
Fair
18.8
17.8
Yes
Yes
Wall
Wall
No
No
Poor
Fair
15.1
13.3
17.1
Yes
Yes
Walk-In
Wall
No
No
Fair
Good
As the one-bedroom comparison shows, the most comparable one-bedroom units in the
market range in size from 633 square feet at Mariners Watch to 948 square feet at The
Shoreway. The average one-bedroom comparable unit is 808 square feet. The
proposed one-bedroom units will offer closets equal to or larger than any comparable
one-bedroom unit in the market.
III-29
TWO-BEDROOM COMPARISON-TABLE 1
PROJECT
SUBJECT SITE
Two-Bedroom,
2.0 Bath Garden
Two-Bedroom, 2.5 Bath
Townhouse, 1 Car Garage
Two-Bedroom, 2.5 Bath
Townhouse, 2 Car Garage
Mariners Watch
Detroit
Michigan II
Flats East Bank
Unit Type C
Unit Type H2
Quay 55
Plan A
Plan B
The Shoreway
Unit Type 2C
Unit Type 2E
The Bingham
Unit Type H1
Unit Type H3
AVERAGE
UNIT
SIZE
BEDROOM SIZE
MASTER
SECOND
NUMBER
OF BATHS
RENT
RENT PER
SQUARE
FOOT
1,000
170
150
$1,600
$1.60
1,150
170
150
2.5
$1,950
$1.70
1,250
170
150
2.5
$2,250
$1.80
1,072
1,245
101
110
81
90
2
2
$1,900
$2,275
$1.77
$1.83
1,072
1,250
162
180
146
121
2
2
$2,485
$2,435
$2.31
$1.95
1,000
1,390
140
247
80
172
2
2
$1,705-$1,735
$2,070-$3,085*
$1.71-$1.74
$1.49-$2.22
965
1,428
122
234
115
198
1.0
2.0
$1,500
$2,300
$1.55
$1.61
1,030
1,433
1,176
165
180
165
98
178
133
2.0
2.0
2.0
$1,620
$2,170
$2,072
$1.57
$1.51
$1.76
III-30
TWO-BEDROOM COMPARISON-TABLE 2
CLOSET/STORAGE SPACE
PROJECT
SUBJECT SITE
Two-Bedroom,
2.0 Bath Garden
Two-Bedroom, 2.5 Bath
Townhouse, 1 Car Garage
Two-Bedroom, 2.5 Bath
Townhouse, 2 Car Garage
Quay 55
Plan A
Plan B
Mariners Watch
Detroit
Michigan II
Flats East Bank
Unit Type C
Unit Type H2
The Shoreway
Unit Type 2C
Unit Type 2E
The Bingham
Unit Type H1
Unit Type H3
AVERAGE
CLOTHES
CLOSET
(LINEAL
FEET)
GUEST
CLOSET
MASTER
BEDROOM
CLOSET
SECOND
BEDROOM
CLOSET
EXTRA
STORAGE
26
Yes
Walk-In
Wall
Yes
26
Yes
Walk-In
Walk-In
Garage
26
Yes
Walk-In
Walk-In
Garage
21.6
28.6
Yes
Yes
Walk-In
Walk-In
Wall
Walk-In
Yes
Yes
Fair
Good
20.3
16.5
Yes
Yes
Wall
Walk-In
Wall
Wall
Yes
Yes
Poor
Fair
18.6
17.6
Yes
Yes
Walk-In
Walk-In
Walk-In
Wall
Yes
Yes
Good
Good
29.3
30.4
Yes
Yes
Wall
Wall
Wall
Wall
No
No
Poor
Fair
13.2
21.3
22.7
Yes
No
Walk-In
Walk-In
Wall
Walk-In
Yes
Yes
Poor
Good
ENTRY
Very
Good
Very
Good
Very
Good
As the two-bedroom comparison shows, the most comparable two-bedroom units in the
market range in size from 965 square feet at The Shoreway to 1,433 square feet at The
Bingham. The average two-bedroom comparable unit is 1,176 square feet. The
proposed two-bedroom units of 1,000, 1,150, and 1,250 square feet will be comparable
to other two-bedroom units.
As the above table illustrates, the proposed two-bedroom units will offer more lineal feet
of closet space than the comparable units at Mariners Watch, the Flats East Bank, and
the Bingham, and are comparable in size to the closet space at The Shoreway and
Quay 55.
The proposed two-bedroom garden units will offer walk-in closets in the master
bedroom. Walk-in closets are not required in the second bedroom. The walk-in in the
master bedroom establishes the volume while a wall closet in the second bedroom does
not compromise the room size as a walk-in might.
III-31
THREE-BEDROOM COMPARISON-TABLE 1
BEDROOM SIZE
PROJECT
SUBJECT SITE
Three-Bedroom, 2.5 Bath
Townhouse
Mariners Watch
Flats East Bank
Quay 55
The Shoreway
The Bingham
Three-Bedroom Garden
Three-Bedroom
Townhouse
AVERAGE
THIRD
NUMBER
OF
BATHS
RENT
RENT PER
SQUARE
FOOT
130
2.5
$2,400
$1.71
$3,510
$2,740
$2.19
$1.68
2
2.5
$2,605
$2,655
$1.79
$1.38
2.0
$2,782
$1.75
UNIT
SIZE
MASTER
SECOND
1,400
170
150
1,600
1,628
250
182
196
148
1,458
1,922
100
200
125
200
125
110
1,602
180
164
129
THREE-BEDROOM COMPARISON-TABLE 2
CLOSET/STORAGE SPACE
PROJECT
SUBJECT SITE
Three-Bedroom, 2.5 Bath
Townhouse
Mariners Watch
Flats East Bank
Quay 55
The Shoreway
The Bingham
Three-Bedroom Garden
Three-Bedroom
Townhouse
AVERAGE
CLOTHES
CLOSET
(LINEAL
FEET)
GUEST
CLOSET
MASTER
BEDROOM
CLOSET
SECOND
BEDROOM
CLOSET
THIRD
BEDROOM
CLOSET
EXTRA
STORAGE
32
Yes
Walk-In
Walk-In
Wall
Garage
Very
Good
32
43
Yes
Yes
Walk-In
Walk-In
Yes
No
Poor
Poor
29
23.6
Yes
No
Walk-In
Walk-In
No
No
Poor
Poor
Walk-In
Wall
ENTRY
32
III-32
III-33
Following is a distribution of market-rate units surveyed by unit type and vacancy rate:
DISTRIBUTION OF CONVENTIONAL MARKET-RATE
APARTMENTS AND VACANCY RATE
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
UNIT TYPE
ONE-BEDROOM
TWO-BEDROOM
THREE-BEDROOM
TOTAL
MARKET-RATE UNITS
NUMBER
PERCENT
1,216
33.9%
2,138
59.6%
236
6.6%
3,590*
100.0%
VACANCY
RATE
4.2%
4.4%
1.7%
4.2%
*Does not include 180 unit under construction at Chagrin RiverWalk (Map Code 20)
Among the 27 market-rate projects, 37.0% are 100.0% occupied, accounting for 18.0%
of the total units. No properties have occupancies below 90%.
The Site EMA apartment base contains a well-balanced distribution of one-, two-, and
three-bedroom units, with 33.9%, 59.6%, and 6.6%, respectively.
A comparison of median and upper-quartile rents and vacancies by each unit type
follows:
MEDIAN AND UPPER-QUARTILE
RENTS AND VACANCIES
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
UNIT TYPE
ONE-BEDROOM
TWO-BEDROOM
THREE-BEDROOM
MEDIAN
RENTS
$691
$741
$822
OVERALL
VACANCY
RATE
4.2%
4.4%
1.7%
UPPER-QUARTILE
NUMBER VACANCY
RENT RANGE OF UNITS
RATE
$740-$1,122
304
$849-$1,422
535
8.0%
$922-$1,622
59
3.4%
Rents in the EMA have increased at an estimated average of 1.8% per year over the
past several years.
III-34
PERIOD
BEFORE 1970
1970-1979
1980-1989
1990-1999
2000-2006
2007
2008
2009
2010
2011
2012
2013
2014
2015*
TOTAL
PROJECTS
BUILT
9
12
3
2
1
0
0
0
0
0
0
0
0
0
27**
UNITS BUILT
720
1,186
962
192
530
3,590
CURRENT
VACANCY RATE
3.3%
2.2%
5.4%
2.6%
8.1%
4.2%
*Through March
**Does not include 180 unit under construction at Chagrin RiverWalk (Map Code 20)
Projects in the area range in size from 22 to 642 units. The average area project
includes 133 units. The following table provides a distribution of units by the size of the
project:
III-35
PROJECTS
NUMBER
PERCENT
2
7.4%
5
18.5%
8
29.6%
9
33.3%
1
3.8%
2
7.4%
27*
100.0%
UNITS
NUMBER
PERCENT
46
1.3%
208
5.8%
537
15.0%
1,355
37.7%
272
7.6%
1,172
32.6%
3,590
100.0%
VACANCY
RATE
0.0%
3.8%
1.3%
3.2%
2.6%
7.2%
4.2%
*Does not include 180 unit under construction at Chagrin RiverWalk (Map Code 20)
The area apartment market has been evaluated by the comparability rating of each
property. Comparability ratings are based on a rating system that awards points to
each project based on its unit amenities, project amenities, and aesthetic amenities
(curbside appeal). The average comparability rating in the EMA is 16.8. The following
table identifies units and vacancies by comparability rating:
DISTRIBUTION OF UNITS AND PROJECTS
BY COMPARABILITY RATING
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
COMPARABILITY
RATING RANGE
LESS THAN 15.0
15.0 TO 17.5
18.0 TO 20.5
21.0 TO 22.5
23.0 TO 25.5
26.0 TO 28.5
29.0 OR GREATER
TOTAL
NUMBER OF
PROJECTS
11
6
5
2
2
1
0
27*
NUMBER
OF UNITS
639
1,066
663
420
272
530
3,590
VACANCY
RATE
1.6%
5.9%
3.2%
2.4%
1.1%
8.1%
4.2%
*Does not include 180 unit under construction at Chagrin RiverWalk (Map Code 20)
III-36
Just over 80% of the apartment properties surveyed have comparability ratings below
21. The highest-rated conventional project in the area is the 530-unit Cobblestone Court
(Map Code 32), which opened in 2006 and has a rating of 27.0. The proposed project
is anticipated to have the highest overall comparability rating in the market at 36.5.
A distribution of amenities for market-rate projects, including the units under
construction at Chagrin RiverWalk, follows:
DISTRIBUTION OF AMENITIES
BY PROJECT
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
AMENITY
RANGE
REFRIGERATOR
AIR CONDITIONING
CARPET
ON-SITE MANAGEMENT
DISPOSAL
LAUNDRY
BALCONY/PATIO
WINDOW COVERINGS
DISHWASHER
CEILING FAN
GARAGE
INTERCOM SECURITY/SECURITY SYSTEM
WASHER/DRYER HOOKUPS
POOL
PLAYGROUND
COMMUNITY BUILDING/ROOM
PICNIC AREA
FITNESS CENTER
MICROWAVE
WASHER/DRYER
CARPORT
VAULTED/9 CEILINGS
SPORTS COURT
FIREPLACE
SAUNA
TENNIS COURT
LAKE
ELEVATOR
BUSINESS CENTER
BASEMENT
HOT TUB
JOG/BIKE TRAIL
SECURITY GATE
SECURITY PATROL
INCLUDED
AT SUBJECT
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
*Includes properties in which some or all of the units contain the amenity.
III-37
TOTAL NUMBER
OF PROJECTS*
(OUT OF 28)
28
28
27
27
25
24
23
21
20
19
17
14
11
10
10
10
9
9
6
5
5
5
5
4
2
2
2
1
1
1
0
0
0
0
0
SHARE OF
PROJECTS
WITH AMENITY
100.0%
100.0%
96.4%
96.4%
89.3%
85.7%
82.1%
75.0%
71.4%
67.9%
60.7%
50.0%
39.3%
35.7%
35.7%
35.7%
32.1%
32.1%
21.4%
17.9%
17.9%
17.9%
17.9%
14.3%
7.1%
7.1%
7.1%
3.6%
3.6%
3.6%
0.0%
0.0%
0.0%
0.0%
0.0%
Other than having a laundry, the subject site has all of the amenities common to over
60% of the total properties in the EMA.
The standard amenities featured in at least 60% of the apartments in the Site EMA
include a range, refrigerator, air conditioning, carpet, on-site management, disposal,
laundry, balcony/patio, window coverings, dishwasher, and ceiling fan. Washer and
dryer and/or hookups are relatively uncommon, which explains the high number of
developments with a laundry. The proposed site is anticipated to offer these unit
amenities, as well as numerous other features and amenities.
The subject site will be the only project in the Site EMA featuring a spa pool, jog/bike
trail, security gate, movie theater, and on-site marina with boat storage and direct
access to Lake Erie.
Comparability ratings have been established for all developments in the Site EMA
based on unit amenities, project amenities, overall aesthetic appeal, and curbside
marketability. A comparison of rent levels by comparability rating among the marketrate developments has been used to establish comparable market rents for onebedroom, two-bedroom, and three-bedroom units. These charts have been used as
guidelines to establish appropriate rent levels for the proposed development.
III-38
PROJECT INFORMATION
WATERFRONT PROPERTIES
LAKE ERIE AREA
2015
MAP
CODE
1
10
PROJECT
Marine Towers West
12540 Edgewater Dr.
Lakewood, OH 44107
866-648-1305
The Shoreham
11800 Edgewater Dr.
Lakewood, OH 44107
216-521-3074
Mariners Watch
3107 Detroit Ave.
Cleveland, OH 44113
216-373-7400
Stonebridge Waterfront
1500 Detroit Rd.
Cleveland, OH 44113
216-344-2310
Crittenden Court
955 W. St. Clair St.
Cleveland, OH 44113
216-600-8866
Flats East Bank
1055 Old River Rd.
Cleveland, OH 44113
216-438-2242
Quay 55
5455 N. Marginal Rd.
Cleveland, OH 44114
216-432-0622
The Shoreway
th
1200 w. 76 St.
Cleveland, OH 44102
216-644-6725
The Bingham
th
1278 W. 9 St.
Cleveland, OH 44113
216-694-8792
Erie Shore Landing
5115 E. Lake Rd.
Sheffield Lake, OH 45054
440-949-8116
TOTAL
NUMBER
OF UNITS
YEAR
OPENED
COMPARABILITY
RATING
PERCENT
OCCUPIED
171
1964
28.0
100.0%
140
1961
24.0
98.6%
62
2015
29.0
100.0%
226
2001
26.5
99.1%
211
1996
25.0
99.5%
243
2015
31.5
100.0%
140
2003
32.5
98.6%
45
2014
32.5
100.0%
340
2004
27.5
100.0%
239
1970
29.0
100.0%
III-39
B
B
B
X
X
X
X
X
X
X
X
X
S
S
X
X
X
X
X
S
III-40
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
SECURITY PATROL
X
X
X
X
X
X
X
X
X
X
BUSINESS CENTER
SECURITY GATE
LAUNDRY
PICNIC AREA
LAKE
JOG/BIKE TRAIL
SPORTS COURT
PLAYGROUND
TENNIS
X
X
X
X
X
X
X
X
X
X
X
X
ELEVATOR
X
X
X
X
X
X
X
X
X
X
X
X
ON-SITE MANAGEMENT
X
X
X
X
X
X
X
FITNESS CENTER
X
X
HOT TUB
X
X
SAUNA
COMMUNITY BUILDING
PROJECT
Marine Towers West
The Shoreham
Mariners Watch
Stonebridge Waterfront
Crittenden Court
Flats East Bank
Quay 55
The Shoreway
The Bingham
Erie Shore Landing
POOL
X
X
X
X
SECURITY SYSTEM
BASEMENT
X
O
O
O
O
X
O
O
O
O
S
X
B
B
B
B
GARAGE
CARPORT
BALCONY/PATIO
INTERCOM SECURITY
FIREPLACE
X
X
VAULTED/9 CEILINGS
X
X
X
X
S
X
X
X
X
X
X
X
S
CEILING FAN
X
X
X
X
X
X
X
X
X
X
S
X
WINDOW COVERINGS
C
C
C
C
C
C
C
C
C
C
CARPET
X
X
X
X
X
X
X
X
X
X
WASHER/DRYER HOOKUPS
X
S
X
X
X
X
X
X
X
X
WASHER/DRYER
AIR CONDITIONING
X
X
X
X
X
X
DISPOSAL
X
X
X
X
X
X
X
X
X
X
DISHWASHER
X
X
X
X
X
X
X
X
X
X
MICROWAVE
REFRIGERATOR
PROJECT
Marine Towers West
The Shoreham
Mariners Watch
Stonebridge Waterfront
Crittenden Court
Flats East Bank
Quay 55
The Shoreway
The Bingham
Erie Shore Landing
RANGE
X
X
X
PROJECT
Marine Towers West
The Shoreham
Mariners Watch
Stonebridge Waterfront
Crittenden Court
Flats East Bank
Quay 55
The Shoreway
The Bingham
Erie Shore Landing
TOTAL
UNITS
171
140
62
226
211
243
140
45
340
239
STUDIO
35
20
75
2
ONEBEDROOM
86
55
33
62
75
175
12
35
85
96
III-41
UNITS OFFERED
TWOTHREEBEDROOM BEDROOM
50
55
10
29
164
61
61
7
126
2
10
204
51
140
1
FOURBEDROOM
-
PROJECT
Marine Towers West
The Shoreham
Mariners Watch
Stonebridge Waterfront
Crittenden Court
Quay 55
The Shoreway
The Bingham
UNITS
UNIT DESCRIPTION
SQUARE
FEET
STREET
RENT
35
86
50
20
55
55
10
33
29
62
152
12
75
75
61
175
61
7
12
126
2
35
10
85
180
24
50
1
2
96
139
1
1
550 - 594
920
2,000
428 - 475
560 - 825
805 - 1,300
1,700
633 - 918
1,072 - 1,429
975
1,000 - 1,200
1,400 - 2,000
450 - 485
680 - 700
1,000 - 1,200
720 - 1,078
1,070 - 1,700
1602
800
1,000 - 1,715
1,810
920 - 1,515
1,078 - 1,570
599 - 969
1,023 - 1,699
1,509 - 1,936
1,737 - 1,756
2,410
500
825
1,150
1,500
3,750
$705 - $765
$895 - $955
$1,240 - $1,510
$650 - $730
$755 - $930
$930 - $1,475
$1,750
$1,150 - $1,630
$1,900 - $3,500
$938 - $1,203
$1,049 - $1,462
$1,619 - $2,111
$540 - $580
$740 - $815
$950 - $1,030
$1,670 - $2,195
$2,425 - 3,165
$3,500 - $3,940
$1,345 - $2,004
$1,705 - $3,085
$2,740
$1,000 - $1,900
$1,500 - $2,500
$1,129 - $1,620
$1,594 - $2,400
$2,055 - $2,155
$2,605 - $2,700
$2,655
$663
$763 - $863
$954 - $1,254
$2,255
$3,555
Note - Square footage ranges are as advertised, this number may differ from actual square footage, and from square footage as discussed in
the Competitive Analysis (page III-25).
III-42
III-43
The apartment building is curved so that the majority of units, which face southeast or
north, have a view of either the river or the lake (with some units having a view of both).
Only a small percentage of units face entirely to the east, and those units have a view of
downtown instead of a water view.
Quay 55
Quay 55 is located directly on the shore of Lake Erie. The property does not have any
boat docks or slips, and there is no direct access to the water for residents. The Forest
City Yacht Club is immediately southwest of the apartments. The yacht club has private
slips for up to 125 boats (sail boats and power boats between 16 and 42). Amenities at
the yacht club include: clubhouse, swimming pool, picnic areas, gas docks, Wi-Fi, and a
playground. Immediately northeast of the apartments is the East 55th Street Marina,
which is operated by Cleveland Metroparks. This is a public marina with 352 seasonal
slips, 8 transient docks, 6 guest docks (for the restaurant) and dry storage for the winter.
The marinas amenities include the E55 on the Lake restaurant and bar, bait shop and
marina store, restroom/shower facility, picnic area, pump out station, fuel dock, electric
and water for the slips, and gated entry to the slips. Quay 55 has no arrangement with
either marina, meaning any residents who have boats would be paying full prices to use
one of those facilities. Quay 55 management was not sure how many residents own
boats or use those facilities.
According to Quay 55 management, most apartments have a water view of some kind.
There are premiums for better water views, and these premiums range from around
$200 to $300 for each unit type. Units facing south have no water views, and these units
have the lowest rents in the rent range for each unit type. Units facing east have views
of the marina and are priced a step up from the south facing units. Corner units on the
northeast corner are another step up in price because these have a partial view of the
lake plus a view of the marina. Units facing west have views of the lake and/or the yacht
club marina, and these are the next highest tier of prices. Units facing north have the
best views of the lake, and these are the highest prices in each rent range. There are no
premiums for units on higher floors. There is a single two-bedroom unit in the building
that rents for $5,045. This is a custom unit that was designed and is occupied by the
former owner of the building.
The Shoreway
The Shoreway apartments are located 0.2 mile south of Lake Erie in Cleveland, Ohio.
The Shoreway consists of 45 units in a historic warehouse. It opened in 2014, and
features concrete floors, exposed brick, high ceilings (10 - 14), and oversized windows.
III-44
The building is L-shaped, and the horizontal wing of the building is parallel to the lake.
Every unit in that wing has a direct lake view. The remaining units either face west or
north, and also have a lake view, or they face east, with a view of the city. The units that
face the city have the lowest rents. In total about 80% of the units have a water view.
There is no direct water access from the apartments; however, the City of Cleveland
recently reopened a pedestrian tunnel under the Cleveland Memorial Shoreway, the
highway that is immediately north of the building. This tunnel opens onto the Shoreway
apartments on one end, and runs straight to Edgewater Park and the Edgewater Yacht
Club marina. The Shoreway apartments do not have any affiliation with the nearby
marina, and management was unsure how many residents own boats.
The Bingham
The Bingham is located less than 0.1 mile northeast of the Cuyahoga River, and 0.5
mile southwest of Lake Erie, in downtown Cleveland. The Bingham consists of 340 units
that were constructed in 2004 in a seven-story historic warehouse building with an
upscale grocery market on the ground floor. There is no direct water access from the
apartments, and leasing staff was not sure how many residents own or use boats.
There is no specific premium for views, but the units that are higher in the building, and
have a clear view to either the river or the lake are more expensive. Units facing south
and east have views of downtown Cleveland. Units facing west have views of the
Cuyahoga River, and units on the northwest corner of the building have views of the
river and Lake Erie. The seventh-floor units that face north have views to Lake Erie, and
are the highest-priced, but the north facing units on the lower floors have views that are
obstructed by neighboring buildings. There is a rooftop deck and party room with an
excellent view of the lake.
III-45
III-46
NUMBER
OF UNITS
12
12
8
8
4
44
APPROXIMATE
SQUARE FEET
1,350
1,450
1,650
1,450
1,600
III-47
BASE PRICE
$250,000
$300,000
$350,000
$275,000
$325,000
PRICE PER
SQUARE FOOT
$185.19
$206.90
$212.12
$189.66
$203.13
UNIT AMENITIES
Each unit in the proposed project will feature upscale amenities including the following:
Range
Disposal
Carpeting and wood flooring
Private patios
Dishwasher
Washer and dryer connections
Ample storage space
PROJECT AMENITIES
Condominium owners would have full access to the master amenity connected with the
marina development.
Project amenities will include the following:
Swimming pool
Community building
Spa pool
Fitness center
Playground
Adjacent to park
Movie theater
Jog/bike trail
On-site storage space
III-48
The condominium concept is an important feature for residents looking for a more
carefree lifestyle. The proposed development will assess a monthly fee which will
provide lawn care, exterior building maintenance, snow removal services, etc., along
with common area upkeep and insurance. These features are important marketing
points.
1. ABSORPTION
The proposed project is expected to begin construction in 2017, with the first units
available in 2018.
Based on area factors such as support potential, existing product, product price points,
and product type, as well as historic absorption levels at other projects in similar
demographic areas, anticipated absorption for the proposed development is projected to
be slightly higher than what the area has experienced over the past several years,
which have been significantly impacted by the economic conditions of 2007 through
2010 as well as the overall lack of available product.
As a waterfront development, the site will feature a for-sale residential alternative not
currently available in the area. We project absorption will range from 1.5 to 2.0 units per
month, or 18 to 24 units annually. Because of the uniqueness of the site, we expect
presales to be especially robust with up to 10 of the units sold prior to completion of the
first phase. A presale campaign will be especially important since most lenders today
require at least 50% of the units to be presold. The 8- to 12-unit buildings will help
facilitate this requirement.
Factors that affect absorption include (but are not limited to) the following: area mobility
patterns; availability of new product; age, quality, and rent of existing rental properties in
the Site EMA; area growth; area median income; product variety; proposed product
development; and date of opening. We expect up to 80% of the overall absorption of
the project to occur during the peak absorption period of May through October.
2. CONDOMINIUM QUALIFIED INCOME DISTRIBUTION
Generally, mobility patterns affecting support of maintenance-free home product
(condominium and patio homes) reflect those mobility patterns affecting single-family
development.
Therefore our approach to establishing the market for condominiums at the site is based
on an analysis of the demographic and economic characteristics of the Site EMA and
the application of optimal capture factors. By deducting existing competitive product
and evaluating proposed product, recommendations for specific product are made. The
overall income distributions are included in this section while the specific support
calculations can be found in the specific ranch and townhouse sections.
III-49
Qualifying Incomes
For the purpose of this analysis, we assume that 20% of the purchase price of new
condominium will be cash, yielding a 80% mortgage requirement. While many
developments offer 90% financing, condominiums are usually influenced by equity from
the previous sale of a single-family house, and 50% to 60% financing is not uncommon.
Income/mortgage/purchase price requirements are as follows:
INCOME
$42,000 - $49,000
$49,000 - $56,000
$56,000 - $70,000
$70,000 - $84,000
$84,000 - $98,000
$98,000 - $112,000
$112,000 - $140,000
$140,000 - $196,000
$196,000 - $224,000
$224,000 - $252,000
$252,000 - $280,000
$280,000 - $560,000
$560,000 - $840,000
MORTGAGE
$120,000 - $139,999
$140,000 - $159,999
$160,000 - $199,999
$200,000 - $239,999
$240,000 - $279,999
$280,000 - $319,999
$320,000 - $399,999
$400,000 - $559,999
$560,000 - $639,999
$640,000 - $719,999
$720,000 - $799,999
$800,000 - $1,599,999
$1,600,000 - $2,399,999
AMOUNT
FINANCED
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
80%
Following are the 2015 estimated income distributions of total households for Lake
County:
HOUSEHOLD
INCOME RANGE
$49,000 - $56,000
$56,000 - $70,000
$70,000 - $84,000
$84,000 - $98,000
$98,000 - $112,000
$112,000 - $140,000
$140,000 - $196,000
$200,000 AND OVER
QUALIFIED HOME
PRICE
$175,000 - $199,999
$200,000 - $249,999
$250,000 - $299,999
$300,000 - $349,999
$350,000 - $399,999
$400,000 - $499,999
$500,000 - $699,999
OVER $700,000
Total
2015 TOTAL
HOUSEHOLDS
DISTRIBUTION
6,037
12,181
10,564
9,666
4,390
7,023
6,604
3,244
59,708
10.1%
20.4%
17.7%
16.2%
7.4%
11.8%
11.1%
5.4%
100.0%
Based on levels of affordability of new product, an optimal capture factor can be applied
to income ranges to determine the annual demand. The optimal capture factors have
been established in mature markets with adequate supply.
III-50
PRICE RANGE
$175,000 - $199,999
$200,000 - $249,999
$250,000 - $299,999
$300,000 - $349,999
$350,000 - $399,999
$400,000 - $499,999
$500,000 - $699,999
OVER $700,000
Total
QUALIFIED
2015 EMA
HOUSEHOLDS
6,037
12,181
10,564
9,666
4,390
7,023
6,604
3,244
59,708
ESTIMATED
INTERNAL DEMAND
CAPTURE FACTOR
0.0021
0.0023
0.0026
0.0027
0.0022
0.0019
0.0013
0.001
0.0022
ESTIMATED
DEMAND FROM SITE
EMA HOUSEHOLDS
13
28
27
26
10
13
9
3
129
When considering all price ranges, the total maximum annual support base is estimated
to be approximately 129 condominium homes, without considering existing supply or
demand from outside the market area.
Because of the unique character of the proposed development, as well as the subject
site, we estimate that as much as 65% of the support for any new condominium
development at the site will come from outside the EMA.
III-51
PRICE RANGE
$175,000 - $199,999
$200,000 - $249,999
$250,000 - $299,999
$300,000 - $349,999
$350,000 - $399,999
$400,000 - $499,999
$500,000 - $699,999
Over $700,000
Total
Target Price Range
ESTIMATED
DEMAND FROM
EMA HOUSEHOLDS
13
28
27
26
10
13
9
3
129
53
ESTIMATED
DEMAND FROM
OUTSIDE THE EMA
24
52
50
48
19
24
17
6
240
98
ESTIMATED
TOTAL
DEMAND
37
80
77
74
29
37
26
9
369
151
When considering the demand from the EMA and from outside the EMA, the total
support is estimated to be approximately 151 new condominium homes per year in the
proposed price range. The proposed development will contain 44 units at an anticipated
2-year absorption period or 22 units per year. This is a 14.6% capture rate.
It is important to note that optimal absorption is seldom achieved within a market.
Generally, maximum absorption occurs only when sales are a function of demand rather
than being limited by supply.
In most markets that achieve sales close to demand, there are various product types
represented with various sales prices available, i.e., a full range of price, concept and
location alternatives. Maximum sales are, generally, only achieved in over-built
markets. In under-served markets, individual projects often exceed expectations due to
the lack of competition.
3. GEOGRAPHIC ORIGIN OF SUPPORT
Because of the unique character of the subject site, additional support will be generated
from outside the Lake County area. A comparison of typical versus anticipated
geographic support for the subject site is as follows:
TYPICAL SUPPORT
INTERNAL MOBILITY
EXTERNAL MOBILITY
TOTAL
70%
30%
100%
III-52
ANTICIPATED SUPPORT AT
SUBJECT SITE
35%
65%
100%
YEAR
ACTIVE
PROJECTS
SALES
2001
13
2002
11
2003
22
2004
26
2005
14
2006
10
2007
2008
2009
2010
2011
2012
2013
2014
14
13
11
10
10
8
4
7
4
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
III-53
$250,000
$200,000
$150,000
$100,000
$50,000
$2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
There is one other condominium development in the Mentor area that should be noted.
Nautica at Lake Erie Shores is an active 30-unit, semiprivate, condominium community
currently under development at the corner of Lake and Bacon Roads in Painesville
Township, Ohio. Nautica at Lake Erie Shores is being developed by ProBuilt Homes
with prices starting in the $150,000s. This development offers two floorplan options, The
Zephyr and The Nautica. The Nautica is a three-bedroom, two-and-a-half bathroom,
townhome unit. This floorplan offers over 1,533 square feet. The Zephyr is a 1,301
square foot, two-bedroom, two-bathroom, ranch unit. Both floorplans come with many
upgrade options. The community offers amenities including a private beach,
playground, pavilions, walking trails, and maintenance-free living. Annual homeowners
association fees are $350. As of August 2015, 10 units have been constructed, and of
those, 5 have sold.
III-54
G. PLANNED/PROPOSED PROJECTS
Based on interviews with Ronald M. Traub, Director of Planning with the City of Mentor,
there is limited undeveloped land zoned for residential within Mentor to develop.
Currently there are no multifamily, condominium or manufactured home projects in the
planning process.
According to Barbara Domain, Zoning Secretary, there is no land within the city limits of
Mentor-on-the-Lake that is available for any type of new development.
H. DEVELOPMENT STRATEGY
1. The original scope of this assignment also included the identification of potential
for both office and retail development. After the final site analysis and the field
survey of existing facilities, it was determined that the attributes of the site would
not support such development. Further, the office market did not have the depth
to support significant additional development.
2. The Danter Company has consulted with CT Consultants to develop a land use
plan and to provide preliminary development costs for the project. The costs
included extending all roadways and utilities along the three peninsulas as well
as two alternatives for treating the shore (steel retaining wall or rip-rap). It also
included the cost of a lift station for sanitary service.
3. Recommended lot prices include a rip-rap shoreline. Individual buyers could
choose to upgrade or develop docks.
4. Based on a preliminary development proforma, it is our opinion that a land value
of $5.5 to $6.5 million could be assigned to this property. Naturally, a
professional appraiser should be consulted.
5. The most likely development scenario would be to sell the entire parcel to a
single developer, who in turn, would partner with the appropriate specialists in
the single-family, condominium and rental components, if desired.
6. It is likely that a developer would request that the property be acquired in stages,
as it is developed. However, the rental and single-family components could be
developed concurrently resulting in at least portions of two of the peninsulas
being acquired early in the development process. Naturally, this is subject to
negotiations with a potential developer.
7. We anticipate that the marina would remain in place and be expanded to include
a community building as part of the project amenities. The cost of the community
III-55
building has been included in the cost estimates. Any improvements to the
existing marina have not been included.
TOTAL
Total Development Cost
Perimeter Rip-Rap
Clubhouse
Lift Station
Total Development Cost
Soft Cost and Overhead
Land Cost
Total
$ 8,598,756
$ 1,441,333
$ 400,000
$ 500,000
$10,940,089
$ 3,500,000
$ 6,000,000
$20,440,089
III-56
SOUTH
PENISULA
(APARTMENTS)
$3,439,502
$ 648,600
$ 160,000
$ 200,000
$4,448,102
$1,400,000
$2,976,000
$8,824,102
DEVELOPMENT PROFORMA
REVENUES
UNITS
Boathouse Lots
Premium
Standard
Lagoon Lots
Standard Lots
Condo Lots
Marina Condo Lots
Sale of Apartment Land
Total
7
9
49
14
32
12
248
371
UNIT PRICE
$225,000
$175,000
$150,000
$110,000
$ 50,000
$ 50,000
$ 14,000
TOTAL
$ 1,575,000
$ 1,575,000
$ 7,350,000
$ 1,540,000
$ 1,600,000
$ 600,000
$ 3,472,000
$17,712,000
EXPENSES
Site Development Costs - (North and
Middle Peninsulas)
Soft Cost, Sales, Marketing and
Overhead
Land Cost
Total
Developer Profit
$ 6,491,987
$ 2,100,000
$ 6,000,000
$14,591,987
$ 3,120,013
NUMBER
Boathouse Lots
Premium
Standard
Lagoon Lots
Standard Lots
Condo Lots
Marina Condo Lots
Community Building
Apartments
7
9
49
14
32
12
1
248
III-57
1,000,000
650,000
500,000
450,000
300,000
300,000
400,000
155,000
TOTAL VALUE
$ 7,000,000
$ 5,850,000
$ 24,500,000
$ 6,300,000
$ 9,600,000
$ 3,600,000
$
400,000
$ 38,440,000
$ 95,690,000
The total developed value of the project would be $95,690,000. Based on the taxable
rate of 35% the taxable value is $33,491,500.
MENTOR
18,758
18,806
0.3%
19,316
2.7%
19,374
0.3%
HOUSEHOLDS
LAKE COUNTY
89,729
94,211
5.0%
95,500
1.4%
96,144
0.7%
More important, however, is the change in the distribution of households by age and
income and the potential impact on housing values in Mentor and Lake County.
Households age 35 to 44 with incomes in excess of $75,000 are consumers of move-up
housing. Also, households age 65 and over are, at some point, sellers of housing. The
ratio of households in the buying cohort to the households in the seller cohort becomes
an indicator of how changing demographics can impact housing values. For example, in
2015 in Lake County there are 6,904 households in the buyer cohort and 5,342
households in the seller cohort, a ratio of 1.3 buyers for every seller, a decline from 3.3
buyers per seller in 2000. Following is the trend in the buyer:seller ratio in Mentor and
Lake County since 2000.
YEAR
2000
2010
2015
2020
BUYERS TO SELLERS
MENTOR
LAKE COUNTY
4.9 to 1.0
3.3 to 1.0
1.5 to 1.0
1.6 to 1.0
1.2 to 1.0
1.3 to 1.0
0.9 to 1.0
1.0 to 1.0
Clearly the ratio of buyers to sellers is reducing rapidly as the Mentor and Lake County
population ages. The impact of a smaller number of buyers will directly impact housing
III-58
values. Thus, not only does economic development of a community impact the overall
economy of the community, but it also has a major impact on housing values.
Mentor and Lake County are in a competition with other communities in Northeast Ohio
to attract young buyers into the market with the addition of both jobs and housing.
Upscale rental housing attracts residents with a commitment to the community who are
considerably more likely to become long-term residents (and contribute to the buyer
side of the buyer:seller ratio).
The following charts and graphics detail the buyer:seller ratio for Mentor and Lake
County.
DISTRIBUTION OF HOUSEHOLDS EARNING $75,000 OR MORE
BY AGE
2000 - 2015 - 2020
LAKE COUNTY, OHIO
2000
2015
2020*
<25
25-34
35-44
45-54
55-64
65-74
75+
100
249
337
2,421
3,747
4,760
6,455
6,904
8,362
7,067
9,254
9,805
4,019
8,964
10,911
1,300
3,957
6,112
629
1,385
2,422
Note: $75,000 income equates to a $225,000 mortgage and a home value of $281,000 with 20% down payment
2000
2010
2015
2020
Buyers
Sellers
Ratio
6,455
5,210
6,904
8,362
1,929
3,209
5,342
8,534
3.3
1.6
1.3
1.0
III-59
2000
2015
2020*
<25
26
33
38
25-34
635
820
970
35-44
2,050
1,625
2,009
45-54
2,089
2,284
2,277
55-64
1,112
2,562
2,913
65-74
262
1,016
1,595
75+
156
319
554
Note: $75,000 income equates to a $225,000 mortgage and a home value of $281,000 with 20% down payment
2000
2010
2015
2020
Buyers
Sellers
Ratio
2,050
1,130
1,625
2,009
418
775
1,335
2,149
4.9
1.5
1.2
0.9
III-60
2000 CENSUS
2010 CENSUS
NUMBER
PERCENT
NUMBER
PERCENT
OCCUPIED
22,796
96.5%
23,817
93.5%
BY OWNER
18,056
79.2%
18,369
77.1%
BY RENTER
4,740
20.8%
5,448
22.9%
VACANT
828
3.5%
1,646
6.5%
TOTAL 23,624
100.0%
25,463
100.0%
III-61
The above data are a distribution of all rental units (e.g., duplexes, conversions, units
above storefronts, single-family homes, mobile homes, and conventional apartments)
regardless of age or condition. Vacancies reflect some of the seasonal nature of the
area rental market.
The 2010 Census marked a significant change in information gathering procedures. The
information formerly gathered on the long form (income, rents, mortgage details) is no
longer being collected for the decennial Census. Instead, everyone received a short
form. This information is being collected on the much less sampled American
Community Survey and being released as a five-year rolling averages, limiting its
usefulness for small area demographics.
When available, we have presented 2010 Census data along with 2014 estimates and
2019 projections. When 2010 Census data are not available, we have presented 2000
Census data.
In 2000, there were approximately 4,740 renter-occupied housing units in the EMA.
This includes all housing units (e.g., duplexes, single-family homes, mobile homes)
regardless of age or condition.
A summary of the existing rental units in the market by type follows:
DISTRIBUTION OF RENTED UNITS BY UNIT TYPE
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
2000
UNIT TYPE
SINGLE, DETACHED
SINGLE, ATTACHED
2 TO 4
5 TO 9
10 TO 19
20 TO 49
50+
MOBILE HOME OR TRAILER
OTHER
TOTAL
TOTAL NUMBER OF
HOUSING UNITS
1,175
289
645
1,142
995
270
218
9
0
4,740
III-62
SHARE OF
HOUSING UNITS
24.8%
6.1%
13.6%
24.1%
21.0%
5.7%
4.6%
0.2%
0.0%
100.0%
Of the 4,740 renter-occupied housing units in the EMA in 2000, 1,473 (31.1%) were
within single-family detached and attached, and mobile homes or trailers. This is a
moderate share of renter-occupied units in non-conventional alternatives.
Following is a summary of the renter households in the Site EMA by household size:
DISTRIBUTION OF RENTER HOUSEHOLDS BY HOUSEHOLD SIZE
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
2010 CENSUS
HOUSEHOLD SIZE
ONE PERSON
TWO PERSONS
THREE PERSONS
FOUR PERSONS
FIVE OR MORE PERSONS
TOTAL
NUMBER
2,141
1,551
833
525
399
5,449
PERCENT
39.3%
28.5%
15.3%
9.6%
7.3%
100.0%
In 2010, the owner- and renter-occupied households within the Mentor Site Effective
Market area were distributed as follows:
DISTRIBUTION OF TENURE BY AGE
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
2010 CENSUS
TENURE
HOUSEHOLDER 15 TO 24 YEARS
HOUSEHOLDER 25 TO 34 YEARS
HOUSEHOLDER 35 TO 44 YEARS
HOUSEHOLDER 45 TO 54 YEARS
HOUSEHOLDER 55 TO 64 YEARS
HOUSEHOLDER 65 TO 74 YEARS
HOUSEHOLDER 75 TO 84 YEARS
HOUSEHOLDER 85 YEARS AND OVER
TOTAL
OWNER-OCCUPIED
NUMBER
PERCENT
132
0.7%
1,801
9.8%
3,145
17.1%
4,461
24.3%
4,084
22.2%
2,682
14.6%
1,573
8.6%
491
2.7%
18,369
100.0%
III-63
RENTER-OCCUPIED
NUMBER
PERCENT
533
9.8%
1,236
22.7%
1,074
19.7%
1,088
20.0%
677
12.4%
334
6.1%
256
4.7%
250
4.6%
5,448
100.0%
In 2000, existing gross rents in the Effective Market Area were distributed as follows:
DISTRIBUTION OF RENTAL UNITS BY GROSS RENT
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
2000 CENSUS
NO CASH RENT
UNDER $250
$250 - $349
$350 - $449
$450 - $549
$550 - $649
$650 - $749
$750 - $899
$900 - $999
$1,000 - $1,499
$1,500 AND OVER
TOTAL
MEDIAN GROSS RENT
NUMBER
155
262
216
450
603
1,007
793
748
281
193
30
4,740
PERCENT
3.3%
5.5%
4.6%
9.5%
12.7%
21.2%
16.7%
15.8%
5.9%
4.1%
0.6%
100.0%
$625
PERCENTAGE
LESS THAN 20%
20% TO 24%
25% TO 29%
30% TO 34%
35% OR MORE
NOT COMPUTED
TOTAL
RENTER HOUSEHOLDS
NUMBER
PERCENT
1,701
35.9%
678
14.3%
526
11.1%
341
7.2%
1,265
26.7%
227
4.8%
4,740
100.0%
III-64
As the above table indicates, 33.9% of the renter households paid over 30% of their
annual household income for rental housing costs in 2000. A total of 1,265 renter
households paid 35% or more of their income for rental housing costs, a significant
number of rent burdened households.
YEAR
1990
2000
CHANGE 1990-2000
2010 CENSUS
CHANGE 2000-2010
2014 (ESTIMATED)
2019 (PROJECTED)
CHANGE 2014-2019
POPULATION
52,338
59,286
13.3%
58,384
-1.5%
58,251
58,268
0.0%
HOUSEHOLDS
18,856
22,796
20.9%
23,817
4.5%
24,073
24,222
0.6%
POPULATION
PER HOUSEHOLD
2.78
2.60
2.45
2.42
2.41
-
As the above table illustrates, the total population and households within the Mentor
Site EMA increased between 1990 and 2000. During this time period, the total
population increased 13.3% from 52,338 in 1990 to 59,286 in 2000. During this same
time period, households increased 20.9% from 18,856 in 1990 to 22,796 in 2000. Both
the total population and households are expected to increase slightly through 2019.
The population is expected to increase by 17 between 2014 and 2019 while households
are expected to increase by 149 from 24,073 in 2014 to 24,222 in 2019.
The median population age in the 2010 Census was 41.5 years old, 5.0 years older
than reported in the 2000 Census. By 2019, the median population age is expected to
be 43.4 years old. The following tables detail the area population by age groups:
III-65
2000
NUMBER PERCENT
4,008
6.8%
4,458
7.5%
4,283
7.2%
4,009
6.8%
3,051
5.1%
7,968
13.4%
10,318
17.4%
8,916
15.0%
5,483
9.2%
3,812
6.4%
2,406
4.1%
574
1.0%
59,286
100.0%
36.5
2010
NUMBER PERCENT
3,141
5.4%
3,609
6.2%
3,892
6.7%
3,824
6.5%
3,157
5.4%
6,730
11.5%
7,805
13.4%
9,844
16.9%
7,962
13.6%
4,741
8.1%
2,613
4.5%
1,066
1.8%
58,384
100.0%
41.5
2014 (ESTIMATED)
NUMBER PERCENT
2,966
5.1%
3,393
5.8%
3,727
6.4%
3,542
6.1%
3,251
5.6%
6,889
11.8%
7,348
12.6%
8,937
15.3%
8,763
15.0%
5,611
9.6%
2,699
4.6%
1,124
1.9%
58,251
100.0%
42.5
III-66
2019 (PROJECTED)
NUMBER PERCENT
2,981
5.1%
3,239
5.6%
3,566
6.1%
3,429
5.9%
2,899
5.0%
6,856
11.8%
7,333
12.6%
7,948
13.6%
9,087
15.6%
6,566
11.3%
3,201
5.5%
1,163
2.0%
58,268
100.0%
43.4
The following table illustrates the households by age in the Site EMA in 2000, 2014
(estimated), and 2019 (projected):
HOUSEHOLDS BY AGE
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
2000 CENSUS, 2014 (ESTIMATED), AND 2019 (PROJECTED)
HOUSEHOLD AGE
UNDER 25 YEARS
25 TO 34 YEARS
35 TO 44 YEARS
45 TO 54 YEARS
55 TO 64 YEARS
65 TO 74 YEARS
75 AND OLDER
TOTAL
2000
NUMBER PERCENT
843
3.7%
3,602
15.8%
5,608
24.6%
5,129
22.5%
3,237
14.2%
2,485
10.9%
1,892
8.3%
22,796
100.0%
2014 (ESTIMATED)
NUMBER PERCENT
620
2.6%
3,083
12.8%
3,963
16.5%
5,008
20.8%
5,206
21.6%
3,551
14.8%
2,642
11.0%
24,073
100.0%
2019 (PROJECTED)
NUMBER
PERCENT
576
2.4%
3,014
12.4%
3,902
16.1%
4,377
18.1%
5,316
21.9%
4,088
16.9%
2,949
12.2%
24,222
100.0%
The following table illustrates the distribution of income among all households in the Site
EMA in 2000, 2014 (estimated), and 2019 (projected). Again, it is worth remembering
that income data were not collected for the 2010 Census.
DISTRIBUTION OF INCOME
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
2000 CENSUS, 2014 (ESTIMATED), AND 2019(PROJECTED)
HOUSEHOLD INCOME
LESS THAN $15,000
$15,000 TO $24,999
$25,000 TO $34,999
$35,000 TO $49,999
$50,000 TO $74,999
$75,000 TO $99,999
$100,000 TO $149,999
$150,000 TO $199,999
$200,000 OR MORE
TOTAL
MEDIAN INCOME
2000
NUMBER PERCENT
1,915
8.4%
2,485
10.9%
2,599
11.4%
4,331
19.0%
5,311
23.3%
3,351
14.7%
2,257
9.9%
296
1.3%
251
1.1%
22,796
100.0%
$50,322
2014 (ESTIMATED)
NUMBER PERCENT
2,412
10.0%
2,091
8.7%
2,263
9.4%
3,189
13.2%
5,513
22.9%
4,157
17.3%
2,996
12.4%
907
3.8%
544
2.3%
24,073
100.0%
$56,975
III-67
2019 (PROJECTED)
NUMBER
PERCENT
2,102
8.7%
1,459
6.0%
1,780
7.3%
2,789
11.5%
5,455
22.5%
5,060
20.9%
3,758
15.5%
1,127
4.7%
692
2.9%
24,222
100.0%
$66,048
The following tables illustrate the distribution of income by age in 2000, 2014
(estimated), and 2019 (projected), the most recent available:
DISTRIBUTION OF INCOME BY AGE
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
2000 CENSUS
2000 HOUSEHOLD
INCOME
LESS THAN $10,000
$10,000-$14,999
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000-$149,999
$150,000-$199,999
$200,000 OR MORE
TOTAL
UNDER 25
69
58
178
175
186
143
29
7
0
0
843
25-34
112
112
389
479
810
965
558
148
14
14
3,602
35-44
174
84
353
365
1,110
1,576
1,082
723
112
28
5,608
AGE GROUP
45-54
174
67
318
446
780
1,405
949
872
82
41
5,129
55-64
175
113
223
350
557
764
524
388
74
71
3,237
65-74
169
159
552
465
504
348
159
87
7
32
2,485
75+
187
286
473
308
375
117
59
34
0
55
1,892
55-64
563
331
377
559
1,161
1,032
712
304
168
5,206
$64,225
$79,025
65-74
329
351
443
610
882
551
281
36
67
3,551
$50,719
$61,606
75+
259
581
534
612
391
189
58
10
8
2,642
$33,654
$41,890
UNDER 25
160
90
70
102
141
46
7
1
2
620
$33,120
$39,009
25-34
333
246
252
415
891
518
337
49
41
3,083
$55,643
$64,975
35-44
355
232
264
415
910
781
726
157
123
3,963
$67,742
$80,777
III-68
AGE GROUP
45-54
412
260
323
476
1,138
1,039
875
350
135
5,008
$71,718
$84,105
UNDER 25
149
61
58
95
146
56
8
2
2
576
$37,412
$41,774
25-34
282
164
188
344
870
620
419
76
52
3,014
$62,249
$71,770
35-44
275
145
174
319
837
917
901
183
150
3,902
$78,897
$89,771
III-69
AGE GROUP
45-54
283
146
191
306
927
1,053
932
386
153
4,377
$80,922
$93,059
55-64
476
213
272
466
1,121
1,254
914
396
204
5,316
$76,464
$88,206
65-74
346
252
386
581
1,037
833
476
66
111
4,088
$58,750
$71,078
75+
291
477
512
679
516
327
109
18
20
2,949
$38,091
$47,412
IV-1
B. SITE EVALUATION
The attributes of a sites location are primarily a function of three main characteristics:
Access
Visibility
Community Services
POOR
ASSESSMENT RATING
FAIR/AVERAGE
GOOD
X
X
X
EXCELLENT
Access to the site is from Harbor Drive, a narrow winding secondary road that intersects
with Lakeshore Boulevard, 0.5 mile southeast. Harbor Drive has no sidewalks or
buffering to the front yards of the single-family homes that front it.
Lakeshore Boulevard (State Route 283) is a two-lane major thoroughfare within the
northern and northeastern portion of Mentor, Ohio and intersects with State Route 44,
3.2 miles southeast and Andrews Road 1.5 miles southwest. Other major arteries are
State Route 2 (3.1 miles south) and Interstate 90 (7.1 miles southwest).
Laketran does not have service to the immediate site area at present-time.
IV-2
VISIBILITY
Our research has determined that a significant percent of traffic at any multifamily
development is generated from drive-by traffic. The key to generating drive-by traffic is
visibility from well-traveled arteries.
SITE VISIBILITY
TRAFFIC VOLUME
OVERALL
POOR
X
X
X
ASSESSMENT RATING
FAIR/AVERAGE
GOOD
EXCELLENT
The site visibility and traffic volume are considered poor. Visibility is limited to close
proximity to entrance along Harbor Drive due to existing residential along Lakeshore
Boulevard. Traffic is limited to residents of the residential and slip occupants. During
the winter, traffic is non-existent along Harbor Drive.
COMMUNITY SERVICES
In evaluating a sites environment, it is critical to assess the curb appeal of surrounding
views and land usage, as well as the sites proximity to everyday community services.
COMMUNITY SERVICE
GROCERY STORE
CONVENIENCE SHOPPING
RETAIL CENTER
EMPLOYMENT CENTER
BANK(S)
PARK(S)
SCHOOLS
AREA APPEAL
OVERALL
ASSESSMENT RATING
FAIR/AVERAGE
GOOD
X
X
X
X
X
X
X
X
X
POOR
EXCELLENT
A Giant Eagle and Marcs (grocery/pharmacy) are 2.3 miles southwest of the site. The
immediate site area has no convenience stores in close proximity. The closest
convenience stores including Family Dollar and Walgreens Pharmacy are along
Andrews Road, 2.1 to 2.4 miles southwest, However, during peak tourist times
(spring/summer) there are few bait stores and boating stores that stock limited everyday
supplies along Lakeshore Boulevard. The closest retail corridor is Andrews Road. The
largest retail center serving the area is the Great Lakes Mall, 5.3 miles southwest of the
site.
IV-3
Employment is available throughout the area; however, most commute throughout the
greater Cleveland area.
PNC Bank and Chase Bank are 2.3 miles southwest of the site.
There are several parks and indoor entertainment to choose from in the market area;
however, the main draw to the area is Lake Erie for boating, fishing, and family
entertainment.
All schools are represented.
Overall, community services are considered average-to-good.
SUMMARY
Based on our evaluation of the sites surrounding land usage, convenience to
employment, and convenience to shopping, we rate the environment of the site for
multifamily residential usage as fair to average.
SITE DEMAND FACTOR
ACCESS
VISIBILITY
COMMUNITY SERVICES
OVERALL
POOR
ASSESSMENT RATING
FAIR/AVERAGE
GOOD
X
EXCELLENT
X
X
X
IV-4
Interviews conducted with area apartment managers, real estate agents, planners,
city officials, and area developers
A demographic analysis
An analysis of mobility patterns
Personal observations of the field analyst
The Site Effective Market Area includes Mentor, Mentor on the Lake, portions of
Willoughby, and Grand River. Specifically, the EMA is bounded by Lake Erie to the
north, East Street and Richmond Street to the east, Mentor Avenue (US Route 20) to
the south, and Lost Nation Road to the west.
IV-5
MENTOR, OHIO
IV-6
D. COMMUNITY SERVICES
The following table provides a listing of the community services that impact the
proposed site:
FACILITY/SERVICE
PUBLIC BUS
MAJOR HIGHWAYS
POLICE
FIRE
SCHOOLS:
ELEMENTARY
MIDDLE
HIGH
CONVENIENCE STORE
GROCERY/SUPERMARKET
SHOPPING MALL/CENTER
EMPLOYMENT CENTERS/
MAJOR EMPLOYERS
RECREATIONAL FACILITIES
HOSPITAL/MEDICAL FACILITY
PHARMACY
BANKS
POST OFFICE
LIBRARY
NAME/DESCRIPTION
LAKETRAN
STATE ROUTE 283
STATE ROUTE 2
INTERSTATE 90
MENTOR
MENTOR
MENTOR PUBLIC SCHOOLS
HEADLANDS
SHORE
MENTOR
FAMILY DOLLAR
GIANT EAGLE
GREAT LAKES MALL
MENTOR PUBLIC SCHOOLS
UNIVERSITY HOSPITAL
LAKE ERIE
BLACK BROOK GOLF COURSE
UNIVERSITY HOSPITAL
WALGREENS
CHASE BANK
PNC BANK
U.S. POST OFFICE
MENTOR-ON-THE-LAKE
DISTANCE
FROM SITE
0.5 MILE
0.5 MILE
3.1 MILES
7.1 MILES
2.2 MILES
2.2 MILES
DIRECTION
SOUTHWEST
SOUTHWEST
SOUTH
SOUTHWEST
SOUTH
SOUTH
3.8 MILES
0.7 MILE
2.4 MILES
2.1 MILES
2.3 MILES
5.3 MILES
SCATTERED
4.2 MILES
DIRECTLY
1.6 MILES
4.2 MILES
2.4 MILES
2.3 MILES
2.3 MILES
3.5 MILES
1.5 MILES
NORTHEAST
SOUTHWEST
SOUTH
SOUTHWEST
SOUTHWEST
SOUTHWEST
VARIES
SOUTHEAST
NORTH
SOUTHEAST
SOUTHEAST
SOUTHWEST
SOUTHWEST
SOUTHWEST
SOUTHEAST
SOUTHWEST
IV-7
FINANCIAL INSTITUTIONS
Twelve banks serve the area.
MEDIA
Newspapers Circulated in the Site Area
NEWSPAPER
The Plain Dealer
The News-Herald
CITY OF ORIGIN
Cleveland
Willoughby
FREQUENCY OF
PUBLICATION
Daily
Daily
IV-8
The specific neighborhood of the site, with traffic counts when available.
Following the maps are site area photographs, including photographs of the subject site
and surrounding land uses.
V-1
NEIGHBORHOOD MAP
MENTOR, OHIO
V-2
MENTOR, OHIO
V-3
MENTOR, OHIO
V-4
MENTOR, OHIO
Bank
Park
Elementary School
Pharmacy
Fire Department
Police Department
Grocery Store
Recreation
High School
Senior Center
Library
Site
Middle School
Shopping
V-5
SITE PHOTOGRAPHS
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
V-6
SITE PHOTOGRAPHS
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
V-7
A rent and vacancy analysis, which contains distributions of units and vacancies by
net rent range. A separate distribution appears for units by number of bedrooms.
A project information analysis listing the name and address of each development, its
occupancy, and year opened. Any unique features are noted by the analyst.
A street rent comparison listing rents by unit size for all market-rate developments.
A comparability rating, assigning point values for unit amenities, project amenities,
and overall aesthetic appeal/curbside marketability.
A unit type/utility detail analysis with units offered and utilities available, including
responsibility for payment.
Rent/square foot.
A map showing the location of each apartment complex included in this analysis is in
Section VII Modern Apartment Locations and Photographs.
VI-1
DISTRIBUTION OF
MODERN APARTMENT UNITS
AND VACANCIES
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
UNIT TYPE
UNITS
NUMBER
PERCENT
VACANCIES
NUMBER
PERCENT
ONE-BEDROOM
1,216
33.9%
51
4.2%
TWO-BEDROOM
2,138
59.6%
95
4.4%
236
6.6%
1.7%
3,590
100.0%
150
4.2%
THREE-BEDROOM
TOTAL
SUBSIDIZED
UNIT TYPE
UNITS
NUMBER
PERCENT
VACANCIES
NUMBER
PERCENT
ONE-BEDROOM
61
18.0%
0.0%
TWO-BEDROOM
225
66.4%
0.0%
53
15.6%
0.0%
339
100.0%
0.0%
THREE-BEDROOM
TOTAL
VI-2
YEAR OF
PROJECT OPENING
NUMBER OF
PROJECTS
NUMBER OF
UNITS
PERCENT
DISTRIBUTION
Before 1970
720
20.1%
720
3.3%
1970 - 1974
820
22.8%
1,540
2.3%
1975 - 1979
366
10.2%
1,906
1.9%
1980 - 1984
128
3.6%
2,034
6.3%
1985 - 1989
834
23.2%
2,868
5.3%
1990 - 1994
156
4.3%
3,024
1.3%
1995 - 1999
36
1.0%
3,060
8.3%
2000 - 2004
0.0%
3,060
0.0%
2005
0.0%
3,060
0.0%
2006
530
14.8%
3,590
8.1%
2007
0.0%
3,590
0.0%
2008
0.0%
3,590
0.0%
2009
0.0%
3,590
0.0%
2010
0.0%
3,590
0.0%
2011
0.0%
3,590
0.0%
2012
0.0%
3,590
0.0%
2013
0.0%
3,590
0.0%
2014
0.0%
3,590
0.0%
2015*
0.0%
3,590
0.0%
27
3,590
100.0 %
3,590
4.2%
TOTAL:
VI-3
CUMULATIVE
UNITS
TOTAL UNITS
COLLECTED RENT
NUMBER
PERCENT
VACANCIES
NUMBER
PERCENT
$1122
90
7.4%
6.7%
$922
90
7.4%
6.7%
$740 - $751
333
27.4%
19
5.7%
$680 - $701
270
22.2%
1.9%
$636 - $655
42
3.5%
4.8%
$605 - $629
80
6.6%
3.8%
$579 - $600
78
6.4%
9.0%
$547 - $561
85
7.0%
2.4%
$525 - $535
112
9.2%
0.0%
$450 - $461
36
3.0%
2.8%
1,216
100.0%
51
4.2%
TOTAL
Median Collected Rent: $691
VI-4
TOTAL UNITS
COLLECTED RENT
NUMBER
PERCENT
VACANCIES
NUMBER
PERCENT
$1422
157
7.3%
15
9.6%
$922
157
7.3%
15
9.6%
$841 - $866
270
12.6%
13
4.8%
$776 - $800
232
10.9%
12
5.2%
$753 - $773
232
10.9%
2.2%
$725 - $747
87
4.1%
5.7%
$700 - $718
56
2.6%
0.0%
$666 - $691
289
13.5%
12
4.2%
$636 - $661
334
15.6%
1.8%
$611 - $617
128
6.0%
6.3%
$566 - $591
137
6.4%
2.9%
$543
24
1.1%
0.0%
$506
35
1.6%
0.0%
2,138
100.0%
95
4.4%
TOTAL
Median Collected Rent: $741
VI-5
TOTAL UNITS
COLLECTED RENT
NUMBER
PERCENT
VACANCIES
NUMBER
PERCENT
$1622
18
7.6%
5.6%
$1222
18
7.6%
0.0%
$1025
2.5%
0.0%
$900 - $922
30
12.7%
6.7%
$822 - $825
62
26.3%
0.0%
$787
24
10.2%
4.2%
$752
16
6.8%
0.0%
$687 - $712
26
11.0%
0.0%
$655
36
15.3%
0.0%
236
100.0%
1.7%
TOTAL
Median Collected Rent: $822
Rents
at all
properties
have been
adjusted
to developements)
collected rent. Collected
rentwater,
is defined
as
Net
rent
(for
conventional
rental
housing
includes
sewer,
the
detailsAdjusted
(landlord net
or tenant)
the subject property.
For specific
details on
andutility
trashpayor
removal.
rent isofdetermined
by subtracting
landlord-paid
which
utilities
included,
please see
theand
project
conclusions.
utilities
such are
as gas,
electricity,
heat,
cable
TV from quoted rent, as well as
VI-6
PROJECT INFORMATION
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
MAP
CODE
PROJECT
NAME
NYE PARK
120 NYE RD.
PAINESVILLE
440 357-5505
YEAR
BUILT
TOTAL
UNITS
PERCENT
OCCUPIED
COMMENTS
1977
58
100.0% 5% ELDERLY
OH
RIDGE GLEN
9956 JOHNNYCAKE RIDGE RD.
PAINESVILLE
OH
440 352-3138
1972
60
1966
56
ANDREWS PLACE
7766 SALIDA RD.
MENTOR ON THE LAKE
440 257-5948
1990
98
1992
156
1970
144
WINDSOR PLACE
5779 S. WINDS DR.
MENTOR ON THE LAKE
440 257-0222
LAKEWAY WOODS
5840 BUCKEYE LN.
MENTOR ON THE LAKE
440 951-5188
OH
OH
OH
VI-7
PROJECT INFORMATION
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
MAP
CODE
PROJECT
NAME
NORMANDY MANOR
5782 ANDREWS RD.
MENTOR ON THE LAKE
440 257-7281
SUMMER TREE
7701 SHARON DR.
MENTOR ON THE LAKE
440 209-0443
YEAR
BUILT
TOTAL
UNITS
1968
144
1970
48
OH
PERCENT
OCCUPIED
COMMENTS
91.7% 2% ELDERLY
OH
1984
128
10
HEATHERSTONE
6400 CENTER ST.
MENTOR
(440) 974-9250
1970
148
1965
71
1971
22
100.0%
11
12
MENTOR SQUARE
6615 CENTER ST.
MENTOR
(440) 266-2781
CENTER TERRACE
7423 CENTER ST.
MENTOR
(440) 953-1861
OH
OH
OH
VI-8
PROJECT INFORMATION
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
MAP
CODE
13
PROJECT
NAME
HOLLYCROFT
7560 HOLLYCROFT RD.
MENTOR
(440) 255-8755
YEAR
BUILT
TOTAL
UNITS
PERCENT
OCCUPIED
COMMENTS
1974
24
100.0% 5% ELDERLY
OH
14
PARK HOUSE
7945 & 7947 MENTOR AVE.
MENTOR
OH
440 255-3695
1968
72
100.0% 5% ELDERLY
15
CLARIDGE HOUSE
7921 MENTOR AVE.
MENTOR
(440) 205-1394
1969
40
100.0% 5% ELDERLY
1969
149
16
OH
OH
17
DEEPWOOD NORTH
8040/8130 DEEPWOOD BLVD.
MENTOR
OH
440 255-0760
1976
272
18
HALLWOOD MANOR
7205 MENTOR AVE.
MENTOR
(440) 345-3168
1962
54
OH
VI-9
PROJECT INFORMATION
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
MAP
CODE
19
20
21
22
23
24
PROJECT
NAME
QUEENSDALE
7191 MENTOR AVE.
MENTOR
440 946-0359
CHAGRIN RIVERWALK
MENTOR AVE.
WILLOUGHBY
(440) 975-8118
TAMARAC
38360 TAMARAC BLVD.
WILLOUGHBY
(440) 975-9960
FOX RUN
1361 LOST NATION RD.
WILLOUGHBY
(440) 953-1300
YEAR
BUILT
1962
TOTAL
UNITS
86
OH
PERCENT
OCCUPIED
COMMENTS
UNDER CONSTRUCTION
OH
UNDER CONSTRUCTION
MIXED-USE (30,000-SQ.-FT.
RETAIL, 60,000-SQ.-FT.
OFFICE) PROJECT; GRANITE
COUNTERS; BREAKFAST BAR;
4-ACRE PARK & GREENSPACE
1971
182
1989
642
1986
192
1995
36
OH
OH
OH
VI-10
91.7%
PROJECT INFORMATION
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
MAP
CODE
25
PROJECT
NAME
PARKWAY
1215 VILLAGE DR.
WILLOUGHBY
(440) 953-4410
YEAR
BUILT
TOTAL
UNITS
1970
112
OH
PERCENT
OCCUPIED
COMMENTS
26
SANCREST
38241 LAKESHORE BLVD.
WILLOUGHBY
OH
(866) 736-0140
1970
80
27
RICHLAWN ACRES
1059 RICHMOND RD.
PAINESVILLE
440 352-7880
1961
48
1972
55
1985
132
1993
54
28
29
30
HOLLYDALE
908 N. STATE ST.
PAINESVILLE
440 354-3149
SENECA GROVE
707 ARGONE DR.
PAINESVILLE
440 354-0033
WOODLAWN HOMES
545 SANDERS AVE.
PAINESVILLE
440 354-3347
97.9% 2% ELDERLY
OH
OH
OH
OH
VI-11
PROJECT INFORMATION
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
MAP
CODE
31
32
PROJECT
NAME
GRANT PLACE
55 GRANT ST.
PAINESVILLE
(440) 639-2288
COBBLESTONE COURT
842 COBBLESTONE CIR.
PAINESVILLE
(440) 210-3318
YEAR
BUILT
TOTAL
UNITS
1978
36
2006
530
PERCENT
OCCUPIED
COMMENTS
OH
OH
VI-12
MAP
CODE
PROJECT NAME
ONE
BEDROOM
TWO
BEDROOM
THREE
BEDROOM
$570
$670
$785
$700 - $800
$900 - $1025
NYE PARK
RIDGE GLEN
ANDREWS PLACE
SUB.
SUB.
WINDSOR PLACE
$685 - $735
$785 - $835
LAKEWAY WOODS
$605 - $645
$695 - $745
NORMANDY MANOR
$649
$699
SUMMER TREE
$750
$860 - $995
$650 - $725
$650 - $700
$750 - $800
10
HEATHERSTONE
$695
$775 - $815
11
MENTOR SQUARE
$580
$750
12
CENTER TERRACE
$525
$650
13
HOLLYCROFT
$725
14
PARK HOUSE
$595
$650
15
CLARIDGE HOUSE
$645
$745
$855
16
$625
$725 - $855
$925
17
DEEPWOOD NORTH
$755
$835 - $845
18
HALLWOOD MANOR
$580 - $600
$640 - $660
VI-13
$925
MAP
CODE
PROJECT NAME
ONE
BEDROOM
TWO
BEDROOM
THREE
BEDROOM
$595
$655
$755
19
QUEENSDALE
20
CHAGRIN RIVERWALK
21
$615
$725
22
TAMARAC
$785
$835 - $925
23
FOX RUN
$725
$825 - $900
24
25
PARKWAY
26
SANCREST
27
UNDER CONSTRUCTION
$790
$725 - $750
$725
$650 - $700
$750 - $850
RICHLAWN ACRES
$525
$625
28
HOLLYDALE
SUB.
SUB.
SUB.
29
SENECA GROVE
SUB.
SUB.
30
WOODLAWN HOMES
SUB.
SUB.
31
GRANT PLACE
32
COBBLESTONE COURT
$495
$565
$900 - $1100
$900 - $1400
$1200 - $1600
Rents listed are those quoted to our field analyst for new leases. Residents on older leases or
renting month-to-month may be paying more or less, depending on changes in quoted rent.
Rent specials and concessions are noted in the project information section of this field survey.
VI-14
COMPARABILITY RATING
MODERN APARTMENT DEVELOPMENT
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
COMPARABILITY FACTOR
MAP
CODE
PROJECT
NYE PARK
6.0
2.0
5.5
13.5
RIDGE GLEN
8.5
5.0
5.5
19.0
7.0
1.5
5.0
13.5
ANDREWS PLACE
7.0
3.5
5.0
15.5
WINDSOR PLACE
9.0
1.5
6.5
17.0
LAKEWAY WOODS
9.0
4.5
5.0
18.5
NORMANDY MANOR
8.0
1.5
5.5
15.0
SUMMER TREE
7.5
2.5
5.5
15.5
7.5
5.5
6.5
19.5
10
HEATHERSTONE
9.0
5.5
6.5
21.0
11
MENTOR SQUARE
7.0
1.5
5.5
14.0
12
CENTER TERRACE
7.5
1.0
5.0
13.5
13
HOLLYCROFT
6.0
1.5
5.5
13.0
UNIT
VI-15
PROJECT
AESTHETIC
TOTAL
COMPARABILITY RATING
MODERN APARTMENT DEVELOPMENT
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
COMPARABILITY FACTOR
MAP
CODE
PROJECT
UNIT
PROJECT
AESTHETIC
TOTAL
14
PARK HOUSE
7.0
1.5
5.0
13.5
15
CLARIDGE HOUSE
8.5
1.5
5.0
15.0
16
7.5
5.0
5.5
18.0
17
DEEPWOOD NORTH
10.0
5.5
6.5
22.0
18
HALLWOOD MANOR
7.5
1.5
5.0
14.0
19
QUEENSDALE
5.0
2.0
5.0
12.0
20
CHAGRIN RIVERWALK
12.0
5.0
8.5
25.5
21
7.0
5.5
6.0
18.5
22
TAMARAC
9.0
2.5
5.5
17.0
23
FOX RUN
10.5
7.0
5.5
23.0
24
9.0
0.5
5.5
15.0
25
PARKWAY
7.5
2.0
5.0
14.5
26
SANCREST
10.0
8.0
6.0
24.0
27
RICHLAWN ACRES
7.0
1.5
5.0
13.5
VI-16
COMPARABILITY RATING
MODERN APARTMENT DEVELOPMENT
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
COMPARABILITY FACTOR
MAP
CODE
PROJECT
UNIT
PROJECT
AESTHETIC
TOTAL
28
HOLLYDALE
6.0
2.5
5.0
13.5
29
SENECA GROVE
6.0
2.5
5.5
14.0
30
WOODLAWN HOMES
5.5
1.0
5.0
11.5
31
GRANT PLACE
7.5
1.0
5.0
13.5
32
COBBLESTONE COURT
12.0
7.0
8.0
27.0
Point values have been assigned for unit and project amenities. Aesthetic amenities are based on general
appearance, upkeep, landscaping, etc. and are based on the judgment of the field representative.
VI-17
MAP
CODE
PROJECT
NAME
OTHER
1 NYE PARK
2 RIDGE GLEN
X X
X X
4 ANDREWS PLACE
5 WINDSOR PLACE
6 LAKEWAY WOODS
X X
X X
11 MENTOR SQUARE
12 CENTER TERRACE
7 NORMANDY MANOR
8 SUMMER TREE
X X
X X
X B
SPORTS COURT
V - VOLLEYBALL
B - BASKETBALL
R - RACQUETBALL
VI-18
3 PLAYGROUNDS
CAR WASH
COURTYARD
MAP
CODE
PROJECT
NAME
OTHER
13 HOLLYCROFT
14 PARK HOUSE
15 CLARIDGE HOUSE
X X
X B
17 DEEPWOOD NORTH
X X
X X
18 HALLWOOD MANOR
19 QUEENSDALE
20 CHAGRIN RIVERWALK
X X
22 TAMARAC
23 FOX RUN
X B
DOG PARK
X X
COMPUTER LAB
X X X
X X
SPORTS COURT
V - VOLLEYBALL
B - BASKETBALL
R - RACQUETBALL
VI-19
MAP
CODE
PROJECT
NAME
OTHER
25 PARKWAY
26 SANCREST
X X X
X X
27 RICHLAWN ACRES
X X
28 HOLLYDALE
29 SENECA GROVE
30 WOODLAWN HOMES
31 GRANT PLACE
32 COBBLESTONE COURT
X X
SPORTS COURT
V - VOLLEYBALL
B - BASKETBALL
R - RACQUETBALL
VI-20
TANNING
MAP
CODE
PROJECT
NAME
OTHER
1 NYE PARK
X X
X B
2 RIDGE GLEN
X X
X X C
X X S
X S S
3 CONCORD HALL
MANOR
X X
S X W
X X
4 ANDREWS PLACE
X X
X W
5 WINDSOR PLACE
X X
6 LAKEWAY WOODS
X X X S X C S S X B
7 NORMANDY MANOR
X X
X X W
X B
8 SUMMER TREE
X X X S X W
X B
9 THE RESERVE AT
LAKE POINTE
X X
S X C
X B
10 HEATHERSTONE
X X
X X C
X B
X X
11 MENTOR SQUARE
X X
X C
REFRIGERATOR
I -ICEMAKER
S - SOME
O - OPTIONAL F - FROSTFREE
AIR CONDITIONING
C - CENTRAL AIR
W - WINDOW UNIT
X B
X X C O X X B
WINDOW COVERINGS
B - BLINDS
D - DRAPES
VI-21
X X
GARAGE $25$35/MO.
GARAGE $50/MO.
BASEMENT
GARAGE
U - UNFINISHED
A - ATTACHED
F - FINISHED
D - DETACHED
U - UNDERGROUND
MAP
CODE
PROJECT
NAME
OTHER
12 CENTER TERRACE
X X
X W
13 HOLLYCROFT
X X
S X
14 PARK HOUSE
X X
X X
15 CLARIDGE HOUSE
X X
X X C
X X
16 MENTOR MALL
VILLAGE
X X
S X W
X B
X S X
17 DEEPWOOD NORTH
X X X X X C
X B
X X
18 HALLWOOD MANOR
X X
X W
X B
X O
19 QUEENSDALE
X X
S O O
CARPORT
$25/MO.
20 CHAGRIN RIVERWALK
X X
X S
STAINLESS
APPLIANCES
X X
22 TAMARAC
X X S X X C
REFRIGERATOR
I -ICEMAKER
S - SOME
O - OPTIONAL F - FROSTFREE
X B
X X C X X X B
AIR CONDITIONING
C - CENTRAL AIR
W - WINDOW UNIT
X W
X B
X X
WINDOW COVERINGS
B - BLINDS
D - DRAPES
VI-22
GARAGE $20/MO.
X S
BASEMENT
GARAGE
U - UNFINISHED
A - ATTACHED
F - FINISHED
D - DETACHED
U - UNDERGROUND
MAP
CODE
PROJECT
NAME
OTHER
23 FOX RUN
X X
X X C X X X B
X X
X X C
X X B
25 PARKWAY
X X
X B
26 SANCREST
X X
X X W
X B
X X
27 RICHLAWN ACRES
X X
X W
X X
28 HOLLYDALE
X X
29 SENECA GROVE
X X
30 WOODLAWN HOMES
X X
31 GRANT PLACE
X X
32 COBBLESTONE
COURT
X X X X X C X X X B S
REFRIGERATOR
I -ICEMAKER
S - SOME
O - OPTIONAL F - FROSTFREE
AIR CONDITIONING
C - CENTRAL AIR
W - WINDOW UNIT
X STORAGE
X X
X X C
X S
WINDOW COVERINGS
B - BLINDS
D - DRAPES
VI-23
X S
ICEMAKER
BASEMENT
GARAGE
U - UNFINISHED
A - ATTACHED
F - FINISHED
D - DETACHED
U - UNDERGROUND
DISTRIBUTION OF
UNIT AND PROJECT AMENITIES
MARKET RATE UNITS
MENTOR, OHIO
SITE EFFECTIVE MARKET AREA
MARCH 2015
UNIT AMENITIES
REFRIGERATOR
RANGE
MICROWAVE
DISHWASHER
DISPOSAL
AIR CONDITIONING
WASHER / DRYER
WASH / DRY HOOKUP
CARPET
WINDOW COVERINGS
FIREPLACE
INTERCOM SECURITY
BALCONY / PATIO
CAR PORT
GARAGE
BASEMENT
CEILING FAN
VAULTED CEILING
SECURITY SYSTEM
ALL UNITS
28
28
4
14
24
27
3
8
27
19
0
10
16
3
4
0
13
0
1
PROJECTS
SOME UNITS
OR OPTIONAL
0
0
1
5
0
0
2
2
0
1
2
0
5
2
10
0
4
5
0
TOTAL
28
28
5
19
24
27
5
10
27
20
2
10
21
5
14
0
17
5
1
PERCENTAGE
OF PROJECTS
100.0%
100.0%
17.9%
67.9%
85.7%
96.4%
17.9%
35.7%
96.4%
71.4%
7.1%
35.7%
75.0%
17.9%
50.0%
0.0%
60.7%
17.9%
3.6%
PROJECT AMENITIES
POOL
COMMON BUILDING
SAUNA
HOT TUB
EXERCISE ROOM
TENNIS
PLAYGROUND
SPORTS COURT
JOG / BIKE TRAIL
LAKE
PICNIC AREA
LAUNDRY FACILITY
SECURITY GATE
ON SITE MANAGEMENT
ELEVATOR
10
9
2
0
6
2
10
4
0
1
9
23
0
25
1
10
9
2
0
6
2
10
4
0
1
9
23
0
25
1
VI-24
35.7%
32.1%
7.1%
0.0%
21.4%
7.1%
35.7%
14.3%
0.0%
3.6%
32.1%
82.1%
0.0%
89.3%
3.6%
MAP
CODE
PROJECT
NAME
1 NYE PARK
GARDEN
S 1 2 3 4+
NUMBER
TOWNHOUSE
OF
1 2 3 4+ FLOORS
2 RIDGE GLEN
X X
1,2
G T G T G T T L L C T T
X X
2,3
E T E T E T T T L C T T
G T G T E T T L L C T T
4 ANDREWS PLACE
X X
E L E L E L L L L C T T
5 WINDSOR PLACE
X X
G T G L E T T T T C T T
6 LAKEWAY WOODS
X X
G T G T E T T L L C T T
7 NORMANDY MANOR
X X
G L G L E T T L L C T T
1,2
G T G T E T T T T C T T
X X
G T G T G T T L L C T T
10 HEATHERSTONE
X X X
G L G L G L T L L C T T
11 MENTOR SQUARE
G T G T G T T L L C T T
12 CENTER TERRACE
X X
2.5
G L G L G L T L L C T T
13 HOLLYCROFT
G T G T G T T L L C T T
14 PARK HOUSE
X X
2.5
G L G L G L T L L C T T
15 CLARIDGE HOUSE
X X X
G L G L G L T L L C T T
X X
2.5
G L G L E T T L L C T T
8 SUMMER TREE
9 THE RESERVE AT LAKE
POINTE
X X
PAYOR
UTILITIES
CABLE TV
L - LANDLORD
T - TENANT
E
G
S
O
C - COAXIAL
S - SATELLITE
VI-25
- ELECTRIC
- GAS
- STEAM
- OTHER
MAP
CODE
PROJECT
NAME
GARDEN
S 1 2 3 4+
NUMBER
TOWNHOUSE
OF
1 2 3 4+ FLOORS
17 DEEPWOOD NORTH
X X
G L G L E T T L L C T T
18 HALLWOOD MANOR
X X
S L G L G L T L L C T T
19 QUEENSDALE
X X X
G L G L E T T L L C T T
E T E T E T T T T C T T
G L G L G L T L L C T T
1,2
G T G T E T T L L C T T
E T E T E T T L L C T T
G T G T E T T L L C T T
G L G L E T T L L C T T
26 SANCREST
X X
G L G L E T T L L C T T
27 RICHLAWN ACRES
X X
G L G L E T T L L C T T
28 HOLLYDALE
X X
2,3
G L G L E T T L L C T T
G L G L E T T L L C T T
X X
G T G T G T T L L C T T
2.5
E T E T E T T L L C T T
G T G T G T T T T C T T
20 CHAGRIN RIVERWALK
UNDER CONSTRUCTION
X X X
22 TAMARAC
X X
23 FOX RUN
29 SENECA GROVE
30 WOODLAWN HOMES
31 GRANT PLACE
X X
32 COBBLESTONE COURT
X X X
PAYOR
UTILITIES
CABLE TV
L - LANDLORD
T - TENANT
E
G
S
O
C - COAXIAL
S - SATELLITE
VI-26
- ELECTRIC
- GAS
- STEAM
- OTHER
Map
Code
UNIT SIZE
Project Name
Low
High
ADJUSTED
RENT
Low
High
Low
High
NYE PARK
600
600
$525
$525
$0.88
$0.88
WINDSOR PLACE
840
840
$701
$751
$0.83
$0.89
LAKEWAY WOODS
668
668
$560
$600
$0.84
$0.90
NORMANDY MANOR
720
720
$585
$585
$0.81
$0.81
780
780
$605
$655
$0.78
$0.84
10
HEATHERSTONE
795
795
$629
$629
$0.79
$0.79
11
MENTOR SQUARE
N.A.
N.A.
$535
$535
12
CENTER TERRACE
782
782
$459
$459
$0.59
$0.59
13
HOLLYCROFT
900
900
$680
$680
$0.76
$0.76
14
PARK HOUSE
589
589
$529
$529
$0.90
$0.90
15
CLARIDGE HOUSE
650
650
$579
$579
$0.89
$0.89
16
500
500
$561
$561
$1.12
$1.12
17
DEEPWOOD NORTH
734
734
$691
$691
$0.94
$0.94
18
HALLWOOD MANOR
500
600
$527
$547
$0.91
$1.05
19
QUEENSDALE
600
600
$531
$531
$0.88
$0.88
20
CHAGRIN RIVERWALK
834
959
$972
$1,072
$1.12
$1.17
21
687
687
$549
$549
$0.80
$0.80
22
TAMARAC
750
830
$740
$740
$0.89
$0.99
23
FOX RUN
800
800
$680
$680
$0.85
$0.85
26
SANCREST
850
850
$586
$636
$0.69
$0.75
27
RICHLAWN ACRES
550
550
$461
$461
$0.84
$0.84
31
GRANT PLACE
600
600
$450
$450
$0.75
$0.75
32
COBBLESTONE COURT
887
887
$922
$1,122
$1.04
$1.26
VI-27
N.A.
N.A.
Map
Code
UNIT SIZE
Project Name
Low
High
ADJUSTED
RENT
Low
High
Low
High
NYE PARK
900
900
$611
$611
$0.68
$0.68
RIDGE GLEN
850
1,200
$700
$800
$0.67
$0.82
1,000
1,000
$691
$691
$0.69
$0.69
WINDSOR PLACE
1,090
1,090
$799
$849
$0.73
$0.78
LAKEWAY WOODS
772
772
$636
$686
$0.82
$0.89
NORMANDY MANOR
825
825
$617
$617
$0.75
$0.75
SUMMER TREE
850
1,020
$672
$747
$0.73
$0.79
1,020
1,020
$691
$741
$0.68
$0.73
10
HEATHERSTONE
1,000
1,200
$691
$731
$0.61
$0.69
11
MENTOR SQUARE
N.A.
N.A.
$691
$691
12
CENTER TERRACE
990
990
$566
$566
$0.57
$0.57
14
PARK HOUSE
779
779
$566
$566
$0.73
$0.73
15
CLARIDGE HOUSE
950
950
$661
$661
$0.70
$0.70
16
670
860
$643
$773
$0.90
$0.96
17
DEEPWOOD NORTH
954
954
$753
$763
$0.79
$0.80
18
HALLWOOD MANOR
900
920
$571
$591
$0.63
$0.64
19
QUEENSDALE
800
800
$573
$573
$0.72
$0.72
20
CHAGRIN RIVERWALK
1,069
1,350
$1,172
$1,472
$1.09
$1.10
21
840
840
$641
$641
$0.76
$0.76
22
TAMARAC
950
1,150
$776
$866
$0.75
$0.82
23
FOX RUN
980
1,200
$766
$841
$0.70
$0.78
24
1,100
1,100
$666
$691
$0.61
$0.63
25
PARKWAY
780
780
$643
$643
$0.82
$0.82
26
SANCREST
1,000
1,100
$668
$768
$0.67
$0.70
VI-28
N.A.
N.A.
Map
Code
UNIT SIZE
Project Name
Low
High
ADJUSTED
RENT
Low
High
Low
High
27
RICHLAWN ACRES
660
660
$543
$543
$0.82
$0.82
31
GRANT PLACE
800
800
$506
$506
$0.63
$0.63
32
COBBLESTONE COURT
1,085
1,315
$922
$1,422
$0.85
$1.08
VI-29
Map
Code
UNIT SIZE
Project Name
ADJUSTED
RENT
Low
High
Low
High
Low
High
NYE PARK
1,200
1,200
$712
$712
$0.59
$0.59
RIDGE GLEN
1,500
1,800
$900
$1,025
$0.57
$0.60
LAKEWAY WOODS
1,200
1,200
$787
$922
$0.66
$0.77
10
HEATHERSTONE
1,330
1,330
$822
$822
$0.62
$0.62
15
CLARIDGE HOUSE
1,150
1,150
$752
$752
$0.65
$0.65
16
1,140
1,140
$825
$825
$0.72
$0.72
19
QUEENSDALE
960
960
$655
$655
$0.68
$0.68
21
1,040
1,040
$687
$687
$0.66
$0.66
32
COBBLESTONE COURT
1,357
1,548
$1,222
$1,622
$0.90
$1.05
VI-30
VII-1
MAP B
MAP A
MENTOR, OHIO
VII-2
MENTOR, OHIO
VII-3
MENTOR, OHIO
VII-4
1) NYE PARK
2) RIDGE GLEN
4) ANDREWS PLACE
5) WINDSOR PLACE
6) LAKEWAY WOODS
VII-5
7) NORMANDY MANOR
8) SUMMER TREE
10) HEATHERSTONE
VII-6
13) HOLLYCROFT
VII-7
19) QUEENSDALE
22) TAMARAC
VII-8
25) PARKWAY
26) SANCREST
28) HOLLYDALE
VII-9
VII-10
EMPLOYER
LAKE HOSPITAL SYSTEM
LAKE COUNTY GOVERNMENT
FIRSTENERGY CORPORATION
AVERY DENNISON
THE LUBRIZOL CORPORATION
MENTOR PUBLIC SCHOOLS
WILLOUGHBY-EASTLAKE CITY
SCHOOLS
STERIS CORPORATION
GIANT EAGLE, INCORPORATED
ABB, INCORPORATED
NUMBER OF
EMPLOYEES
1,756
1,684
1,312
1,273
1,273
1,010
929
855
811
533
SECTOR
HEALTH CARE AND SOCIAL ASSISTANCE
PUBLIC ADMINISTRATION
UTILITIES
MANUFACTURING
MANUFACTURING
EDUCATIONAL SERVICES
EDUCATIONAL SERVICES
MANUFACTURING
RETAIL TRADE
MANUFACTURING
VIII-1
YEAR
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014*
EMPLOYMENT
124,125
124,436
125,838
127,254
126,302
121,975
118,133
118,910
119,237
119,164
121,358
UNEMPLOYMENT RATES
LAKE COUNTY
STATE OF OHIO
6.3%
5.4%
5.9%
5.1%
5.4%
4.9%
5.6%
5.4%
6.4%
6.0%
10.3%
8.3%
10.3%
8.3%
8.8%
7.3%
7.4%
6.7%
6.9%
7.5%
4.8%
4.9%
US
5.9%
5.8%
5.3%
4.8%
4.6%
5.2%
7.5%
9.5%
9.3%
7.0%
5.8%
EMPLOYMENT
128,000
126,000
124,000
122,000
120,000
118,000
116,000
114,000
112,000
2004
2005
2006
2007
2008
2009
VIII-2
2010
2011
2012
2013
2014*
TOTAL
EMPLOYMENT
717
DISTRIBUTION
0.8%
TOTAL
EMPLOYMENT
58
DISTRIBUTION
0.2%
84
800
5,539
17,501
4,159
11,905
2,325
1,527
2,862
2,878
5,422
0.1%
0.8%
5.8%
18.3%
4.4%
12.5%
2.4%
1.6%
3.0%
3.0%
5.7%
22
155
1,336
9,517
1,596
3,182
963
392
583
709
1,351
0.1%
0.5%
4.3%
31.0%
5.2%
10.4%
3.1%
1.3%
1.9%
2.3%
4.4%
76
0.1%
16
0.1%
5,108
5.3%
1,478
4.8%
5,162
9,159
1,404
5.4%
9.6%
1.5%
1,469
2,067
408
4.8%
6.7%
1.3%
7,681
5,296
8.0%
5.5%
2,334
1,562
7.6%
5.1%
5,919
22
95,519
6.2%
0.0%
100.0%
1,516
10
30,724
4.9%
0.0%
100.0%
VIII-3
B. HOUSING STARTS
In an analysis of housing starts by building permits in Lake County, Ohio since 2004,
the peak year was 2004 with 1,045 units; 13.9% of these were multifamily units. In
2012, there were 450 starts, and there were 308 in 2013.
Housing starts in the city of Mentor accounted for 12.5% of the total Lake County starts.
Since 2004, there have been permits issued representing 702 units in Mentor, 9.0% of
which have been multifamily units.
VIII-4
YEAR
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014*
MULTIFAMILY
145
116
18
131
136
0
2
4
174
0
247
TOTAL
1,045
932
668
645
333
255
180
226
450
308
566
*Through December
1,000
900
800
700
600
500
400
300
200
100
0
2004
2005
2006
2007
2008
SINGLE-FAMILY
2009
2010
2011
2012
2013
MULTIFAMILY
The Lake County building permit system covers the entire county
VIII-5
YEAR
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014*
MULTIFAMILY
TOTAL
17
0
0
4
14
0
0
0
0
0
28
91
73
90
67
61
32
43
31
32
65
117
*Through December
100
90
80
70
60
50
40
30
20
10
0
2004
2005
2006
2007
2008
SINGLE-FAMILY
2009
2010
2011
2012
MULTIFAMILY
VIII-6
2013
DEMOGRAPHICS
MENTOR, OHIO
LAKE COUNTY
Households by Income
Household
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000-$149,999
$150,000-$199,999
$200,000+
Median Household Income
Average Household Income
Per Capita Income
MENTOR, OH D1883
2014
47,127
19,452
45.9
2.40
2019
47,216
19,641
46.8
2.38
2014
Number
19,452
1,294
1,358
1,674
2,420
4,299
3,640
3,103
1,085
579
$65,002
$80,742
$33,404
2014-2019
Change
89
189
0.9
-0.02
Percent
100%
6.7%
7.0%
8.6%
12.4%
22.1%
18.7%
16.0%
5.6%
3.0%
2014-2019
Annual Rate
0.04%
0.19%
0.39%
-0.17%
2019
Number
19,641
1,076
930
1,272
2,026
4,123
4,362
3,794
1,314
744
Percent
100%
5.5%
4.7%
6.5%
10.3%
21.0%
22.2%
19.3%
6.7%
3.8%
$76,537
$88,854
$37,058
Data Note: Income reported for July 1, 2019 represents annual income for the preceding year, expressed in current (2018) dollars, including an adjustment for
inflation.
Page 1 of 3
HH Income Base
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000$150,000$200,000+
<25
290
58
39
31
46
82
26
7
0
1
128
83
137
254
580
392
304
48
34
$39,399
$44,581
$63,401
$75,679
HH Income Base
<25
100%
25-34
100%
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000$150,000$200,000+
20.0%
13.4%
10.7%
15.9%
28.3%
9.0%
2.4%
0.0%
0.3%
6.5%
4.2%
7.0%
13.0%
29.6%
20.0%
15.5%
2.4%
1.7%
Median HH Income
Average HH
MENTOR, OH D1883
144
123
170
295
644
622
641
168
115
65-74
3,121
75+
2,491
217
163
213
333
795
855
891
398
140
327
227
281
412
977
1,018
822
402
197
212
260
365
487
785
527
349
55
81
208
463
477
593
436
200
89
14
11
$77,408
$81,303
$91,385
$95,799
Percent Distribution
35-44
45-54
100%
100%
$76,822
$91,513
$55,239
$69,536
$36,653
$46,122
55-64
100%
65-74
100%
75+
100%
7.0%
4.9%
6.0%
8.8%
21.0%
21.8%
17.6%
8.6%
4.2%
6.8%
8.3%
11.7%
15.6%
25.2%
16.9%
11.2%
1.8%
2.6%
8.4%
18.6%
19.1%
23.8%
17.5%
8.0%
3.6%
0.6%
0.4%
4.9%
4.2%
5.8%
10.1%
22.0%
21.3%
21.9%
5.7%
3.9%
5.4%
4.1%
5.3%
8.3%
19.9%
21.3%
22.2%
9.9%
3.5%
Data Note: Income reported for July 1, 2019 represents annual income for the preceding year, expressed in current (2018) dollars, including an adjustment for
inflation.
Page 2 of 3
HH Income Base
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000$150,000$200,000+
<25
261
51
26
25
37
83
30
8
0
1
107
61
99
193
538
465
370
72
44
$45,665
$47,566
$73,362
$82,487
HH Income Base
<25
100%
25-34
100%
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000$150,000$200,000+
19.5%
10.0%
9.6%
14.2%
31.8%
11.5%
3.1%
0.0%
0.4%
5.5%
3.1%
5.1%
9.9%
27.6%
23.9%
19.0%
3.7%
2.3%
Median HH Income
Average HH
MENTOR, OH D1883
106
78
106
216
577
713
781
197
141
65-74
3,673
75+
2,717
136
84
114
197
606
838
916
432
153
247
135
184
311
874
1,175
988
496
240
211
182
316
453
897
803
577
94
140
218
364
428
619
548
338
154
23
25
$85,708
$90,930
$100,167
$105,526
Percent Distribution
35-44
45-54
100%
100%
$84,743
$101,831
$66,620
$80,683
$41,938
$52,761
55-64
100%
65-74
100%
75+
100%
5.3%
2.9%
4.0%
6.7%
18.8%
25.3%
21.2%
10.7%
5.2%
5.7%
5.0%
8.6%
12.3%
24.4%
21.9%
15.7%
2.6%
3.8%
8.0%
13.4%
15.8%
22.8%
20.2%
12.4%
5.7%
0.8%
0.9%
3.6%
2.7%
3.6%
7.4%
19.8%
24.5%
26.8%
6.8%
4.8%
3.9%
2.4%
3.3%
5.7%
17.4%
24.1%
26.4%
12.4%
4.4%
Data Note: Income reported for July 1, 2019 represents annual income for the preceding year, expressed in current (2018) dollars, including an adjustment for
inflation.
Page 3 of 3
Business Summary
Mentor City, OH
Mentor city, OH (3949056)
Geography: Place
MENTOR, OH D1883
Number
89
314
324
72
20
10
184
Percent
2.1%
7.5%
7.8%
1.7%
0.5%
0.2%
4.4%
654
30
18
43
59
58
51
186
209
15.6%
0.7%
0.4%
1.0%
1.4%
1.4%
1.2%
4.5%
5.0%
8,202
432
1,530
485
428
714
361
2,847
1,405
26.1%
1.4%
4.9%
1.5%
1.4%
2.3%
1.1%
9.1%
4.5%
317
49
19
47
202
7.6%
1.2%
0.5%
1.1%
4.8%
1,380
392
56
169
763
4.4%
1.2%
0.2%
0.5%
2.4%
1,669
14
92
74
198
50
49
1,192
39.9%
0.3%
2.2%
1.8%
4.7%
1.2%
1.2%
28.5%
9,020
156
475
377
2,035
122
1,172
4,683
28.7%
0.5%
1.5%
1.2%
6.5%
0.4%
3.7%
14.9%
22
0.5%
1,208
3.8%
504
12.1%
11
0.0%
4,179
100.0%
31,445
100.0%
by SIC Codes
Agriculture & Mining
Construction
Manufacturing
Transportation
Communication
Utility
Wholesale Trade
Services Summary
Hotels & Lodging
Automotive Services
Motion Pictures & Amusements
Health Services
Legal Services
Education Institutions & Libraries
Other Services
Government
Unclassified Establishments
Totals
Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2014.
www.esri.com/ba
Prepared by Esri
800-447-9778
Try it Now!
Page 1 of 2
Business Summary
Mentor City, OH
Mentor city, OH (3949056)
Geography: Place
MENTOR, OH D1883
Businesses
Number
Percent
18
0.4%
6
0.1%
6
0.1%
319
7.6%
327
7.8%
183
4.4%
463
11.1%
43
1.0%
30
0.7%
24
0.6%
29
0.7%
37
0.9%
36
0.9%
16
0.4%
76
1.8%
45
1.1%
18
0.4%
78
1.9%
31
0.7%
70
1.7%
44
1.1%
155
3.7%
57
1.4%
41
1.0%
57
1.4%
183
4.4%
438
10.5%
54
1.3%
8
0.2%
519
12.4%
59
1.4%
249
6.0%
51
1.2%
200
4.8%
13
0.3%
187
4.5%
355
8.5%
80
1.9%
22
0.5%
by NAICS Codes
Agriculture, Forestry, Fishing & Hunting
Mining
Utilities
Construction
Manufacturing
Wholesale Trade
Retail Trade
Motor Vehicle & Parts Dealers
Furniture & Home Furnishings Stores
Electronics & Appliance Stores
Bldg Material & Garden Equipment & Supplies Dealers
Food & Beverage Stores
Health & Personal Care Stores
Gasoline Stations
Clothing & Clothing Accessories Stores
Sport Goods, Hobby, Book, & Music Stores
General Merchandise Stores
Miscellaneous Store Retailers
Nonstore Retailers
Transportation & Warehousing
Information
Finance & Insurance
Central Bank/Credit Intermediation & Related Activities
Securities, Commodity Contracts & Other Financial
Insurance Carriers & Related Activities; Funds, Trusts &
Real Estate, Rental & Leasing
Professional, Scientific & Tech Services
Legal Services
Management of Companies & Enterprises
Administrative & Support & Waste Management &
Educational Services
Health Care & Social Assistance
Arts, Entertainment & Recreation
Accommodation & Food Services
Accommodation
Food Services & Drinking Places
Other Services (except Public Administration)
Automotive Repair & Maintenance
Public Administration
Unclassified Establishments
Total
Employees
Number
Percent
62
0.2%
15
0.0%
33
0.1%
992
3.2%
8,014
25.5%
1,399
4.4%
5,310
16.9%
314
1.0%
175
0.6%
234
0.7%
419
1.3%
438
1.4%
447
1.4%
114
0.4%
772
2.5%
331
1.1%
1,530
4.9%
469
1.5%
67
0.2%
480
1.5%
429
1.4%
700
2.2%
406
1.3%
104
0.3%
190
0.6%
764
2.4%
1,413
4.5%
136
0.4%
16
0.1%
1,309
4.2%
1,168
3.7%
3,277
10.4%
291
0.9%
3,078
9.8%
154
0.5%
2,924
9.3%
1,476
4.7%
410
1.3%
1,208
3.8%
504
12.1%
11
0.0%
4,179
100.0%
31,445
100.0%
Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2014.
www.esri.com/ba
Prepared by Esri
800-447-9778
Try it Now!
Page 2 of 2
MENTOR, OH D1883
Census 2010
47,159
19,166
13,339
2.44
16,389
2,777
44.8
Area
0.04%
0.19%
-0.01%
0.10%
3.32%
2014
Number
Percent
1,294
6.7%
1,358
7.0%
1,674
8.6%
2,420
12.4%
4,299
22.1%
3,640
18.7%
3,103
16.0%
1,085
5.6%
579
3.0%
Households by Income
<$15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $149,999
$150,000 - $199,999
$200,000+
Median Household Income
Average Household Income
Per Capita Income
Population by Age
0-4
5-9
10 - 14
15 - 19
20 - 24
25 - 34
35 - 44
45 - 54
55 - 64
65 - 74
75 - 84
85+
Race and Ethnicity
White Alone
Black Alone
American Indian Alone
Asian Alone
Pacific Islander Alone
Some Other Race Alone
Two or More Races
Hispanic Origin (Any Race)
2014
47,127
19,452
13,351
2.40
16,324
3,128
45.9
State
0.16%
0.21%
0.00%
0.16%
3.07%
Census 2010
Number
Percent
2,183
4.6%
2,671
5.7%
3,138
6.7%
3,008
6.4%
2,216
4.7%
4,537
9.6%
5,984
12.7%
8,347
17.7%
7,287
15.5%
4,203
8.9%
2,461
5.2%
1,124
2.4%
Census 2010
Number
Percent
45,404
96.3%
454
1.0%
37
0.1%
646
1.4%
6
0.0%
145
0.3%
467
1.0%
624
1.3%
$65,002
$80,742
$33,404
2014
Number
Percent
2,054
4.4%
2,543
5.4%
2,930
6.2%
2,751
5.8%
2,320
4.9%
4,777
10.1%
5,574
11.8%
7,448
15.8%
7,971
16.9%
5,047
10.7%
2,508
5.3%
1,204
2.6%
2014
Number
Percent
45,054
95.6%
568
1.2%
37
0.1%
747
1.6%
6
0.0%
179
0.4%
536
1.1%
764
1.6%
2019
47,216
19,641
13,345
2.38
16,403
3,238
46.8
National
0.73%
0.75%
0.66%
0.69%
2.74%
2019
Number
Percent
1,076
5.5%
930
4.7%
1,272
6.5%
2,026
10.3%
4,123
21.0%
4,362
22.2%
3,794
19.3%
1,314
6.7%
744
3.8%
$76,537
$88,854
$37,058
2019
Number
2,080
2,459
2,854
2,594
2,045
4,810
5,642
6,562
8,045
6,013
2,897
1,215
Percent
4.4%
5.2%
6.0%
5.5%
4.3%
10.2%
11.9%
13.9%
17.0%
12.7%
6.1%
2.6%
2019
Number
44,635
756
39
884
6
244
652
Percent
94.5%
1.6%
0.1%
1.9%
0.0%
0.5%
1.4%
1,002
2.1%
Page 1 of 2
MENTOR, OH D1883
Trends 2014-2019
3
2.5
2
1.5
1
Area
State
USA
0.5
0
Population
Households
Families
Owner HHs
Median HH Income
Population by Age
16
14
Percent
12
10
8
6
4
2014
2019
2
0
0-4
5-9
10-14
15-19
20-24
25-34
35-44
65-74
75-84
85+
90
$25K - $34K
8.6%
80
$150K - $199K
5.6%
$100K - $149K
16.0%
70
Percent
<$15K
6.7%
$200K+
3.0%
$75K - $99K
18.7%
55-64
$15K - $24K
7.0%
$50K - $74K
22.1%
45-54
60
50
40
30
20
10
0
White
Black
Am. Ind.
Asian
Pacific
Other
Two+
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2014 and 2019.
Page 2 of 2
Housing Profile
Mentor City, OH
Mentor city, OH (3949056)
Place
Population
2010 Total Population
2014 Total Population
2019 Total Population
2014-2019 Annual Rate
47,159
47,127
47,216
0.04%
MENTOR, OH D1883
Households
2014 Median Household Income
2019 Median Household Income
2014-2019 Annual Rate
Census 2010
Number
Percent
20,218
100.0%
19,166
94.8%
16,389
81.1%
2,777
13.7%
1,052
5.2%
$65,002
$76,537
3.32%
2014
Number
20,507
19,452
16,324
3,128
1,055
Percent
100.0%
94.9%
79.6%
15.3%
5.1%
2019
Number
20,736
19,641
16,403
3,238
1,095
Percent
100.0%
94.7%
79.1%
15.6%
5.3%
2014
Number
16,324
364
2,321
4,261
4,606
2,507
1,322
713
94
34
4
98
Percent
100.0%
2.2%
14.2%
26.1%
28.2%
15.4%
8.1%
4.4%
0.6%
0.2%
0.0%
0.6%
2019
Number
16,403
249
985
2,685
5,176
3,497
2,235
1,215
153
60
13
135
Percent
100.0%
1.5%
6.0%
16.4%
31.6%
21.3%
13.6%
7.4%
0.9%
0.4%
0.1%
0.8%
$163,200
$176,953
$191,369
$209,395
Page 1 of 2
Housing Profile
Mentor City, OH
Mentor city, OH (3949056)
Place
MENTOR, OH D1883
Number
16,389
11,794
4,595
Percent
100.0%
72.0%
28.0%
Number
1,052
351
11
260
43
107
0
280
Percent
100.0%
33.4%
1.0%
24.7%
4.1%
10.2%
0.0%
26.6%
Total
15-24
25-34
35-44
45-54
55-64
65-74
75-84
85+
Occupied
19,166
298
1,881
3,144
4,518
4,286
2,616
1,683
740
Census 2010 Occupied Housing Units by Race/Ethnicity of Householder and Home Ownership
Total
White Alone
Black/African American
American
Asian Alone
Pacific Islander Alone
Other Race Alone
Two or More Races
Hispanic Origin
Occupied
19,166
18,693
165
13
195
2
31
67
144
72.2%
Total
1-Person
2-Person
3-Person
4-Person
5-Person
6-Person
7+ Person
Occupied
19,166
4,930
7,031
3,168
2,540
1,064
310
123
Page 2 of 2
MENTOR, OH D1883
2010
47,159
19,166
20,218
2000-2010
Annual Rate
-0.64%
0.20%
0.47%
Number
47,159
46,692
45,404
454
37
646
6
145
467
Percent
100.0%
99.0%
96.3%
1.0%
0.1%
1.4%
0.0%
0.3%
1.0%
624
1.3%
Population by Sex
Male
Female
22,807
24,352
48.4%
51.6%
Population by Age
Total
Age 0 - 4
Age 5 - 9
Age 10 - 14
Age 15 - 19
Age 20 - 24
Age 25 - 29
Age 30 - 34
Age 35 - 39
Age 40 - 44
Age 45 - 49
Age 50 - 54
Age 55 - 59
Age 60 - 64
Age 65 - 69
Age 70 - 74
Age 75 - 79
Age 80 - 84
Age 85+
47,159
2,183
2,671
3,138
3,008
2,216
2,250
2,287
2,622
3,362
3,974
4,373
4,004
3,283
2,481
1,722
1,367
1,094
1,124
100.0%
4.6%
5.7%
6.7%
6.4%
4.7%
4.8%
4.9%
5.6%
7.1%
8.4%
9.3%
8.5%
7.0%
5.3%
3.7%
2.9%
2.3%
2.4%
37,170
7,788
78.8%
16.5%
Population
Households
Housing Units
2000
50,279
18,797
19,301
Population by Race
Total
Population Reporting One Race
White
Black
American Indian
Asian
Pacific Islander
Some Other Race
Population Reporting Two or More Races
Total Hispanic Population
Age 18+
Age 65+
Median Age by Sex and Race/Hispanic Origin
Total Population
Male
Female
White Alone
Black Alone
American Indian Alone
Asian Alone
Pacific Islander Alone
Some Other Race Alone
Two or More Races
Hispanic Population
44.8
43.3
46.0
45.2
35.0
33.1
39.7
37.5
24.2
13.8
26.5
Data Note: Hispanic population can be of any race. Census 2010 medians are computed from reported data distributions.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri converted Census 2000 data into 2010 geography.
Page 1 of 4
MENTOR, OH D1883
19,166
4,930
14,236
13,339
10,803
3,872
2,536
1,209
897
100.0%
25.7%
74.3%
69.6%
56.4%
20.2%
13.2%
6.3%
4.7%
5,513
520
980
903
77
2.44
28.8%
2.7%
5.1%
4.7%
0.4%
13,339
6,266
3,069
2,515
1,057
310
122
2.94
100.0%
47.0%
23.0%
18.9%
7.9%
2.3%
0.9%
5,827
4,930
765
99
25
7
0
1
1.18
100.0%
84.6%
13.1%
1.7%
0.4%
0.1%
0.0%
0.0%
47,159
46,756
39,857
13,339
10,803
14,028
1,027
660
6,899
403
381
22
100.0%
99.1%
84.5%
28.3%
22.9%
29.7%
2.2%
1.4%
14.6%
0.9%
0.8%
0.0%
Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more
parent-child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to
the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate
polygons or non-standard geography. Average family size excludes nonrelatives.
Source: U.S. Census Bureau, Census 2010 Summary File 1.
Page 2 of 4
MENTOR, OH D1883
13,339
3,903
3,535
3,117
1,709
1,075
100.0%
29.3%
26.5%
23.4%
12.8%
8.1%
5,827
1,420
983
1,169
907
1,348
100.0%
24.4%
16.9%
20.1%
15.6%
23.1%
19,166
18,693
165
13
195
2
31
67
144
100.0%
97.5%
0.9%
0.1%
1.0%
0.0%
0.2%
0.4%
0.8%
10,803
10,538
72
5
146
0
14
28
83
100.0%
97.5%
0.7%
0.0%
1.4%
0.0%
0.1%
0.3%
0.8%
2,536
2,445
41
4
17
1
11
17
37
100.0%
96.4%
1.6%
0.2%
0.7%
0.0%
0.4%
0.7%
1.5%
5,827
5,710
52
4
32
1
6
22
24
100.0%
98.0%
0.9%
0.1%
0.5%
0.0%
0.1%
0.4%
0.4%
of Householder
44
54
64
74
Page 3 of 4
MENTOR, OH D1883
20,218
19,166
100.0%
94.8%
351
11
260
43
107
0
280
5.2%
1.7%
0.1%
1.3%
0.2%
0.5%
0.0%
1.4%
19,166
16,389
11,794
4,595
2.48
2,777
2.19
100.0%
85.5%
61.5%
24.0%
16,389
16,082
83
5
157
2
11
49
104
100.0%
98.1%
0.5%
0.0%
1.0%
0.0%
0.1%
0.3%
0.6%
2,777
2,611
82
8
38
0
20
18
40
100.0%
94.0%
3.0%
0.3%
1.4%
0.0%
0.7%
0.6%
1.4%
14.5%
2.43
2.74
2.69
3.11
2.00
3.45
2.67
3.10
Page 4 of 4
Households by Income
Household
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000-$149,999
$150,000-$199,999
$200,000+
Median Household Income
Average Household Income
Per Capita Income
MENTOR, OH D1883
2014
230,637
95,453
43.2
2.39
2019
231,408
96,243
44.0
2.37
2014
Number
95,453
9,098
9,756
9,504
13,089
21,753
15,121
10,786
3,905
2,441
$55,106
$70,274
$29,193
2014-2019
Change
771
790
0.8
-0.02
Percent
100%
9.5%
10.2%
10.0%
13.7%
22.8%
15.8%
11.3%
4.1%
2.6%
2014-2019
Annual Rate
0.07%
0.16%
0.37%
-0.17%
2019
Number
96,243
8,021
6,885
7,595
11,593
21,752
18,686
13,710
4,816
3,185
Percent
100%
8.3%
7.2%
7.9%
12.0%
22.6%
19.4%
14.2%
5.0%
3.3%
$63,612
$78,364
$32,727
Data Note: Income reported for July 1, 2019 represents annual income for the preceding year, expressed in current (2018) dollars, including an adjustment for
inflation.
Page 1 of 3
HH Income Base
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000$150,000$200,000+
<25
2,372
595
386
321
368
522
125
38
12
5
1,187
1,012
1,068
1,690
3,314
1,926
1,168
260
157
$30,672
$37,901
$54,696
$64,407
HH Income Base
<25
100%
25-34
100%
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000$150,000$200,000+
25.1%
16.3%
13.5%
15.5%
22.0%
5.3%
1.6%
0.5%
0.2%
10.1%
8.6%
9.1%
14.3%
28.1%
16.3%
9.9%
2.2%
1.3%
Median HH Income
Average HH
MENTOR, OH D1883
1,129
964
1,118
1,754
3,563
2,862
2,479
649
488
65-74
14,354
75+
12,191
1,468
1,144
1,354
2,014
4,629
3,733
3,095
1,306
631
2,116
1,580
1,483
2,253
4,603
3,743
2,598
1,261
737
1,294
1,710
1,716
2,531
3,397
1,945
1,073
338
350
1,309
2,960
2,444
2,479
1,725
787
335
79
73
$65,470
$68,160
$80,331
$83,705
Percent Distribution
35-44
45-54
100%
100%
$62,354
$79,102
$49,397
$63,207
$31,751
$42,089
55-64
100%
65-74
100%
75+
100%
10.4%
7.8%
7.3%
11.1%
22.6%
18.4%
12.8%
6.2%
3.6%
9.0%
11.9%
12.0%
17.6%
23.7%
13.6%
7.5%
2.4%
2.4%
10.7%
24.3%
20.0%
20.3%
14.1%
6.5%
2.7%
0.6%
0.6%
7.5%
6.4%
7.5%
11.7%
23.7%
19.1%
16.5%
4.3%
3.3%
7.6%
5.9%
7.0%
10.4%
23.9%
19.3%
16.0%
6.7%
3.3%
Data Note: Income reported for July 1, 2019 represents annual income for the preceding year, expressed in current (2018) dollars, including an adjustment for
inflation.
Page 2 of 3
HH Income Base
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000$150,000$200,000+
<25
2,183
539
250
251
341
569
156
55
16
6
1,011
717
805
1,410
3,306
2,413
1,514
369
226
$36,663
$42,003
$61,730
$72,046
HH Income Base
<25
100%
25-34
100%
<$15,000
$15,000-$24,999
$25,000-$34,999
$35,000-$49,999
$50,000-$74,999
$75,000-$99,999
$100,000$150,000$200,000+
24.7%
11.5%
11.5%
15.6%
26.1%
7.1%
2.5%
0.7%
0.3%
8.6%
6.1%
6.8%
12.0%
28.1%
20.5%
12.9%
3.1%
1.9%
Median HH Income
Average HH
MENTOR, OH D1883
911
624
786
1,381
3,323
3,296
3,011
727
592
65-74
16,400
75+
13,266
1,042
645
845
1,363
3,861
3,938
3,390
1,433
713
1,780
1,004
1,086
1,893
4,456
4,624
3,369
1,587
943
1,325
1,262
1,524
2,470
4,008
2,947
1,763
545
556
1,413
2,383
2,298
2,735
2,229
1,312
608
139
149
$76,548
$78,916
$88,555
$93,153
Percent Distribution
35-44
45-54
100%
100%
$75,544
$89,239
$57,472
$73,222
$37,091
$48,842
55-64
100%
65-74
100%
75+
100%
8.6%
4.8%
5.2%
9.1%
21.5%
22.3%
16.2%
7.7%
4.5%
8.1%
7.7%
9.3%
15.1%
24.4%
18.0%
10.8%
3.3%
3.4%
10.7%
18.0%
17.3%
20.6%
16.8%
9.9%
4.6%
1.0%
1.1%
6.2%
4.3%
5.4%
9.4%
22.7%
22.5%
20.6%
5.0%
4.0%
6.0%
3.7%
4.9%
7.9%
22.4%
22.9%
19.7%
8.3%
4.1%
Data Note: Income reported for July 1, 2019 represents annual income for the preceding year, expressed in current (2018) dollars, including an adjustment for
inflation.
Page 3 of 3
Business Summary
Lake County, OH
Lake County, OH (39085)
Geography: County
MENTOR, OH D1883
Number
513
1,502
966
337
85
61
693
Percent
3.2%
9.3%
6.0%
2.1%
0.5%
0.4%
4.3%
2,173
125
52
179
251
100
169
653
644
13.4%
0.8%
0.3%
1.1%
1.5%
0.6%
1.0%
4.0%
4.0%
18,890
934
3,036
1,680
1,836
821
761
6,886
2,936
19.8%
1.0%
3.2%
1.8%
1.9%
0.9%
0.8%
7.2%
3.1%
1,225
167
61
210
787
7.6%
1.0%
0.4%
1.3%
4.9%
5,241
1,694
171
663
2,713
5.5%
1.8%
0.2%
0.7%
2.8%
Services Summary
Hotels & Lodging
Automotive Services
Motion Pictures & Amusements
Health Services
Legal Services
Education Institutions & Libraries
Other Services
6,550
47
403
320
646
210
208
4,716
40.4%
0.3%
2.5%
2.0%
4.0%
1.3%
1.3%
29.1%
32,182
628
1,451
1,602
6,278
511
5,368
16,344
33.7%
0.7%
1.5%
1.7%
6.6%
0.5%
5.6%
17.1%
156
1.0%
5,898
6.2%
1,946
12.0%
22
0.0%
16,207
100.0%
95,519
100.0%
by SIC Codes
Agriculture & Mining
Construction
Manufacturing
Transportation
Communication
Utility
Wholesale Trade
Government
Unclassified Establishments
Totals
Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2014.
www.esri.com/ba
Prepared by Esri
800-447-9778
Try it Now!
Page 1 of 2
Business Summary
Lake County, OH
Lake County, OH (39085)
Geography: County
MENTOR, OH D1883
Businesses
Number
Percent
134
0.8%
17
0.1%
23
0.1%
1,530
9.4%
967
6.0%
687
4.2%
1,498
9.2%
185
1.1%
88
0.5%
79
0.5%
122
0.8%
166
1.0%
94
0.6%
68
0.4%
142
0.9%
120
0.7%
52
0.3%
290
1.8%
92
0.6%
312
1.9%
201
1.2%
601
3.7%
199
1.2%
164
1.0%
238
1.5%
688
4.2%
1,783
11.0%
227
1.4%
41
0.3%
2,073
12.8%
236
1.5%
851
5.3%
255
1.6%
706
4.4%
46
0.3%
660
4.1%
1,501
9.3%
354
2.2%
157
1.0%
by NAICS Codes
Agriculture, Forestry, Fishing & Hunting
Mining
Utilities
Construction
Manufacturing
Wholesale Trade
Retail Trade
Motor Vehicle & Parts Dealers
Furniture & Home Furnishings Stores
Electronics & Appliance Stores
Bldg Material & Garden Equipment & Supplies Dealers
Food & Beverage Stores
Health & Personal Care Stores
Gasoline Stations
Clothing & Clothing Accessories Stores
Sport Goods, Hobby, Book, & Music Stores
General Merchandise Stores
Miscellaneous Store Retailers
Nonstore Retailers
Transportation & Warehousing
Information
Finance & Insurance
Central Bank/Credit Intermediation & Related Activities
Securities, Commodity Contracts & Other Financial
Insurance Carriers & Related Activities; Funds, Trusts &
Real Estate, Rental & Leasing
Professional, Scientific & Tech Services
Legal Services
Management of Companies & Enterprises
Administrative & Support & Waste Management &
Educational Services
Health Care & Social Assistance
Arts, Entertainment & Recreation
Accommodation & Food Services
Accommodation
Food Services & Drinking Places
Other Services (except Public Administration)
Automotive Repair & Maintenance
Public Administration
Unclassified Establishments
Total
Employees
Number
Percent
717
0.8%
84
0.1%
800
0.8%
5,539
5.8%
17,501
18.3%
4,159
4.4%
11,905
12.5%
1,427
1.5%
383
0.4%
482
0.5%
916
1.0%
1,612
1.7%
948
1.0%
416
0.4%
932
1.0%
541
0.6%
3,036
3.2%
1,028
1.1%
184
0.2%
2,325
2.4%
1,527
1.6%
2,862
3.0%
1,759
1.8%
389
0.4%
714
0.7%
2,878
3.0%
5,422
5.7%
605
0.6%
76
0.1%
5,108
5.3%
5,162
5.4%
9,159
9.6%
1,404
1.5%
7,681
8.0%
626
0.7%
7,055
7.4%
5,269
5.5%
1,268
1.3%
5,919
6.2%
1,946
12.0%
22
0.0%
16,207
100.0%
95,519
100.0%
Source: Copyright 2014 Dun & Bradstreet, Inc. All rights reserved. Esri Total Residential Population forecasts for 2014.
www.esri.com/ba
Prepared by Esri
800-447-9778
Try it Now!
Page 2 of 2
MENTOR, OH D1883
Census 2010
230,041
94,156
62,384
2.41
71,335
22,821
42.2
Area
0.07%
0.16%
-0.05%
0.12%
2.91%
Households by Income
<$15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $149,999
$150,000 - $199,999
$200,000+
Median Household Income
Average Household Income
Per Capita Income
Population by Age
0-4
5-9
10 - 14
15 - 19
20 - 24
25 - 34
35 - 44
45 - 54
55 - 64
65 - 74
75 - 84
85+
Race and Ethnicity
White Alone
Black Alone
American Indian Alone
Asian Alone
Pacific Islander Alone
Some Other Race Alone
Two or More Races
Hispanic Origin (Any Race)
Census 2010
Number
Percent
12,611
5.5%
14,021
6.1%
14,984
6.5%
14,654
6.4%
11,949
5.2%
25,816
11.2%
29,829
13.0%
37,729
16.4%
31,483
13.7%
19,419
8.4%
12,246
5.3%
5,300
2.3%
Census 2010
Number
Percent
212,713
92.5%
7,306
3.2%
273
0.1%
2,611
1.1%
35
0.0%
3,577
1.6%
3,526
1.5%
7,825
3.4%
2014
230,637
95,453
62,333
2.39
70,605
24,848
43.2
State
0.16%
0.21%
0.00%
0.16%
3.07%
2014
Number
Percent
9,098
9.5%
9,756
10.2%
9,504
10.0%
13,089
13.7%
21,753
22.8%
15,121
15.8%
10,786
11.3%
3,905
4.1%
2,441
2.6%
2019
231,408
96,243
62,187
2.37
71,030
25,213
44.0
National
0.73%
0.75%
0.66%
0.69%
2.74%
2019
Number
Percent
8,021
8.3%
6,885
7.2%
7,595
7.9%
11,593
12.0%
21,752
22.6%
18,686
19.4%
13,710
14.2%
4,816
5.0%
3,185
3.3%
$55,106
$70,274
$29,193
2014
Number
Percent
12,001
5.2%
13,246
5.7%
14,525
6.3%
13,783
6.0%
12,805
5.6%
26,278
11.4%
28,044
12.2%
34,601
15.0%
34,541
15.0%
22,778
9.9%
12,216
5.3%
5,819
2.5%
2014
Number
Percent
210,437
91.2%
8,680
3.8%
257
0.1%
3,033
1.3%
39
0.0%
4,220
1.8%
3,971
1.7%
$63,612
$78,364
$32,727
9,218
4.0%
2019
Number
12,073
12,770
14,035
13,486
11,576
26,756
27,635
31,201
35,623
26,351
13,891
6,011
Percent
5.2%
5.5%
6.1%
5.8%
5.0%
11.6%
11.9%
13.5%
15.4%
11.4%
6.0%
2.6%
2019
Number
206,982
10,603
262
3,547
43
5,327
4,644
Percent
89.4%
4.6%
0.1%
1.5%
0.0%
2.3%
2.0%
11,426
4.9%
Page 1 of 2
MENTOR, OH D1883
Trends 2014-2019
Annual Rate (in percent)
3
2.5
2
1.5
1
Area
State
USA
0.5
0
Population
Households
Families
Owner HHs
Median HH Income
Population by Age
14
Percent
12
10
8
6
4
2014
2019
2
0-4
5-9
10-14
15-19
20-24
25-34
35-44
55-64
65-74
75-84
85+
$25K - $34K
10.0%
80
$15K - $24K
10.2%
$35K - $49K
13.7%
45-54
70
$200K+
2.6%
$150K - $199K
4.1%
$50K - $74K
22.8%
$100K - $149K
11.3%
$75K - $99K
15.8%
60
Percent
<$15K
9.5%
50
40
30
20
10
0
White
Black
Am. Ind.
Asian
Pacific
Other
Two+
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2014 and 2019.
Page 2 of 2
Housing Profile
Lake County, OH
Lake County, OH (39085)
Geography: County
Population
2010 Total Population
2014 Total Population
2019 Total Population
2014-2019 Annual Rate
230,041
230,637
231,408
0.07%
MENTOR, OH D1883
Households
2014 Median Household Income
2019 Median Household Income
2014-2019 Annual Rate
Census 2010
Number
Percent
101,202
100.0%
94,156
93.0%
71,335
70.5%
22,821
22.5%
7,046
7.0%
$55,106
$63,612
2.91%
2014
Number
102,478
95,453
70,605
24,848
7,025
Percent
100.0%
93.1%
68.9%
24.2%
6.9%
2019
Number
103,528
96,243
71,030
25,213
7,285
Percent
100.0%
93.0%
68.6%
24.4%
7.0%
2014
Number
70,602
2,763
11,901
23,287
14,878
7,998
4,138
3,183
1,199
753
122
380
Percent
100.0%
3.9%
16.9%
33.0%
21.1%
11.3%
5.9%
4.5%
1.7%
1.1%
0.2%
0.5%
2019
Number
71,027
2,043
5,807
17,010
18,788
12,095
6,823
4,856
1,701
1,164
279
461
Percent
100.0%
2.9%
8.2%
23.9%
26.5%
17.0%
9.6%
6.8%
2.4%
1.6%
0.4%
0.6%
$144,310
$171,662
$178,352
$204,308
Page 1 of 2
Housing Profile
Lake County, OH
Lake County, OH (39085)
Geography: County
MENTOR, OH D1883
Number
71,335
50,683
20,652
Percent
100.0%
71.0%
29.0%
Number
7,046
2,501
141
1,490
283
759
5
1,867
Percent
100.0%
35.5%
2.0%
21.1%
4.0%
10.8%
0.1%
26.5%
Total
15-24
25-34
35-44
45-54
55-64
65-74
75-84
85+
Occupied
94,156
2,520
11,638
15,945
21,222
18,653
12,271
8,383
3,524
Census 2010 Occupied Housing Units by Race/Ethnicity of Householder and Home Ownership
Total
White Alone
Black/African American
American
Asian Alone
Pacific Islander Alone
Other Race Alone
Two or More Races
Hispanic Origin
Occupied
94,156
88,814
2,941
104
869
11
760
657
1,718
45.8%
Total
1-Person
2-Person
3-Person
4-Person
5-Person
6-Person
7+ Person
Occupied
94,156
26,668
33,126
14,823
11,927
5,017
1,740
855
Page 2 of 2
MENTOR, OH D1883
2010
230,041
94,156
101,202
2000-2010
Annual Rate
0.11%
0.49%
0.80%
Number
230,041
226,515
212,713
7,306
273
2,611
35
3,577
3,526
Percent
100.0%
98.5%
92.5%
3.2%
0.1%
1.1%
0.0%
1.6%
1.5%
7,825
3.4%
Population by Sex
Male
Female
112,143
117,898
48.7%
51.3%
Population by Age
Total
Age 0 - 4
Age 5 - 9
Age 10 - 14
Age 15 - 19
Age 20 - 24
Age 25 - 29
Age 30 - 34
Age 35 - 39
Age 40 - 44
Age 45 - 49
Age 50 - 54
Age 55 - 59
Age 60 - 64
Age 65 - 69
Age 70 - 74
Age 75 - 79
Age 80 - 84
Age 85+
230,041
12,611
14,021
14,984
14,654
11,949
12,876
12,940
13,836
15,993
18,212
19,517
16,960
14,523
11,180
8,239
6,708
5,538
5,300
100.0%
5.5%
6.1%
6.5%
6.4%
5.2%
5.6%
5.6%
6.0%
7.0%
7.9%
8.5%
7.4%
6.3%
4.9%
3.6%
2.9%
2.4%
2.3%
179,015
36,965
77.8%
16.1%
Population
Households
Housing Units
2000
227,511
89,700
93,487
Population by Race
Total
Population Reporting One Race
White
Black
American Indian
Asian
Pacific Islander
Some Other Race
Population Reporting Two or More Races
Total Hispanic Population
Age 18+
Age 65+
Median Age by Sex and Race/Hispanic Origin
Total Population
Male
Female
White Alone
Black Alone
American Indian Alone
Asian Alone
Pacific Islander Alone
Some Other Race Alone
Two or More Races
Hispanic Population
42.2
40.7
43.7
43.5
32.0
36.8
36.1
32.5
22.6
14.7
22.2
Data Note: Hispanic population can be of any race. Census 2010 medians are computed from reported data distributions.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri converted Census 2000 data into 2010 geography.
Page 1 of 4
MENTOR, OH D1883
Households by Type
Total
Households with 1 Person
Households with 2+ People
Family Households
Husband-wife Families
With Own Children
Other Family (No Spouse Present)
With Own Children
Nonfamily Households
94,156
26,668
67,488
62,384
47,573
17,900
14,811
7,506
5,104
100.0%
28.3%
71.7%
66.3%
50.5%
19.0%
15.7%
8.0%
5.4%
27,686
2,720
5,726
5,311
415
2.41
29.4%
2.9%
6.1%
5.6%
0.4%
62,384
28,715
14,349
11,779
4,970
1,729
842
2.97
100.0%
46.0%
23.0%
18.9%
8.0%
2.8%
1.4%
31,772
26,668
4,411
474
148
47
11
13
1.19
100.0%
83.9%
13.9%
1.5%
0.5%
0.1%
0.0%
0.0%
230,041
227,255
189,340
62,384
47,573
69,019
6,113
4,251
37,915
2,786
1,870
916
100.0%
98.8%
82.3%
27.1%
20.7%
30.0%
2.7%
1.8%
16.5%
1.2%
0.8%
0.4%
Data Note: Households with children include any households with people under age 18, related or not. Multigenerational households are families with 3 or more
parent-child relationships. Unmarried partner households are usually classified as nonfamily households unless there is another member of the household related to
the householder. Multigenerational and unmarried partner households are reported only to the tract level. Esri estimated block group data, which is used to estimate
polygons or non-standard geography. Average family size excludes nonrelatives.
Source: U.S. Census Bureau, Census 2010 Summary File 1.
Page 2 of 4
MENTOR, OH D1883
62,384
21,288
15,436
12,623
7,643
5,394
100.0%
34.1%
24.7%
20.2%
12.3%
8.6%
31,772
8,815
5,786
6,030
4,628
6,513
100.0%
27.7%
18.2%
19.0%
14.6%
20.5%
94,156
88,814
2,941
104
869
11
760
657
1,718
100.0%
94.3%
3.1%
0.1%
0.9%
0.0%
0.8%
0.7%
1.8%
47,573
45,488
769
44
561
5
454
252
973
100.0%
95.6%
1.6%
0.1%
1.2%
0.0%
1.0%
0.5%
2.0%
14,811
13,276
1,011
24
97
2
204
197
433
100.0%
89.6%
6.8%
0.2%
0.7%
0.0%
1.4%
1.3%
2.9%
31,772
30,050
1,161
36
211
4
102
208
312
100.0%
94.6%
3.7%
0.1%
0.7%
0.0%
0.3%
0.7%
1.0%
of Householder
44
54
64
74
Page 3 of 4
MENTOR, OH D1883
101,202
94,156
100.0%
93.0%
2,501
141
1,490
283
759
5
1,867
7.0%
2.5%
0.1%
1.5%
0.3%
0.8%
0.0%
1.8%
94,156
71,335
50,683
20,652
2.49
22,821
2.17
100.0%
75.8%
53.8%
21.9%
71,335
69,308
796
52
565
7
270
337
787
100.0%
97.2%
1.1%
0.1%
0.8%
0.0%
0.4%
0.5%
1.1%
22,821
19,506
2,145
52
304
4
490
320
931
100.0%
85.5%
9.4%
0.2%
1.3%
0.0%
2.1%
1.4%
4.1%
24.2%
2.39
2.39
2.64
2.77
2.91
4.51
2.72
3.86
Page 4 of 4
GLOSSARY
ABSORPTION PERIODThe number of months necessary to rent a specific number of
units. If over 12 months, the absorption period is adjusted to reflect replacement for
turnover (see aggregate absorption and net absorption).
ABSORPTION RATEThe number of units expected to be rented per month.
AESTHETIC AMENITIES (CURBSIDE APPEAL)Used as part of the comparability
index, this factor assigns a point rating to a project's physical appeal to potential
tenants. Included in this rating are an evaluation of grounds appearance and
landscaping, quality of maintenance, and quality of architecture and design.
AGGREGATE ABSORPTIONThe total number of units absorbed by a subject site
without accounting for turnover.
CERTIFICATESee HUD Section 8 Certificate.
COMPARABLE MARKET RENTThe amount a potential renter would expect to pay
for the subject unit without income restrictions given current and projected market
conditions. Comparable market rent is based on a regression analysis for the market
area. Factors influencing a propertys potential to achieve the comparable market rent
include the number of units at that rent, the step-up base at that rent level and the age
and condition of the property and its competitors.
COMPARABILITY INDEXA factor used to determine the relative competitiveness of
any given multifamily project. This index is established based on a scale developed by
the Danter Company, LLC that assigns point values to a project's unit amenities, project
amenities, and overall aesthetic rating (curbside appeal).
CONTRACT RENTSee street rent.
CONVENTIONAL APARTMENTRental multifamily unit, typically in a building of four
units or greater, that was purpose built as multifamily or converted to multifamily by
adaptive reuse.
G-1
SM
G-2
SM
G-3
G-4
G-5
TAX CREDITShort for the low-income housing Tax Credit program (LIHTC) or IRS
Section 42. This program gives investors the opportunity to gain tax credits for
investing in multifamily housing for low- to moderate-income households meeting
certain income restrictions. This designation does not refer to the historic Tax Credit
program (see historic tax credit).
TOWNHOUSE UNITA multifamily unit with a floor plan of two or more floors.
Typically, townhouse floor plans living areas and sleeping areas on different floors.
TREND LINE ANALYSISA mathematical analysis in which each project surveyed is
plotted on a scatter diagram using rent by unit type and the project's comparability
index. From this graph a trend line regression line is identified which identifies the
market-driven rent at any given comparability index level.
TURNOVERUnits whose tenants choose to break or not renew their lease.
UNIT AMENITIESAmenities available within an individual unit, or only to individual
tenants. For example, a detached garage and external storage are considered unit
amenities because they are generally available only to individual tenants.
UNIT TYPEBased on the number of bedrooms: studio, one-bedroom, two-bedroom,
etc.
UPPER-QUARTILE RENTSThe rent range including the 25% of units at the high end
of the range scale.
UTILITY ALLOWANCEAdjustment for utilities not included in the rent in the Tax
Credit program. The adjustment is used to keep proposed rents within gross rent
guidelines of the program. It is also used to adjust gross rents to compare with area net
rents.
VACANCYAs used by the Danter Company, LLC, a vacancy is a multifamily unit
available for immediate occupancy. Manager's units and model units are not counted
as vacant units, nor are units that are unrentable due to excessive damage or
renovation. This definition of vacancy is often referred to as a market vacancy and is
different from an economic vacancy (see economic vacancy).
VOUCHERSee HUD Section 8 Voucher.
G-6
Q-1
Mobility/Demographic Characteristics
Profile
Adult Housing Surveys
Office Tenant Profiles
Downtown Resident Surveys
Shopping Habits
Health-Care Office and Consumer Surveys
Older
Q-2
Every project surveyed by the Danter Company. LLC analysts are photographed for inclusion in our
photographic data base. This data base provides a statistical justification of our findings and a visual
representation of the entire market. It is used to train our field analysts to evaluate the aesthetic
ratings of projects in the field, and for demonstration purposes when consulting with clients. These
extensive data bases, combined with our other ongoing research, allow the Danter Company to
develop criteria for present and future development alternatives, and provide our analysts
background data to help determine both short and long-range potential for any development type.
Q-3
Market-rate/Low Income Housing Tax Credit (LIHTC) ApartmentsThese studies include the
complete 100% data base field survey of existing and proposed area apartments at all rental
levels, determination of appropriate unit mix, rent, unit size, and level of amenities, for the
proposed development, and expected absorption rate. If necessary, we will also suggest ways
to make the proposed community more marketable. We have worked with state housing
agencies and national syndicators across the country to ensure that our LIHTC studies comply
with their requirements.
Government Subsidized ApartmentsIncludes all of the above, plus additional demand
calculations as required by the presiding government agency
Apartment RepositioningThis study is designed to identify market strategies for underperforming
apartment projects. We identify the Effective Market Area based on existing tenants previous
addresses, survey the existing apartment market, shop the project, and evaluate the existing
marketing and pricing methods to identify strategies to maximize project performance.
Single-Family HousingIncludes a 100% data base field survey of existing and proposed singlefamily developments at all price levels, plus a calculation of area demand by price range and
an estimated sales rate. We can also identify optimal lot sizes and critique site plans from a
marketability standpoint. We also have extensive experience with integrating single-family
residential and golf course development.
Hotel/LodgingIncludes a 100% data base field survey of all lodging facilities in the Competitive
Market Area, plus area lodging demand calculations, estimated occupancy projections by
traveler category, and an analysis of projected room rates.
Condominium DevelopmentIncludes a 100% data base field survey of area condominium
developments, a demand analysis by price range, an analysis of optimum pricing strategies,
and expected sales rate for the proposed development or conversion. We can also identify a
projects potential for mixed for-sale/for-rent marketing if requested.
Senior Housing DevelopmentWe complete studies for all types of housing designed for seniors,
including congregate care, assisted-living, nursing home, and independent-living options.
These studies include an estimate of area demand based on a 100% data base field study of
the areas existing configuration of elderly-appropriate housing options, an analysis of optimum
pricing strategies, and a projected absorption or sales rate.
RecreationWe can conduct analyses for a variety of recreation options, including recreation
centers and golf courses. Analyses include 100% data base field survey of comparable
development, calculation of demand for additional facilities, and optimal amenity package and
pricing.
Resort DevelopmentResort development studies can include a variety of options as well as
integrated lodging or for-sale/for-rent housing development. Analyses will identify demand,
sales/absorption/occupancy rate, optimal pricing, and competitive amenity packages.
Conference CenterConference center feasibility studies typically include a 100% data base field
study of existing area meeting space, calculation of demand for additional meeting space,
projected occupancy, and optimal amenity package and meeting rental rates.
Office DevelopmentIncludes 100% data base field survey of existing and proposed office
development, calculation of demand for additional space, projected absorption rate, and
optimal pricing strategies.
Q-4
Retail/Shopping CenterIncludes a 100% data base field survey of area retail development,
calculation of demand for additional retail development by NAISC Code, and optimal rental
rate
Q-5