Description
33 units across Greater Akron, listed at $3.4M, or $103,030 a door. Lease up the four units already under renovation and you are into a 9.3% cap with double-digit cash-on-cash. Push rents to market on turnover from there and it runs to a 10.3% pro forma. This is a stabilized, cash-flowing scattered-site portfolio that hands you double-digit returns once those units fill, not a paper story. The portfolio is 17 single families, 8 duplexes, 6 triplexes, and 2 condos spread across Akron and a few surrounding communities. Every property was fully remodeled in the last five years, with updated electrical and plumbing throughout, many with new furnaces and water tanks, and 6 carrying new roofs. You will see normal tenant wear, but the heavy capital is already in the ground. Ten units are Section 8 today, so a meaningful piece of the rent comes in government-backed and steady. The upside is clean. The four vacant units re-leasing is what carries you to the 9.3% stabilized figure. From there, rents sit about $100 a door under market, and you capture that on natural turnover, with the pro forma pushing cash-on-cash into the 17% range. Ancillary income adds about $6,300 a year on top. A good chunk of these sit in Akron's core rental neighborhoods, with a cluster in Highland Square, the walkable arts district built around the historic Highland Theatre and Mustard Seed Market. Akron runs on healthcare and education, with Summa Health, Cleveland Clinic Akron General, and the University of Akron anchoring steady tenant demand. It is one of the country's most affordable rental markets, about 40 miles south of Cleveland, and that low basis is what makes the yield work. Clean, easy portfolio to run, and a strong double-digit yield play in a stable Midwest market. Request the full financials and dig in.
Details
| MLS # | 5226160 |
|---|---|
| Listing Type | For Sale |
| Style | Apartment |
| Sub-Type | Resale |
| Status | Active |
| Year | 1884 |
| Days On Site | 66 |
| Listing Provided By | Russell Real Estate Services | Tal Tamir |
Features
| Units | 33 |
|---|---|
| Building(s) | 25 |
| Acreage | 0.07 |
Taxes
| Tax Annual Amount | 46782 |
|---|
Area Information
| State | OH |
|---|---|
| County | Summit |
| City | Akron |
| Zip Code | 44303 |
| Listing VS Median (in 44303) | |
Price: $3,400,000 low | high Med: $242,450 On site: 66 low | high Med: 24 | |
Market Activity 44303
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Learn More About This Property
| State | OH |
|---|---|
| County | Summit |
| City | Akron |
| Zip Code | 44303 |
| Listing VS Median (in 44303) | |
Price: $3,400,000 low | high Med: $242,450 On site: 66 low | high Med: 24 | |
