$1,250,000
1105 2nd AVE Akron, OH 44306
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$1,250,000
Est. payment /mo
0.4 Acres Lot
New
1105 2nd AVE Akron, OH 44306
UPDATED:
10/25/2024 08:08 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Hart C S
MLS Listing ID 5079956
HOA Y/N No
Year Built 1924
Annual Tax Amount $14,960
Tax Year 2023
Lot Size 0.402 Acres
Acres 0.4018
Property Description
Introducing an exceptional investment opportunity in Akron, Ohio?a 21-unit brick apartment building just minutes from the University of Akron and Summa Health! Priced at an attractive ~$59,000 per unit, this property features individual furnaces and hot water tanks in each unit, allowing tenants to cover their own utilities while the owner only covers water and sewer. With significant mechanical upgrades and cosmetic updates already completed in most units, new ownership can easily implement a value-add plan to increase rents and boost cash flow. Additionally, the potential to transition to Section 8 housing offers even greater returns. Operating at a solid 95% occupancy and boasting an 8% in-place cap rate, this asset has strong income generation and long-term appreciation. In-suite laundry enhances tenant convenience, making these units even more desirable. Situated in a thriving rental market supported by Akron's diverse economy, including healthcare, education, and ongoing downtown revitalization efforts, this property is the ideal addition to any savvy investor?s portfolio.
Location
State OH
County Summit
Interior
Heating Forced Air, Gas
Fireplace No
Exterior
Garage Additional Parking, Asphalt
Water Access Desc Public
Present Use Residential
Parking Type Additional Parking, Asphalt
Building
Sewer Public Sewer
Water Public
Schools
School District Akron Csd - 7701
Others
Tax ID 6814078
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687
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