Listed by Pappas Realty Co., Pappas Realty Co
$495,000
Renovated & Fully Leased 6 Unit - Akron, OH
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 5,040
Units 6
Cap Rate 9.78%
NOI $48,406
Occupancy 100%
Price per SqFt $98
Broker Co-Op Yes
Year Built 1928
Year Renovated 2024
Stories 2
Investment Type Stabilized
Multifamily | 6 Units | Price Improvement!
Marketing description
Location: 232 Cole Ave, Akron, OH 44301
Sale Price: $495,000
Building Size: 5,040 SF
Year Built: 1928
Year Renovated: 2024
Tenancy: Fully Occupied
RE Taxes: 15 Year RE Tax Abatement available through the City of Akron to pre-renovation amount.
Location: Akron, OH
Cap Rate: 9.78%
Investment highlights
Investment Highlights – 6-Unit Multifamily | Akron, OH
- Turn-Key Asset: Fully renovated in 2024 — modern systems and updated interiors
- Stable Cash Flow: 100% occupied with reliable tenants through one Organization “Harmony House” producing an NOI of $48,406
- Attractive Returns: Offered at $495,000, this property delivers a 9.78% cap rate.
- Low Operating Costs: 15 year Real estate tax abatement by available application to city of Akron and minimal ongoing expenses as property has been extensively renovated.
- Historic Character, Modern Upgrades: Originally built in 1928, the building combines vintage architecture with contemporary finishes.
- Hands-Off Ownership: Ideal for Investors seeking a stabilized, income-producing asset. All units are leased for a year at a time through the same organization making rent collection automatic.
For more information on this offering, contact the Powers Brothers at Pappas Realty Co. 330.762.0535
Listing Contacts
Listed by Pappas Realty Co., Pappas Realty Co
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$48,406.00
$4,033.83/mo
Valuation Metrics
0
DSCR
9.78%
Cap Rate
9.78%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
