2141 17TH ST
Fully Occupied Akron 6-Unit With Strong Day-One Cash Flow
Marketing description
2141 17th St SW is a 6-unit multifamily asset located in Akron’s Kenmore neighborhood, offered at $300,000, or $50,000 per unit. Built in 1928 and totaling 5,012 SF, the property is 100% occupied and provides immediate in-place cash flow.
The rent roll is simple and stable. Current rent totals $4,500/month, or $54,000/year, with market rent shown at $4,700/month. Current average rent is $750/unit, compared to market rent of $783/unit, creating a straightforward rent-alignment opportunity without relying on a major reposition.
The unit mix includes four two-bed / one-bath units and two studio/efficiency-style units. The two-bedroom units average 918 SF, giving the property a practical renter profile for tenants seeking affordable space in the Kenmore market.
The physical profile supports the hold strategy. The building features durable brick construction, newer roof coating, updated exterior steel doors, on-site laundry, on-site parking, minimal landscaping requirements, and select interior updates including refreshed kitchens, flooring, paint, and bathroom finishes.
Beyond base rent, a new owner can improve NOI through laundry optimization, utility reimbursement, reserved parking fees, and tighter expense control. At a 9.72% cap rate, every $5,000 of added NOI supports $51,440 in implied value, making small operational improvements meaningful on a 6-unit asset.
The location adds to the long-term hold thesis. 2141 17th St SW is positioned near Kenmore Boulevard, Amazon Fulfillment Center AKC1, the University of Akron, Downtown Akron, Summa Health, Akron Children’s Hospital, Cleveland Clinic Akron General, Manchester Road, I-76, I-277, and Route 224. The property is also near the new Pfeiffer / Miller South school project at the former Kenmore High School site.
The core thesis is simple: acquire a fully occupied Akron 6-unit at $50,000 per door, collect immediate cash flow, preserve the tenant base, capture modest rent growth, add ancillary income, and create value through hands-on management and NOI growth.
Investment highlights
100% Occupied With Day-One Cash Flow:
- Current rent roll totals $4,500/month, or $54,000/year, giving a buyer immediate in-place income.
Strong Going-In Yield:
- Offered at $300,000, the property provides a 9.72% cap rate, 14.33% Year 1 cash-on-cash return, and 1.58 DSCR.
Low Basis Akron Multifamily:
- Priced at $50,000/unit and $60/SF, the asset offers an accessible entry point into Akron multifamily.
Simple Rent Alignment Upside:
- Current average rent is $750/unit, while market rent is shown at $783/unit, creating a realistic path to income growth without a heavy reposition.
Two-Bedroom Weighted Unit Mix:
- Four of six units are two-bed / one-bath layouts averaging 918 SF, with two studio/efficiency-style units adding affordability to the rent roll.
Recent Capital Improvements:
- The property benefits from durable brick construction, newer roof coating, updated exterior steel doors, and select interior updates.
Ancillary Income Potential:
- On-site laundry, on-site parking, utility reimbursement, and reserved parking fees offer small but meaningful income opportunities.
Value From Small NOI Gains:
- At a 9.72% cap rate, every $5,000 of added NOI supports $51,440 in implied value.
Manageable Owner-Operator Profile:
- A 6-unit size, minimal landscaping, brick exterior, and simple layout create an efficient management profile for a local or regional operator.
Kenmore Demand Drivers:
- Located near Kenmore Boulevard, Amazon Fulfillment Center AKC1, the University of Akron, Downtown Akron, healthcare anchors, and the new Pfeiffer / Miller South school project.
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