East Exchange Apartments
9.92% Actual Cap / Value Add Opportunity / Less than 1 mile from Akron University
Marketing description
Green Bridge Real Estate is pleased to present the Exchange Street Apartments, a meticulously maintained 8 unit portfolio located at 801 & 805 East Exchange Street in Akron, Ohio 44306. Ideally located just a half-mile from the University of Akron (15,000+ student enrollment). Offered in Bulk (Pair) or Individually. Offered For Sale: $499,000 ($62,375 per unit) in bulk or individually for $269,900 ($67,475 per unit) for 801 E. Exchange St.; $239,900 ($59,975 per unit) for 805 E. Exchange St.
The Exchange Street Apartments consists of Two 4 Unit Buildings with Five Two Bedroom, One Bathroom Suites and Three One Bedroom, One Bathroom Suites, two story, all brick, approx. 2,688 Sq.Ft. each, apartment buildings built in 1926 and located on .218 Acres. Private, off-street, surface parking in the rear.
Recent value-add updates enhance this turnkey asset: five of the eight suites were recently repositioned into lucrative two-bedroom layouts and cosmetically refreshed with newly refinished hardwood floors, fresh paint, and new bedroom carpeting. Capital improvements include a brand-new front porch tear-off and replacement on the 805 building (2023), complete brick tuckpointing (2023), a new sanitary line liner to the street (2023), and pitched roofs were replaced in 2008. Immediate revenue-upside exists by converting the remaining one bedroom units to two bedroom units and utilizing the existing laundry hookups with two sets of coin-operated washers and dryers. Utilities Submetered to allow for Tenant Paid Heat (Individual Gas Furnace and Hot Water Tank Heat) and Electric (Lights and Plugs).Landlord paid Water and Sewer.Outstanding Turn-Key Investment with very little deferred maintenance and needing very little management.
Current NOI $49,522 or a 9.92% Actual Cap Rate. Pro-forma projections at 100% occupancy with modest $950 market rents (factoring in an 8% management fee and real estate tax adjustment) elevate the NOI to $58,093—a massive 11.64% Cap Rate at the bulk asking price. Driven by historically low vacancy rates and an unbeatable location, this property represents a premier, stable addition to any commercial portfolio.
LOCATION
The Exchange Street Apartments boast a prime location within easy walking distance to the University of Akron (0.6 miles, 80 campus buildings) ensuring a consistent, reoccurring pipeline of student and professional renters. The property sits directly adjacent to Dave’s Supermarket and steps from local dining, shopping, and public transit bus stops. Investors will appreciate effortless regional accessibility with immediate access to I-76/I-77 and State Route 8.
Investment highlights
- Strong Yield: Actual 9.92% Cap Rate ($49,522 NOI) with a clear path to an 11.64% Cap Rate ($58,093 Pro-Forma NOI).
- Flexible Acquisition: Offered in bulk for $499,000 ($62,375/unit) or individually ($269,900 for 801 E. Exchange / $239,900 for 805 E. Exchange).
- Immediate Value-Add: 5 of 8 units recently converted to high-rent 2-bedroom layouts. Additional upside to convert the last 3 units to 2-beds and utilize the laundry hookups.
- Stable Turn-Key Investment with very little deferred maintenance and needing very little management
- Submetered Utilities: Tenants pay individual gas heat and electric; Landlord pays only water and sewer.
- Strategic Tenant Base: Located 0.6 miles from the University of Akron (15,000+ students, 80 buildings), driving historically low vacancy rates
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