Active

1105 2nd Avenue

Akron OH, 44306

$1,250,000


$80.17 per sqft

Active

15,591 sqft

Commercial

Built in 1924

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.

5079956

MLS ID

October 25, 2024

Listed

December 17, 2024

Updated

Map

1105 2nd Avenue
Akron OH, 44306

Interior Features

Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Forced Air, Gas

Exterior/Building Features

Lot Size

0.4 Acres


Sewer

Public Sewer

School Information

School District

Akron CSD - 7701

Other Property Details

Taxes

$14,960


Tax Frequency

Annually


Days on Market

39


Garage

No


Parking

Additional Parking, Asphalt


View

No


County

Summit


Municipality

Akron


Water Source

Public


Pool

No

Listing History

Date

Event

Price

12/17/2024

Active

12/3/2024

Pending

 

Courtesy of Russell Real Estate Services

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Joe Tupta shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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