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
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