For Sale
$1,250,000

1105 2Nd AveAkron, OH 44306

21-Unit Brick Building, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 21-unit apartment building in Akron, Ohio presents a compelling investment opportunity. Located at 1105 2nd Ave, Akron, OH 44306, this Class B, 15,591 square foot property, built in 1924, offers significant potential for growth. Currently boasting a strong 95% occupancy rate, the building generates a substantial net operating income (NOI) of $110,178, representing an 8.81% cap rate. Pro-forma NOI is projected at $124,307, yielding a 9.94% cap rate. Each of the 21 units features individual furnaces and hot water tanks, minimizing owner expenses and maximizing tenant responsibility for utilities (owner covers water and sewer). The property benefits from its proximity to the University of Akron and Summa Health, ensuring a consistent demand for rental units. Significant mechanical upgrades and cosmetic updates have already been completed in most units, providing a solid foundation for future value-add strategies. The asking price is $1,250,000, translating to approximately $59,000 per unit. In-suite laundry adds to tenant appeal. This stabilized investment, situated in a thriving rental market, offers strong income generation and long-term appreciation potential. The property's location within Akron's diverse economy, encompassing healthcare, education, and ongoing downtown revitalization, further enhances its investment appeal. This is an ideal addition to any portfolio seeking consistent cash flow and future upside.

Highlights

  • $1,250,000 asking price for a stabilized, Class B, 21-unit apartment building.
  • 8.81% current cap rate, 9.94% pro-forma cap rate, with a current NOI of $110,178 and a pro-forma NOI of $124,307.
  • 15,591 square feet, built in 1924, located at 1105 2nd Ave, Akron, OH 44306.
  • Approximately $59,000 per unit; 95% occupancy.
  • Individual furnaces and hot water tanks in each unit; significant mechanical and cosmetic upgrades completed in most units.

Property Details for 1105 2Nd Ave

Property type
Apartment buildings
Square Feet
15,591 SF
Class
B
Year Built
1924
Units
21

Location Insight

City
Akron
County
Summit
State
Ohio
Latitude
41.0641232
Longitude
-81.490227
1105 2Nd Ave, Akron, Ohio

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1105 2Nd Ave
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