399 Thomas RdTallmadge, OH 44278

Property Details for 399 Thomas Rd

Year built

1948

Property size (Sq ft)

1,588 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a fully occupied four-unit multifamily property situated on nearly two acres in desirable Tallmadge, Ohio. The property comprises a charming single-family rental home and a three-unit triplex on adjacent parcels. The single-family residence, a one-bedroom, one-bathroom unit, is currently leased for $625 per month on an annual lease expiring November 30, 2024. The triplex features a two-bedroom, one-bathroom unit rented at $965 per month (annual lease expiring November 29, 2025), a one-bedroom, one-bathroom unit with a month-to-month lease at $555 per month, and a studio unit leased at $670 per month on an annual lease expiring November 30, 2025. Generating over $36,000 in annual rental income, this property boasts a compelling 9% capitalization rate based on the asking price of $203,500 and current financials. The property benefits from recent updates, including a new water heater (2024), a ten-year-old roof, a five-year-old furnace, and ten-year-old central air conditioning. The owner currently self-manages the property and handles utility billing for the tenants' convenience. This presents a rare opportunity for investors seeking strong cash flow and significant upside potential in a peaceful, sought-after location. The property's 1,588 square feet are spread across four units, built in 1948. The property's Net Operating Income (NOI) is $18,325, with a pro-forma NOI of $19,175 and a pro-forma cap rate of 9.42%.

Location Insight

City

Tallmadge

County

Summit

State

Ohio

Latitude

41.1127

Longitude

-81.462

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