1105 2Nd AveAkron, OH 44306

Property Details for 1105 2Nd Ave

Lot size

0.21 AC

Property type

Retail properties

Property subtype

Parking lots & garages

APN

68-57376

APU

6857376

Description

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.

Location Insight

City

Akron

County

Summit

State

Ohio

Latitude

41.0642

Longitude

-81.4905

CBSA code

10420

CBSA name

AKRON, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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