356 Main StAkron, OH 44311

Property Details for 356 Main St

Year built

1880

Lot size

0.03 AC

Property size (Sq ft)

4,840 SF

Property type

Retail properties

Property subtype

Turn key restaurants

APN

68-14406

APU

6814406

Description

This exceptional mixed-use property at 356 S Main Street, Akron, OH, presents a lucrative investment opportunity. Spanning 4,840 square feet on a 0.03-acre lot, this three-unit building boasts a desirable downtown location, offering convenient proximity to a variety of amenities including restaurants, a hospital, and the university. The ground floor currently operates as a retail space with a full basement, providing ample potential for various commercial ventures. The second and third floors comprise two separate apartment units, ideal for rental income generation. The property benefits from both street parking and additional parking located at the rear. Recent upgrades significantly enhance the building's value and efficiency. These improvements include a new tankless hot water heater installed in 2022, serving the entire building. Unit 1 underwent a complete renovation in 2021, while a new window was installed in 2022. Furthermore, the roof was resealed in 2022, ensuring long-term protection and minimizing maintenance needs. This turnkey investment is priced at $340,000 and offers a compelling blend of commercial and residential income potential in a thriving urban setting. The combination of recent updates, strong location, and diverse income streams makes this property an attractive proposition for discerning investors seeking a stable and profitable addition to their portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $1,353,072

  6.5%

  $1,248,990

  7%

  $1,159,776

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,140,889

  Geo Method

  $1,140,889

• Alternative Use

  Use

  Valuation

  Residential

  $1,053,570

  Hospitality

  $965,064

  Educational

  $802,922

  Medical

  $830,536

  Retail

  $1,248,990

Location Insight

City

Akron

County

Summit

State

Ohio

Latitude

41.0763

Longitude

-81.5226

CBSA code

10420

CBSA name

AKRON, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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