1628 Market StAkron, OH 44305

Property Details for 1628 Market St

Year built

1928

Lot size

0.17 AC

Property size (Sq ft)

5,580 SF

Property type

Residential income properties

Property subtype

Residential income homes

APN

68-00179

APU

6800179

Description

This attractive two-story, all-brick apartment building presents a compelling investment opportunity in Akron, Ohio. Boasting 4,000 square feet of net rentable space within a total of 5,588 square feet, this 1928-built property sits on a 0.17-acre lot and features four spacious one-bedroom apartments. Currently operating at 75% occupancy, with one unit undergoing renovation (new flooring, paint, and bathroom fixtures), the property is projected to reach 100% occupancy by November 8, 2024. The current Net Operating Income (NOI) is $15,000, with a pro-forma NOI of $23,500 anticipated upon full occupancy. This translates to a current cap rate of 6.25% and a pro-forma cap rate of 9.80%. The asking price is $239,900, representing a price per unit of $59,975 and a price per square foot of $42.93. The property benefits from ample off-street parking (5 spaces total), is professionally managed, and enjoys a convenient location at 1628 E Market St, Akron, OH 44305, within Summit County. The property is zoned for commercial use. Tenants are responsible for gas and electric, while the owner covers water, sewer, and trash. This stabilized multi-family investment offers significant potential for immediate and long-term returns. The property is classified as Class B.

• CAP approach

  CAP return

  Valuation

  6%

  $1,315,874

  6.5%

  $1,214,652

  7%

  $1,127,892

• Comparable approach

  Method

  Valuation

  Relative Method

  $809,027

  Geo Method

  $809,027

• Alternative Use

  Use

  Valuation

  Residential

  $1,214,652

  Hospitality

  $1,112,615

  Educational

  $925,683

  Medical

  $957,518

  Retail

  $1,439,951

Location Insight

City

Akron

County

Summit

State

Ohio

Latitude

41.0623

Longitude

-81.4698

CBSA code

10420

CBSA name

AKRON, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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