42 Tallmadge AveAkron, OH 44310
- Residential income properties
- 4,416 SF
Property Details for 42 Tallmadge Ave
- Year built
- 1928
- Lot size
- 0.08 AC
- Property size (Sq ft)
- 4,416 SF
- Property type
- Residential income properties
- Property subtype
- Residential income homes
- APN
- 68-57924
- APU
- 6857924
Description
This three-story, 16-unit apartment building presents a compelling investment opportunity in Akron, Ohio. Located at 42 E Tallmadge Ave, in Summit County, this Class C property boasts 5,200 square feet of net rentable space. Currently, the building has five vacant units, offering immediate potential for increased revenue. The property is situated on a prominent corner lot at the intersection of Tallmadge Ave and Schiller Ave in North Akron. The current gross monthly rent is approximately $5,200, with significant upside potential due to under-market rents and the possibility of further renovations and improvements. Each unit is individually metered, with tenants responsible for all utilities except gas and garbage removal. The asking price is $925,000, translating to a price per unit of $57,812.50. This multifamily property offers a strong cash flow with a light value-add opportunity for an astute investor seeking a solid return on investment in a desirable Akron location. The property's strategic location and potential for rent increases make it an attractive prospect for both seasoned and emerging investors in the Ohio market. This is a rare chance to acquire a well-positioned multifamily asset with immediate upside potential.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $1,041,380
- 6.5%
- $961,273
- 7%
- $892,611
-
Comparable approach
- Method
- Valuation
- Relative Method
- $640,263
- Geo Method
- $640,263
-
Alternative Use
- Use
- Valuation
- Residential
- $961,273
- Hospitality
- $880,521
- Educational
- $732,583
- Medical
- $757,778
- Retail
- $1,139,574
Location Insight
- City
- Akron
- County
- Summit
- State
- Ohio
- Latitude
- 41.1019
- Longitude
- -81.5136
- CBSA code
- 10420
- CBSA name
- AKRON, OH METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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