Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
1978
Sq.Footage
N/A
Incredible opportunity to acquire two stabilized apartment complexes with value-add upside in Akron! This opportunity offers a rare chance for investors to acquire a total of 47 one bedroom, well-located units in the Firestone Park neighborhood just minutes from shopping, entertainment and employment! With a combined total of 24 units at 1566 & 1588 Coventry Street and 23 units at 1757 and 1767 S Arlington Street, the portfolio provides immediate scale and operational efficiencies for a savvy buyer, all within a mere two miles of each other. This thriving area boasts high rental demand and steadily growing rental rates, making it an ideal market for multifamily investment. In addition, significant value-add upside is available immediately upon takeover. Currently, the rents are positioned well below market value, presenting an easy path to income upside for a buyer. With straightforward cosmetic updates, new ownership can elevate monthly income from the in-place $28,000+ mark, to over $38,000+ per month! (19) of the current tenants are also currently voucher holders through AMHA, allowing a buyer to easily and consistently increase these rents to HUD's Fair Market Standard over time, which currently sits at $840 and $920 for each respective zip code. All units are 1 bedroom, 1 bathroom. Tenants pay electric at Coventry property (boiler heat owner pays gas, water/sewer and common area electric). S Arlington tenants pay electric (electric baseboard heat) and owner pays water/sewer and trash. Onsite coin op laundry.
Features & Amenities
Interior
-
Total Bedrooms
N/A
-
Bathrooms
N/A
-
Heating YN
YES
-
Heating
Baseboard, Electric, Radiant
-
Pet friendly
N/A
Exterior
-
Garage
No
-
Pool
No
Area & Lot
-
Lot Size(acres)
0.4455
-
Property Type
Commercial Sale
-
Property Sub Type
Apartment
Price
-
Sales Price
$2,590,000
-
Tax Amount
37791.0
-
Sq. Footage
N/A
-
Price/SqFt
N/A
HOA
-
Association
No
School District
-
Elementary School
Akron CSD - 7701
-
Middle School
N/A
-
High School
N/A
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Location
County
Summit
Elementary School
Akron CSD - 7701
Middle School
High School
Listing Courtesy of Michael Orlando , Key Realty
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AGENT
Keith Vanke
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