470-472 Sumner St - Apartments FOR SALE


Akron, OH 44304- Downtown Akron
$360,000 USD
216-403-9294
470-472 Sumner St, Akron, OH for Sale
$360,000 USD
Apartments - FOR SALE
1/18
null | 9.3% Cap Rate

470-472 Sumner St
Akron, OH 44304
Downtown Akron


HIGHLIGHTS

  • Fully Renovated Property near University of Akron
  • Majority Two Bedroom Suites
  • Above Market Cash Flow with Improved Management

OVERVIEW

Renovated Six-unit property located a short walk from the University of Akron. Two 1-bedroom and four 2-bedroom apartments. The current owner has invested nearly $200,000 over the last 18 months including updating kitchens and baths, LVP flooring, and refreshed interiors. Two units are leased today ($860 and $900). The other four are vacant and ready to rent at the same realistic rents used in the offering: $850–$900. At those rents, gross potential is $63,120 a year. After 5% vacancy and $27,094 of operating expenses, proforma NOI is $33,470. 470-472 Sumner Street is in University Park, immediately east of downtown Akron and within walking distance of the University of Akron. Campus, Bierce Library, and the Student Union sit a few minutes away on foot, which is the primary demand driver for this block. The property also benefits from proximity to downtown employment and the hospital corridor. Summa Health, Akron Children’s, and Cleveland Clinic Akron General are a short drive, giving the asset a second renter base beyond the academic calendar. METRO transit serves the campus and downtown grid. I-77 and SR-8 provide regional access. The location supports a simple investment thesis: small multifamily next to a stable campus and employment node, with tenants who can live there without relying on a car.

FOR SALE DETAILS

PRICE

$360,000 USD

PRICE/SF

$49 USD /SF

# OF UNITS

6

PRICE/UNIT

$60,000

CAP RATE

9.3%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1905

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.05 AC

LAND SF

2,047 SF

ZONING

-

APN/PARCEL ID

67-47350,67-47351

ASK ABOUT THIS PROPERTY

Nick SoederAdams Lynch AssociatesMore Info
216-403-9294

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Nick SoederAdams Lynch AssociatesMore Info
216-403-9294

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.