Updated Two-Unit
For Sale
$250,000
1036-1038 Emma Avenue, Akron, OH 44313
Two separately metered apartments offer spacious layouts, private porches, and shared lower-level amenities.
Property Size2,678 SF
Days on Market54
Property Features for 1036-1038 Emma Avenue
General Information
Standard status
Active
Size
2,678 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,066
Amenities
front porch
back porch
shared laundry
partially fenced yard
basement storage
Building Details
Building Size
2,678 SF
Year Built
1920
Buildings
2
Stories
2
Listing Agency:
EXP Realty, LLC.
(330) 472-3261
Listed By:
Catherine N Haller · License #2005014369
(330) 472-3261
Source:
Carolgoffrealestate
Added: Jul 8
Changed: Aug 30
Last Checked: Aug 30 at 5:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty, LLC.
Investment Insights
Based on property information with market context.
This 1920 duplex contains two separately metered apartments, with one residence on the ground level and the other upstairs. Each unit includes two bedrooms, one full bath, a kitchen, dining space, a front porch, and a rear porch. The upper apartment also has an office or nook. Built-in cabinetry, storage areas, and woodwork add character throughout the interiors.
Property improvements include a new roof, windows, sidewalks, garage door, water heaters, fresh exterior paint, updated electrical panels, copper plumbing, wall insulation, and interior painting. The lower level provides additional apartment storage, a walk-out connection to the rear yard, and shared laundry. A two-car garage and partially fenced yard are located behind the building. The property is at 1036-1038 Emma Avenue in Akron’s West Akron/Highland Square area, within an owner-occupied residential neighborhood.
Property improvements include a new roof, windows, sidewalks, garage door, water heaters, fresh exterior paint, updated electrical panels, copper plumbing, wall insulation, and interior painting. The lower level provides additional apartment storage, a walk-out connection to the rear yard, and shared laundry. A two-car garage and partially fenced yard are located behind the building. The property is at 1036-1038 Emma Avenue in Akron’s West Akron/Highland Square area, within an owner-occupied residential neighborhood.
Key Highlights
- Two‑unit duplex with one ground‑level apartment and one upstairs apartment
- Each unit offers 2 bedrooms, 1 full bath, kitchen, dining room, and front and back porches
- Separate utility meters serve the two apartments
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,470
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$429,400
$429.4K
Cap Rate 7%
$306,714
$306.7K
Cap Rate 9%
$238,556
$238.6K
Market Conditions
NOI Build-Up for 2,678 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$41.1K $15.36/SF
− Vacancy
−$2.1K −$0.78/SF
EGI
$39.0K $14.58/SF
− OpEx
−$17.6K −$6.56/SF
NOI
$21.5K $8.02/SF
Area
Akron, OH
Vacancy
5.10%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$429,400
Cap Rate 7%
$306,714
Cap Rate 9%
$238,556
Alternative Uses
Best Use
Multifamily LT 5
$350.3K
$306.6K – $408.7K
NOI $24,524 @ 7.0% cap · market cap 9.81%
Second Best
Apartment 5plus
$306.7K
$268.4K – $357.8K
NOI $21,470 @ 7.0% cap · market cap 8.59%
Theoretical Best
Office A
$657.2K
$575.1K – $766.7K
NOI $46,004 @ 7.0% cap · market cap 18.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 44313, OH
25,678
Population
14,054
Households
1.8
Avg Household Size
41
Median Age
50%
College-Educated
97%
High-School Grad
13.5 sq mi
ZIP Area
1,902
Density / Sq Mi
$76,404
Median Household Income
$46,882
Median Earnings
$1,041
Median Rent
$216,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered apartments offer spacious layouts, private porches, and shared lower-level amenities.
Where is this duplex located?
The property is located at 1036-1038 Emma Avenue Akron, OH.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit duplex with one ground‑level apartment and one upstairs apartment; Each unit offers 2 bedrooms, 1 full bath, kitchen, dining room, and front and back porches; Separate utility meters serve the two apartments
