Duplex with Walk-Out
For Sale
$224,900
1039 Anna Avenue, Kent, OH 44240
ResidentialIncome, Kent, OH
Property Size2,067 SF
Lot Size0.17 Acres
Price / SF$108.81
Days on Market47
Property Features for 1039 Anna Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Basement, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 3, Laundry Room
Parking features
Garage
Fencing
Privacy
Subdivision
Franklin
Elementary school district
Kent CSD - 6705
Middle school district
Kent CSD - 6705
High school district
Kent CSD - 6705
Directions
Lake St to Walter to Anna
Standard status
Active
APN
17-032-20-00-048-000
Size
2,067 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 32
Tax Annual Amount
1794
Legal Description
LOT 32
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Building materials
AluminumSiding, WoodSiding
Roof type
Fiberglass, Asphalt
Listing Agency:
Keller Williams Chervenic Rlty · Keller Williams Realty
(330) 686-1644
Listed By:
Jodi L Mignano · License #2005004349
(330) 338-9047
Added: Jul 7
Changed: Aug 20
Last Checked: Aug 22 at 11:06PM
MLS# 5225012
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex property includes 2,067 square feet on a 0.17-acre lot, with four bedrooms and a full walk-out basement. The interior features an updated kitchen, while a newer furnace and hot water heater provide key recent improvements. The lower level offers potential for conversion into an efficiency apartment, subject to applicable requirements. Additional features include a garage, privacy fencing, aluminum and wood siding, and an asphalt and fiberglass roof.
The property is located in Kent, near downtown Kent and Kent State University. Restaurants, shopping, and campus facilities are described as being just minutes away. Public water and public sewer serve the property, and heating is provided by natural gas. Built in 1950, the home can support residential occupancy or rental use within the duplex classification.
The property is located in Kent, near downtown Kent and Kent State University. Restaurants, shopping, and campus facilities are described as being just minutes away. Public water and public sewer serve the property, and heating is provided by natural gas. Built in 1950, the home can support residential occupancy or rental use within the duplex classification.
Key Highlights
- 2,067‑square‑foot duplex on a 0.17‑acre lot
- Four‑bedroom layout with a full walk‑out basement
- Lower level has potential for efficiency apartment conversion
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
$17,993
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
8.00%
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%
$359,860
$359.9K
Cap Rate 7%
$257,043
$257.0K
Cap Rate 9%
$199,922
$199.9K
Market Conditions
NOI Build-Up for 2,067 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
$27.3K $13.20/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$25.7K $12.44/SF
− OpEx
−$7.7K −$3.73/SF
NOI
$18.0K $8.71/SF
Area
Portage County, OH
Vacancy
5.79%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$359,860
Cap Rate 7%
$257,043
Cap Rate 9%
$199,922
Alternative Uses
Best Use
Multifamily LT 5
$257.0K
$224.9K – $299.9K
NOI $17,993 @ 7.0% cap · market cap 8.00%
Second Best
Apartment 5plus
$237.9K
$208.2K – $277.6K
NOI $16,653 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$416.3K
$364.3K – $485.7K
NOI $29,144 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 44240, OH
38,354
Population
20,228
Households
1.9
Avg Household Size
32
Median Age
44%
College-Educated
96%
High-School Grad
39.7 sq mi
ZIP Area
966
Density / Sq Mi
$57,415
Median Household Income
$31,613
Median Earnings
$989
Median Rent
$216,000
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 - Updated interior and basement flexibility support owner-occupancy or rental use near downtown and Kent State University.
Where is this duplex located?
The property is located at 1039 Anna Avenue Kent, OH.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: 2,067‑square‑foot duplex on a 0.17‑acre lot; Four‑bedroom layout with a full walk‑out basement; Lower level has potential for efficiency apartment conversion
