Downtown Mixed-Use
For Sale
$925,000
203 South Main Street, Akron, OH 44308
Mixed-use downtown building with leased retail and an upper-level 2-bedroom apartment plus controlled access to parking.
Property Size8,460 SF
Price / SF$109.34
Days on Market1270
Property Features for 203 South Main Street
General Information
Standard status
Active
Size
8,460 SF
Property subtype
Bar, Mixed Use
Additional Details
Business Included
Yes
Listing Agency:
Hoff & Leigh
(330) 328-3327
Listed By:
Tom Franjesh · License #BRKP.2009002386
(330) 328-3327
Source:
Hoffleigh
Added: Feb 8, 2023
Changed: Jul 10
Last Checked: Aug 1 at 2:13AM
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 Hoff & Leigh
Investment Insights
Based on property information with market context.
This mixed-use property includes multiple income-producing components across the connected 203 S. Main St. and 205 S. Main St. addresses. The first floor at 205 S. Main Street is currently occupied by Bar Phoenix. The second floor of 205 S. Main Street is used as storage, with flexibility for office or apartment use. The third floor features a spacious 2-bedroom apartment with a living room, full kitchen, and two bathrooms, and it is currently under lease. The building also includes a small garage used by the apartment tenant, positioned next to a parking garage for quick access.
The property is located in the heart of Downtown Akron, directly across from Lock 3 Park. Lock 3 offers year-round activities such as concerts, ice skating, and fireworks. 203 S. Main St. is connected to 205 S. Main St. and includes the iconic Peanut Shoppe, which is in place as a long-term tenant.
For buyers and investors seeking a downtown asset with established tenancy, both the Peanut Shoppe and Bar Phoenix have signed long-term leases. With storage space on the second floor and a leased residential unit on the third floor, the building offers a straightforward mixed-use setup for operators looking to maintain income while considering future space utilization options.
The property is located in the heart of Downtown Akron, directly across from Lock 3 Park. Lock 3 offers year-round activities such as concerts, ice skating, and fireworks. 203 S. Main St. is connected to 205 S. Main St. and includes the iconic Peanut Shoppe, which is in place as a long-term tenant.
For buyers and investors seeking a downtown asset with established tenancy, both the Peanut Shoppe and Bar Phoenix have signed long-term leases. With storage space on the second floor and a leased residential unit on the third floor, the building offers a straightforward mixed-use setup for operators looking to maintain income while considering future space utilization options.
Key Highlights
- Mixed‑use Downtown Akron building with leased retail space plus a leased 2‑bedroom apartment on the third floor
- Located directly across from the recently renovated Lock 3 Park
- 203 S. Main St. connected to 205 S. Main St., featuring the iconic Peanut Shoppe with a long‑term lease
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.9k | $15.36 |
| − Vacancy | −$6.6k | −$0.78 |
| EGI | $123.3k | $14.58 |
| − OpEx | −$55.5k | −$6.56 |
| NOI | $67.8k | $8.02 |
8,460 SF · lease $15.36/SF/yr · vacancy 5.10% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$1.46M
$1.28M – $1.71M
NOI $102,342 @ 7.0% cap · market cap 11.06%
Second Best
Retail
$1.36M
$1.19M – $1.59M
NOI $95,519 @ 7.0% cap · market cap 10.33%
Theoretical Best
Office A
$2.08M
$1.82M – $2.42M
NOI $145,331 @ 7.0% cap · market cap 15.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
14k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 85%
Shops & Services 15%
Restaurant Depot
Groceries
7,303 visits/mo
0.2 miles
Save-A-Lot
Groceries
4,681 visits/mo
0.0 miles
Firestone Complete Auto Care
Shops & Services
1,658 visits/mo
0.3 miles
Napa Auto Parts
Shops & Services
498 visits/mo
0.5 miles
Demographics for 44308, OH
1,037
Population
478
Households
2.2
Avg Household Size
30
Median Age
40%
College-Educated
95%
High-School Grad
0.5 sq mi
ZIP Area
2,074
Density / Sq Mi
$15,473
Median Household Income
$8,924
Median Earnings
$733
Median Rent
$433,300
Median Home Value
Market
Properties on Market for Mixed-use properties in Summit County
Vacancy Rate% for Retail in Akron, OH
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use downtown building with leased retail and an upper-level 2-bedroom apartment plus controlled access to parking.
Where is this mixed-use property located?
The property is located at 203 South Main Street Akron, OH.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Mixed‑use Downtown Akron building with leased retail space plus a leased 2‑bedroom apartment on the third floor; Located directly across from the recently renovated Lock 3 Park; 203 S. Main St. connected to 205 S. Main St., featuring the iconic Peanut Shoppe with a long‑term lease
