Lakeview Multifamily
New
For Sale
$425,000
226 E Pace Ave, Akron, OH 44319
Flexible living arrangement with lake views and an extra-deep two-car garage.
Property Size2,159 SF
Price / SF$196.85
Days on Market7
Property Features for 226 E Pace Ave
General Information
Standard status
Active
Size
2,159 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Building Details
Year Built
1913
Buildings
1
Listing Agency:
Whipple Auction & Realty Inc
(330) 806-9117
Listed By:
Cheryl Feiock · License #2019003647
Source:
Kmlkrealty
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 8 at 8:08AM
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 Whipple Auction & Realty Inc
Investment Insights
Based on property information with market context.
This multifamily property offers 2,159 square feet with three bedrooms, 2.5 bathrooms, and a layout that can accommodate multiple living arrangements. An extra-deep two-car garage provides substantial on-site storage and parking capacity. The home was built in 1913, with a new roof and furnace listed for 2026.
Views overlook East Reservoir in the Portage Lakes community, giving the property a clear connection to the surrounding lake setting. The address is 226 E Pace Ave in Akron, Ohio. Its residential configuration can support use as a full-time home, vacation property, or investment property, as described in the listing information.
Views overlook East Reservoir in the Portage Lakes community, giving the property a clear connection to the surrounding lake setting. The address is 226 E Pace Ave in Akron, Ohio. Its residential configuration can support use as a full-time home, vacation property, or investment property, as described in the listing information.
Key Highlights
- Lakeview setting overlooking East Reservoir in Portage Lakes
- 2,159 square feet with 3 bedrooms and 2.5 bathrooms
- Multifamily layout with multiple living possibilities
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
$17,309
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
4.07%
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%
$346,180
$346.2K
Cap Rate 7%
$247,271
$247.3K
Cap Rate 9%
$192,322
$192.3K
Market Conditions
NOI Build-Up for 2,159 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
$33.2K $15.36/SF
− Vacancy
−$1.7K −$0.78/SF
EGI
$31.5K $14.58/SF
− OpEx
−$14.2K −$6.56/SF
NOI
$17.3K $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%
$346,180
Cap Rate 7%
$247,271
Cap Rate 9%
$192,322
Alternative Uses
Best Use
Apartment 5plus
$247.3K
$216.4K – $288.5K
NOI $17,309 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$529.8K
$463.6K – $618.2K
NOI $37,089 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
208
Businesses Nearby
Explore this area
Business Placement
Demographics for 44319, OH
21,833
Population
9,950
Households
2.2
Avg Household Size
48
Median Age
30%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
1,149
Density / Sq Mi
$74,781
Median Household Income
$43,662
Median Earnings
$1,081
Median Rent
$188,400
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?
Multifamily property - Flexible living arrangement with lake views and an extra-deep two-car garage.
Where is this multifamily property located?
The property is located at 226 E Pace Ave Akron, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Lakeview setting overlooking East Reservoir in Portage Lakes; 2,159 square feet with 3 bedrooms and 2.5 bathrooms; Multifamily layout with multiple living possibilities
