Multifamily Property with
For Sale
$295,000
1804-1808 Cromwell Drive, Akron, OH 44313
Apartment-oriented property with natural gas heating, window units, and a detached paved garage.
Property Size2,632 SF
Price / SF$112.08
Days on Market46
Property Features for 1804-1808 Cromwell Drive
General Information
Standard status
Active
Size
2,632 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,768
Amenities
None, Window Unit(s)
Natural Gas, Forced Air
Apartment
Detached, Garage, Paved
Building Details
Year Built
1965
Buildings
1
Stories
3
Listing Agency:
RE/MAX Edge Realty
(330) 446-0241
Listed By:
Kenny G Mayle · License #2021000833
(330) 446-0241
Source:
Evrealestate
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 30 at 10:05PM
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 RE/MAX Edge Realty
Investment Insights
Based on property information with market context.
This multifamily property at 1804-1808 Cromwell Drive includes apartment space supported by natural gas and forced-air heating, along with window unit cooling. The exterior configuration features a detached garage and paved surfaces. Built in 1965, the property offers 2,632 of stated property size in Akron, Ohio.
Key Highlights
- Multifamily property at 1804‑1808 Cromwell Drive, Akron, OH 44313
- 2,632 stated property size
- Built in 1965
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
$21,101
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
7.15%
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%
$422,020
$422.0K
Cap Rate 7%
$301,443
$301.4K
Cap Rate 9%
$234,456
$234.5K
Market Conditions
NOI Build-Up for 2,632 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
$40.4K $15.36/SF
− Vacancy
−$2.1K −$0.78/SF
EGI
$38.4K $14.58/SF
− OpEx
−$17.3K −$6.56/SF
NOI
$21.1K $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%
$422,020
Cap Rate 7%
$301,443
Cap Rate 9%
$234,456
Alternative Uses
Best Use
Apartment 5plus
$301.4K
$263.8K – $351.7K
NOI $21,101 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$645.9K
$565.2K – $753.6K
NOI $45,214 @ 7.0% cap · market cap 15.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
75
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Apartment-oriented property with natural gas heating, window units, and a detached paved garage.
Where is this multifamily property located?
The property is located at 1804-1808 Cromwell Drive Akron, OH.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Multifamily property at 1804‑1808 Cromwell Drive, Akron, OH 44313; 2,632 stated property size; Built in 1965
