Two-Home Multifamily
For Sale
$135,000
1664 Woods Rd, Akron, OH 44306
Two residences share a wooded parcel and require cleanup and rehabilitation before occupancy.
Property Size1,253 SF
Price / SF$107.74
Days on Market55
Property Features for 1664 Woods Rd
General Information
Standard status
Active
Size
1,253 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
Each home needs cleaned out and rehabed
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1923
Listing Agency:
RE/MAX Crossroads Properties
Listed By:
Jessica Nader · License #2019004118
(330) 209-2008
Source:
Theacclaimedrealty
Added: Jul 14
Changed: Sep 2
Last Checked: Sep 6 at 11:56AM
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 Crossroads Properties
Investment Insights
Based on property information with market context.
This multifamily property includes two separate homes on a wooded, almost one-acre parcel. The residence at 1660 offers two bedrooms and one full bath, while 1664 provides one bedroom and one bath. The property was built in 1923 and both homes require cleanout and rehabilitation.
Highway access is nearby, and the property is located at 1664 Woods Rd in Akron, Ohio. Contents inside and around the homes remain the owner's responsibility.
Highway access is nearby, and the property is located at 1664 Woods Rd in Akron, Ohio. Contents inside and around the homes remain the owner's responsibility.
Key Highlights
- Two homes on a wooded, almost one‑acre lot
- 1660 includes 2 bedrooms and 1 full bath
- 1664 includes 1 bedroom and 1 bath
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
$10,045
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
7.44%
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%
$200,900
$200.9K
Cap Rate 7%
$143,500
$143.5K
Cap Rate 9%
$111,611
$111.6K
Market Conditions
NOI Build-Up for 1,253 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
$19.2K $15.36/SF
− Vacancy
−$982 −$0.78/SF
EGI
$18.3K $14.58/SF
− OpEx
−$8.2K −$6.56/SF
NOI
$10.0K $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%
$200,900
Cap Rate 7%
$143,500
Cap Rate 9%
$111,611
Alternative Uses
Best Use
Apartment 5plus
$143.5K
$125.6K – $167.4K
NOI $10,045 @ 7.0% cap · market cap 7.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$307.5K
$269.1K – $358.8K
NOI $21,525 @ 7.0% cap · market cap 15.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Explore this area
Business Placement
Demographics for 44306, OH
21,085
Population
10,424
Households
2
Avg Household Size
34
Median Age
9%
College-Educated
86%
High-School Grad
8.3 sq mi
ZIP Area
2,540
Density / Sq Mi
$41,105
Median Household Income
$30,481
Median Earnings
$901
Median Rent
$77,500
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 - Two residences share a wooded parcel and require cleanup and rehabilitation before occupancy.
Where is this multifamily property located?
The property is located at 1664 Woods Rd Akron, OH.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: Two homes on a wooded, almost one‑acre lot; 1660 includes 2 bedrooms and 1 full bath; 1664 includes 1 bedroom and 1 bath
