Renovated Duplex With Central
For Sale
$224,800
1939 Preston Ave, Akron, OH 44305
Two renovated 2-bed, 1-bath units feature separate utilities and central air, plus a balcony and private parking lot.
Property Size1,440 SF
Price / SF$156.11
Days on Market30
Property Features for 1939 Preston Ave
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
balcony
private parking lot
Building Details
Year Built
1963
Listing Agency:
Keller Williams Citywide
(440) 590-5219
Listed By:
Mark A Colucci · License #2020004747
Source:
Kmlkrealty
Added: Jul 24
Changed: Aug 13
Last Checked: Aug 22 at 8:56AM
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 Keller Williams Citywide
Investment Insights
Based on property information with market context.
1939 Preston Ave offers a renovated duplex configured with two 2-bedroom, 1-bath units. Each unit has separate utilities and central air. The property also includes a large balcony and a private parking lot, supporting straightforward, low-maintenance day-to-day living for residents.
The duplex is located on a quiet private dead-end street surrounded by residential homes.
The seller also references a potential package of four duplexes on the same lot, including 1919-1921 Preston Ave, 1925-1927 Preston Ave, 1931-1933 Preston Ave, and 1937-1939 Preston Ave.
The duplex is located on a quiet private dead-end street surrounded by residential homes.
The seller also references a potential package of four duplexes on the same lot, including 1919-1921 Preston Ave, 1925-1927 Preston Ave, 1931-1933 Preston Ave, and 1937-1939 Preston Ave.
Key Highlights
- Cash‑flowing duplex built in 1963 on a quiet private dead‑end street
- Two renovated 2‑bed, 1‑bath units
- Each unit has separate utilities and central air
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
$13,187
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
5.87%
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%
$263,740
$263.7K
Cap Rate 7%
$188,386
$188.4K
Cap Rate 9%
$146,522
$146.5K
Market Conditions
NOI Build-Up for 1,440 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
$19.9K $13.80/SF
− Vacancy
−$1.0K −$0.72/SF
EGI
$18.8K $13.08/SF
− OpEx
−$5.7K −$3.92/SF
NOI
$13.2K $9.16/SF
Area
Akron, OH
Vacancy
5.20%
Lease Rate
$13.80 /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%
$263,740
Cap Rate 7%
$188,386
Cap Rate 9%
$146,522
Alternative Uses
Best Use
Multifamily LT 5
$188.4K
$164.8K – $219.8K
NOI $13,187 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$164.9K
$144.3K – $192.4K
NOI $11,545 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$353.4K
$309.2K – $412.3K
NOI $24,737 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Explore this area
Business Placement
Demographics for 44305, OH
21,214
Population
10,230
Households
2.1
Avg Household Size
38
Median Age
17%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,166
Density / Sq Mi
$55,909
Median Household Income
$37,409
Median Earnings
$974
Median Rent
$89,900
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 - Two renovated 2-bed, 1-bath units feature separate utilities and central air, plus a balcony and private parking lot.
Where is this duplex located?
The property is located at 1939 Preston Ave Akron, OH.
What is the asking price?
The asking price for this property is $224,800.
What are key features of this property?
This property features: Cash‑flowing duplex built in 1963 on a quiet private dead‑end street; Two renovated 2‑bed, 1‑bath units; Each unit has separate utilities and central air
