Updated Six-Unit Apartment
For Sale
$499,900
Pending
2017 Fulton Rd NW, Canton, OH 44709
Updated six-unit property with varied one- and two-bedroom layouts, controlled entry, laundry equipment, and covered off-street parking.
Property Size5,544 SF
Days on Market122
Property Features for 2017 Fulton Rd NW
General Information
Standard status
Pending
Size
5,544 SF
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$47,000
Financials
Cap Rate
9.4%
Gross Income
$58,000
Units
Unit Mix
4 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Amenities
covered off-street parking
coin-operated laundry
secure entry with keypad access
Building Details
Year Built
1960
Listing Agency:
RE/MAX Trends Realty
Listed By:
Amanda Shafer realtoramandashafer@gmail.com, 330-324-7454
Source:
Homessouthofcleveland
Added: May 6
Changed: Sep 2
Last Checked: Sep 4 at 7:41AM
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 Trends Realty
Investment Insights
Based on property information with market context.
This 5,544-SF apartment building contains six units: four with two bedrooms and one bath, plus two with one bedroom and one bath. Built in 1960, the property has received substantial improvements, including renovations to four apartments, new electrical panels, plumbing updates, keypad-controlled entry doors, refreshed hallway finishes, newer appliances, and replacement screen doors. A coin-operated Speed Queen washer and dryer serves the building, while hot water tank heating elements were replaced in 2025. The all-electric property places electric service responsibility with tenants and includes covered off-street parking.
Located at 2017 Fulton Rd NW in Canton, the property is minutes from I-77 and Route 62, with shopping, dining, employment centers, and the Pro Football Hall of Fame nearby. The site requires no lawn maintenance, reducing exterior upkeep needs.
Located at 2017 Fulton Rd NW in Canton, the property is minutes from I-77 and Route 62, with shopping, dining, employment centers, and the Pro Football Hall of Fame nearby. The site requires no lawn maintenance, reducing exterior upkeep needs.
Key Highlights
- Six‑unit apartment building totaling 5,544 SF
- Unit mix includes 4 two‑bedroom/1‑bath units and 2 one‑bedroom/1‑bath units
- Four units renovated, with new electrical panels and extensive plumbing updates
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
$40,606
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
8.12%
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%
$812,120
$812.1K
Cap Rate 7%
$580,086
$580.1K
Cap Rate 9%
$451,178
$451.2K
Market Conditions
NOI Build-Up for 5,544 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
$76.5K $13.80/SF
− Vacancy
−$2.7K −$0.48/SF
EGI
$73.8K $13.32/SF
− OpEx
−$33.2K −$5.99/SF
NOI
$40.6K $7.32/SF
Area
Stark County, OH
Vacancy
3.50%
Lease Rate
$13.80 /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%
$812,120
Cap Rate 7%
$580,086
Cap Rate 9%
$451,178
Alternative Uses
Best Use
Apartment 5plus
$580.1K
$507.6K – $676.8K
NOI $40,606 @ 7.0% cap · market cap 8.12%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.45M
$1.27M – $1.69M
NOI $101,324 @ 7.0% cap · market cap 20.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Explore this area
Business Placement
Demographics for 44709, OH
18,509
Population
9,218
Households
2
Avg Household Size
42
Median Age
28%
College-Educated
95%
High-School Grad
5.8 sq mi
ZIP Area
3,191
Density / Sq Mi
$53,144
Median Household Income
$34,941
Median Earnings
$818
Median Rent
$149,400
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?
Apartment building - Updated six-unit property with varied one- and two-bedroom layouts, controlled entry, laundry equipment, and covered off-street parking.
Where is this apartment building located?
The property is located at 2017 Fulton Rd NW Canton, OH.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Six‑unit apartment building totaling 5,544 SF; Unit mix includes 4 two‑bedroom/1‑bath units and 2 one‑bedroom/1‑bath units; Four units renovated, with new electrical panels and extensive plumbing updates
