Updated Duplex with Oversized
For Sale
Under Contract
$233,000
206 Olivet Avenue, Akron, OH 44319
ResidentialIncome, Akron, OH
Property Size2,530 SF
Lot Size0.21 Acres
Price / SF$92.09
Days on Market47
Property Features for 206 Olivet Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Laundry Room, Basement, Bedroom 2, Bedroom 4, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 1
Parking features
Paved or Surfaced, Driveway, Garage
Window features
Wood Frames, Screens, Drapes
Interior features
CeilingFans, Chandelier, HighCeilings, LaminateCounters, PrimaryDownstairs, OpenFloorplan, Pantry, SoakingTub, WiredForData
Exterior features
Awnings, RainGutters, Storage
Fireplace
1
Subdivision
Lake View Heights Allotment
Lot features
Less Than Half Acre, Sloped Down, Near Golf Course, Irregular Lot, Landscaped, Rolling Slope, Wooded
Elementary school district
Coventry LSD - 7704
Middle school district
Coventry LSD - 7704
High school district
Coventry LSD - 7704
Directions
Take N Turkeyfoot Rd off of Portage Lakes Dr, Parking on the right on Melba St.
Standard status
Active Under Contract
APN
1910095
Size
2,530 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3988
Utilities
Sewer type
Public Sewer
Heating system
Wood, Fireplace(s), Electric (Heating), Baseboard, Natural Gas
Cooling system
Window Unit(s), Electric, Separate Meters, Ceiling Fan(s), Varies by Unit, Ductless, Multi Units, Central Air, Wall Unit(s)
Water source
Well
Amenities
in-unit laundry
detached oversized garage
Building Details
Year built
1924
Floors in Building
1
Building materials
Asbestos
Roof type
Shingle, Asphalt
Additional Structures
Storage
Listing Agency:
Real of Ohio
(330) 807-1303
Listed By:
Suede E Beverly · License #2019005255
(234) 817-1312
Added: Jul 17
Changed: Aug 20
Last Checked: Sep 1 at 12:06PM
MLS# 5228452
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1924 duplex contains 2,530 square feet across two updated units, offering a practical setup for an investor or owner-occupant. One unit has 2 bedrooms and 2 bathrooms, while the other provides 2 bedrooms and 2.5 bathrooms. Both units include in-unit laundry, open living areas, modern finishes, and separate utility meters. The property is currently vacant, allowing the next owner to establish occupancy immediately.
A detached oversized garage adds storage and parking capacity beyond the main residence, while the paved driveway provides additional on-site parking. The roof system serving the main building and garage was replaced in 2026 and includes a transferable warranty. Situated at 206 Olivet Avenue in Akron’s Portage Lakes area, the property occupies 0.2067 acres and is served by public sewer and a private well.
A detached oversized garage adds storage and parking capacity beyond the main residence, while the paved driveway provides additional on-site parking. The roof system serving the main building and garage was replaced in 2026 and includes a transferable warranty. Situated at 206 Olivet Avenue in Akron’s Portage Lakes area, the property occupies 0.2067 acres and is served by public sewer and a private well.
Key Highlights
- Two‑unit duplex with 2,530 square feet of total property size
- Unit mix includes two 2‑bedroom units with 2 bathrooms and 2.5 bathrooms
- Main and garage roofs replaced in 2026 with transferable warranty
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
$20,283
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
8.71%
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%
$405,660
$405.7K
Cap Rate 7%
$289,757
$289.8K
Cap Rate 9%
$225,367
$225.4K
Market Conditions
NOI Build-Up for 2,530 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
$38.9K $15.36/SF
− Vacancy
−$2.0K −$0.78/SF
EGI
$36.9K $14.58/SF
− OpEx
−$16.6K −$6.56/SF
NOI
$20.3K $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%
$405,660
Cap Rate 7%
$289,757
Cap Rate 9%
$225,367
Alternative Uses
Best Use
Multifamily LT 5
$331.0K
$289.6K – $386.2K
NOI $23,169 @ 7.0% cap · market cap 9.94%
Second Best
Apartment 5plus
$289.8K
$253.5K – $338.1K
NOI $20,283 @ 7.0% cap · market cap 8.71%
Theoretical Best
Office A
$620.9K
$543.3K – $724.4K
NOI $43,462 @ 7.0% cap · market cap 18.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
204
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?
Duplex - Two refreshed units include private laundry and flexible occupancy options for an investor or owner-occupant.
Where is this duplex located?
The property is located at 206 Olivet Avenue Akron, OH.
What is the asking price?
The asking price for this property is $233,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,530 square feet of total property size; Unit mix includes two 2‑bedroom units with 2 bathrooms and 2.5 bathrooms; Main and garage roofs replaced in 2026 with transferable warranty
