Renovated Apartment Building with
For Sale
$750,000
2114 Market Ave N, Canton, OH 44714
Updated systems and separate utility metering support efficient property operations.
Property Size9,002 SF
Price / SF$83.31
Days on Market23
Property Features for 2114 Market Ave N
General Information
Standard status
Active
Size
9,002 SF
Total Parking Spaces
8
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
10
Building Details
Year Built
1957
Listing Agency:
RE/MAX Edge Realty
(330) 806-3616
Listed By:
Christina Hoff · License #2024005572
Source:
Groganzeiger
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 28 at 12:56PM
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 10-unit apartment building in Canton includes six 2-bedroom/1-bathroom apartments and four 1-bedroom/1-bathroom garden units. The property has been renovated, with updated mechanical systems throughout. Each garden unit is positioned above a single-car garage and the mechanical room, which contains a new boiler. The two-bedroom apartments each include a basement with washer and dryer.
Garage and storage components add practical utility. A separate 4-car garage provides additional parking or an income-use option. Gas and electric are separately metered and paid by tenants, while owner-paid services include water, sewer, and trash. The property is reported at 100 percent occupancy and was built in 1957, with shopping, the expressway, Ridgewood, and Colonial Heights nearby.
Garage and storage components add practical utility. A separate 4-car garage provides additional parking or an income-use option. Gas and electric are separately metered and paid by tenants, while owner-paid services include water, sewer, and trash. The property is reported at 100 percent occupancy and was built in 1957, with shopping, the expressway, Ridgewood, and Colonial Heights nearby.
Key Highlights
- 10‑unit apartment complex with 6 two‑bedroom and 4 one‑bedroom units
- Renovated apartments with updated mechanical systems
- 4 garden units sit above single‑car garages and a mechanical room
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
$65,934
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
8.79%
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%
$1,318,680
$1.3M
Cap Rate 7%
$941,914
$941.9K
Cap Rate 9%
$732,600
$732.6K
Market Conditions
NOI Build-Up for 9,002 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
$124.2K $13.80/SF
− Vacancy
−$4.3K −$0.48/SF
EGI
$119.9K $13.32/SF
− OpEx
−$53.9K −$5.99/SF
NOI
$65.9K $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%
$1,318,680
Cap Rate 7%
$941,914
Cap Rate 9%
$732,600
Alternative Uses
Best Use
Apartment 5plus
$941.9K
$824.2K – $1.10M
NOI $65,934 @ 7.0% cap · market cap 8.79%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$2.35M
$2.06M – $2.74M
NOI $164,523 @ 7.0% cap · market cap 21.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Explore this area
Business Placement
Demographics for 44714, OH
8,923
Population
4,458
Households
2
Avg Household Size
42
Median Age
26%
College-Educated
93%
High-School Grad
2.6 sq mi
ZIP Area
3,432
Density / Sq Mi
$57,583
Median Household Income
$37,238
Median Earnings
$901
Median Rent
$143,300
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 systems and separate utility metering support efficient property operations.
Where is this apartment building located?
The property is located at 2114 Market Ave N Canton, OH.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 10‑unit apartment complex with 6 two‑bedroom and 4 one‑bedroom units; Renovated apartments with updated mechanical systems; 4 garden units sit above single‑car garages and a mechanical room
