Lakeview
For Sale
$399,000
226 E Pace Avenue, Akron, OH 44319
ResidentialIncome, Akron, OH
Property Size2,159 SF
Lot Size0.19 Acres
Price / SF$184.81
Days on Market70
Property Features for 226 E Pace Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Half bathrooms
1
Rooms
Basement, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2
Parking features
Garage, Open, Driveway
Subdivision
Shore Acres
View
Lake
Elementary school district
Coventry LSD - 7704
Middle school district
Coventry LSD - 7704
High school district
Coventry LSD - 7704
Directions
S. Turkeyfoot Rd off of 619 to Right on E Pace Ave. All the way to Boat Ave - Duplex will be on your right at the corner of E Pace and Boat - Facing the Lake!
Standard status
Active
APN
1907912
Size
2,159 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SHORE ACS LOT 36 S OF PACE AVENUE
Tax Annual Amount
9100
Legal Description
SHORE ACS LOT 36 S OF PACE AVENUE
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Water front
1
Building Details
Year built
1913
Floors in Building
2
Building materials
WoodSiding
Roof type
Asbestos Shingle
Listing Agency:
Whipple Auction & Realty Inc
(330) 477-9365
Listed By:
Cheryl Feiock · License #2019003647
(330) 806-9117
Added: Jul 16
Changed: Sep 15
Last Checked: Sep 23 at 11:06PM
MLS# 5227692
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 2,159-square-foot duplex was built in 1913 and includes three bedrooms, 2.5 bathrooms, a basement, and multiple living areas. The property sits on a 0.1864-acre lot and features wood siding, a natural gas heating system, central air, public water, and public sewer. Parking includes an extra-deep two-car garage, open parking, and a driveway.
Located at 226 E Pace Avenue in Akron, the property overlooks East Reservoir within the Portage Lakes community. The setting provides direct visual connection to the lake, while the duplex configuration supports multiple residential living arrangements. The property also includes a 2026 roof and furnace update as stated in the listing information.
Located at 226 E Pace Avenue in Akron, the property overlooks East Reservoir within the Portage Lakes community. The setting provides direct visual connection to the lake, while the duplex configuration supports multiple residential living arrangements. The property also includes a 2026 roof and furnace update as stated in the listing information.
Key Highlights
- 2,159‑square‑foot duplex on a 0.1864‑acre lot
- Three bedrooms and 2.5 bathrooms with basement
- Overlooks East Reservoir in the Portage Lakes community
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
$19,771
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
4.96%
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%
$395,420
$395.4K
Cap Rate 7%
$282,443
$282.4K
Cap Rate 9%
$219,678
$219.7K
Market Conditions
NOI Build-Up for 2,159 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
$29.8K $13.80/SF
− Vacancy
−$1.5K −$0.72/SF
EGI
$28.2K $13.08/SF
− OpEx
−$8.5K −$3.92/SF
NOI
$19.8K $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%
$395,420
Cap Rate 7%
$282,443
Cap Rate 9%
$219,678
Alternative Uses
Best Use
Multifamily LT 5
$282.4K
$247.1K – $329.5K
NOI $19,771 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$247.3K
$216.4K – $288.5K
NOI $17,309 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$529.8K
$463.6K – $618.2K
NOI $37,089 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
208
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Duplex with flexible living arrangements, lake views, and an extra-deep two-car garage.
Where is this duplex located?
The property is located at 226 E Pace Avenue Akron, OH.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 2,159‑square‑foot duplex on a 0.1864‑acre lot; Three bedrooms and 2.5 bathrooms with basement; Overlooks East Reservoir in the Portage Lakes community
