Brick Quadplex with Bonus
For Sale
$299,900
228 Cole Avenue, Akron, OH 44301
Fully occupied four-unit property with brick construction and a consistent one-bedroom layout across each residence.
Property Size3,360 SF
Days on Market35
Property Features for 228 Cole Avenue
General Information
Standard status
Active
Size
3,360 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,550
Building Details
Building Size
3,360 SF
Year Built
1928
Buildings
1
Construction
solid brick
Listing Agency:
Realuxe Ohio
(440) 341-2878
Listed By:
Mandria Aceto · License #3266978
(440) 341-2878
Source:
Carolgoffrealestate
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 25 at 9:11AM
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 Realuxe Ohio
Investment Insights
Based on property information with market context.
This 1928 brick quadplex contains four residential units totaling 3,360 square feet. Each apartment is arranged with one bedroom, one bathroom, a living area, dining space, and an additional bonus room, creating a consistent floor plan throughout the building. The property is currently fully occupied, providing an established rental setup for an owner or investor. A lower-level area is identified as having potential for conversion into two more units, subject to verification of applicable requirements and feasibility. The property is located at 228 Cole Ave in Akron, Ohio.
Key Highlights
- Four‑unit brick multifamily property built in 1928
- 3,360 square feet across the quadplex
- Each unit includes 1 bedroom and 1 bathroom
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
$26,938
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
8.98%
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%
$538,760
$538.8K
Cap Rate 7%
$384,829
$384.8K
Cap Rate 9%
$299,311
$299.3K
Market Conditions
NOI Build-Up for 3,360 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
$51.6K $15.36/SF
− Vacancy
−$2.6K −$0.78/SF
EGI
$49.0K $14.58/SF
− OpEx
−$22.0K −$6.56/SF
NOI
$26.9K $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%
$538,760
Cap Rate 7%
$384,829
Cap Rate 9%
$299,311
Alternative Uses
Best Use
Multifamily LT 5
$439.6K
$384.6K – $512.8K
NOI $30,770 @ 7.0% cap · market cap 10.26%
Second Best
Apartment 5plus
$384.8K
$336.7K – $449.0K
NOI $26,938 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$824.6K
$721.5K – $962.0K
NOI $57,720 @ 7.0% cap · market cap 19.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 44301, OH
14,364
Population
6,859
Households
2.1
Avg Household Size
37
Median Age
20%
College-Educated
89%
High-School Grad
3.6 sq mi
ZIP Area
3,990
Density / Sq Mi
$52,134
Median Household Income
$34,553
Median Earnings
$990
Median Rent
$103,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied four-unit property with brick construction and a consistent one-bedroom layout across each residence.
Where is this quadplex located?
The property is located at 228 Cole Avenue Akron, OH.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Four‑unit brick multifamily property built in 1928; 3,360 square feet across the quadplex; Each unit includes 1 bedroom and 1 bathroom
