Updated Triplex with Attached
For Sale
$329,000
501 N Park Ave, Ravenna, OH 44266
Three two-bedroom units offer private patios, laundry hookups, and city utilities on a residential income property.
Property Size2,862 SF
Lot Size0.22 Acres
Price / SF$114.95
Days on Market62
Property Features for 501 N Park Ave
General Information
Standard status
Active
Size
2,862 SF
Total Parking Spaces
3
Lot size
0.22 Acres
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,417
Amenities
laundry hookups
private rear patio
Building Details
Tenancy
Multi
Listing Agency:
Jack Kohl Realty
(330) 931-1403
Listed By:
Ryan Poland · License #2013004630
(330) 931-1403
Source:
Exprealty
Added: Jun 5
Changed: Aug 2
Last Checked: Aug 2 at 2:54AM
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 Jack Kohl Realty
Investment Insights
Based on property information with market context.
This triplex contains 2,862 sq ft across three separate two-bedroom, one-bath units. Each residence includes a one-car attached garage, laundry hookups, and a private rear patio. The property occupies a .223-acre lot with concrete driveways and city utilities. Recent improvements include steel siding installed in 2026, garage door replacements completed in 2023 and 2025, a furnace added to unit #501 in 2025, and HVAC installed in unit #503 in 2025. Unit #505 received partial rehabilitation in 2022, including a dishwasher, paint, and flooring, while unit #501 received new flooring and appliances.
The property is located at 501 N Park Ave in Ravenna, Ohio, with access to the Portage County Hike & Bike Trail, Downtown Ravenna, Downtown Kent, Kent State University, NEOMED, the Turnpike, and major roadways. Its three-unit layout and individual garage, patio, and laundry features provide a clear residential rental configuration.
The property is located at 501 N Park Ave in Ravenna, Ohio, with access to the Portage County Hike & Bike Trail, Downtown Ravenna, Downtown Kent, Kent State University, NEOMED, the Turnpike, and major roadways. Its three-unit layout and individual garage, patio, and laundry features provide a clear residential rental configuration.
Key Highlights
- Three 2‑bedroom, 1‑bath units totaling 2, 862 sq ft
- Each unit includes a 1‑car attached garage, laundry hookups, and a private rear patio
- Situated on a .223‑acre lot with concrete driveways and city utilities
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $37.8k | $13.20 |
| − Vacancy | −$2.2k | −$0.76 |
| EGI | $35.6k | $12.44 |
| − OpEx | −$10.7k | −$3.73 |
| NOI | $24.9k | $8.71 |
2,862 SF · lease $13.20/SF/yr · vacancy 5.79% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$355.9K
$311.4K – $415.2K
NOI $24,914 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$329.4K
$288.2K – $384.3K
NOI $23,058 @ 7.0% cap · market cap 7.01%
Theoretical Best
Office A
$576.5K
$504.4K – $672.6K
NOI $40,354 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 44266, OH
32,606
Population
15,036
Households
2.2
Avg Household Size
43
Median Age
21%
College-Educated
92%
High-School Grad
91.9 sq mi
ZIP Area
355
Density / Sq Mi
$61,211
Median Household Income
$40,068
Median Earnings
$904
Median Rent
$159,900
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?
Triplex - Three two-bedroom units offer private patios, laundry hookups, and city utilities on a residential income property.
Where is this triplex located?
The property is located at 501 N Park Ave Ravenna, OH.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Three 2‑bedroom, 1‑bath units totaling 2, 862 sq ft; Each unit includes a 1‑car attached garage, laundry hookups, and a private rear patio; Situated on a .223‑acre lot with concrete driveways and city utilities
