Student Rental Apartment
For Sale
$550,000
642 E Summit St, Kent, OH 44240
Established student housing with private bedrooms, shared common areas, and off-street parking near Kent State University.
Property Size2,468 SF
Price / SF$222.85
Days on Market78
Property Features for 642 E Summit St
General Information
Standard status
Active
Size
2,468 SF
Total Parking Spaces
14
Additional Details
Cap Rate
8%
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Keller Williams Chervenic Rlty
Listed By:
Aimee Neiman · License #2020001502
(330) 620-1123
Source:
Theacclaimedrealty
Added: Aug 10
Changed: Oct 25
Last Checked: Oct 7 at 3:16PM
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 Keller Williams Chervenic Rlty
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Investment Insights
Based on property information with market context.
Built in 1910, this 2,468-square-foot apartment building is configured for student housing with 8 private bedrooms or rental spaces. Residents share the living room, kitchen, and bathrooms, while a basement apartment and one larger bedroom can each accommodate 2 occupants. Five rooms are occupied, and three are being marketed for the 2026–2027 school year.
The property is located near Kent State University, with the address at 642 East Summit Street in Kent, Ohio. Off-street parking is provided in front and behind the building, with capacity for 14 vehicles. The City of Kent has licensed the property for up to 10 occupants, and the operation reports an approximate 8% cap rate.
The property is located near Kent State University, with the address at 642 East Summit Street in Kent, Ohio. Off-street parking is provided in front and behind the building, with capacity for 14 vehicles. The City of Kent has licensed the property for up to 10 occupants, and the operation reports an approximate 8% cap rate.
Key Highlights
- 8 private bedrooms or rental spaces with shared living, kitchen, and bathroom areas
- 2,468 SF apartment building constructed in 1910
- Licensed by the City of Kent for up to 10 occupants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,884
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$397,680
$397.7K
Cap Rate 7%
$284,057
$284.1K
Cap Rate 9%
$220,933
$220.9K
Market Conditions
NOI Build-Up for 2,468 SF
Gross rent
$38.5K $15.60/SF
− Vacancy
−$2.3K −$0.95/SF
EGI
$36.2K $14.65/SF
− OpEx
−$16.3K −$6.59/SF
NOI
$19.9K $8.06/SF
Area
Portage County, OH
Vacancy
6.10%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$397,680
Cap Rate 7%
$284,057
Cap Rate 9%
$220,933
Alternative Uses
Best Use
Apartment 5plus
$284.1K
$248.6K – $331.4K
NOI $19,884 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$497.1K
$435.0K – $580.0K
NOI $34,798 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,017
Businesses Nearby
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Business Placement
Demographics for 44240, OH
38,354
Population
20,228
Households
1.9
Avg Household Size
32
Median Age
44%
College-Educated
96%
High-School Grad
39.7 sq mi
ZIP Area
966
Density / Sq Mi
$57,415
Median Household Income
$31,613
Median Earnings
$989
Median Rent
$216,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Established student housing with private bedrooms, shared common areas, and off-street parking near Kent State University.
Where is this apartment building located?
The property is located at 642 E Summit St Kent, OH.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 8 private bedrooms or rental spaces with shared living, kitchen, and bathroom areas; 2,468 SF apartment building constructed in 1910; Licensed by the City of Kent for up to 10 occupants
