Student Rental Apartment
For Sale
$550,000
642 E Summit Street, Kent, OH 44240
COMMERCIAL - Kent, OH
Property SizeContact for details
Lot Size0.21 Acres
Days on Market13
Property Features for 642 E Summit Street
General Information
Property type
Commercial Sale
Property subtype
Apartment
Rooms
Basement
Parking features
Off Street, Driveway, Parking Lot
Elementary school district
Kent CSD - 6705
Middle school district
Kent CSD - 6705
High school district
Kent CSD - 6705
Directions
From I-77 S: Take exit 33 onto SR-43 toward Kent, and turn left. Turn right onto E Summit St.
Standard status
Active
APN
17-013-10-00-115-000
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3952
HOA Fee
$1,800 Annually
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1910
Floors in Building
3
Number of units
8
Roof type
Fiberglass, Asphalt
Listing Agency:
Keller Williams Chervenic Rlty · Keller Williams Realty
(330) 836-4300
Listed By:
Aimee Neiman · License #2020001502
(330) 620-1123
Added: Aug 7
Changed: Aug 18
Last Checked: Aug 19 at 2:06PM
MLS# 5234795
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 1910 apartment building on 0.21 acres is configured for room-by-room student housing, with 8 private bedrooms or rentable spaces and shared living, kitchen, and bathroom areas. The property also includes a basement apartment, central air, natural gas forced-air heat, public water, public sewer, and fiberglass and asphalt roofing. Five rooms are occupied, while three are being marketed for the 2026-2027 school year. The City of Kent has licensed the property for up to 10 occupants, and the basement apartment plus one larger bedroom can each accommodate 2 occupants.
Located near Kent State University, the property provides front and rear off-street parking for 14 vehicles. The current operation produces an approximate 8% cap rate, with additional leasing capacity tied to the remaining available rooms and licensed occupancy. Parking features include a driveway and parking lot.
Located near Kent State University, the property provides front and rear off-street parking for 14 vehicles. The current operation produces an approximate 8% cap rate, with additional leasing capacity tied to the remaining available rooms and licensed occupancy. Parking features include a driveway and parking lot.
Key Highlights
- 8 private bedrooms or rentable spaces with shared living, kitchen, and bathroom areas
- Basement apartment included; basement apartment and one larger bedroom can each accommodate 2 occupants
- City of Kent license permits up to 10 occupants
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,017
Businesses Nearby
Explore this area
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
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 - Room-by-room housing near Kent State University includes shared common areas, a basement apartment, and off-street parking.
Where is this apartment building located?
The property is located at 642 E Summit Street 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 rentable spaces with shared living, kitchen, and bathroom areas; Basement apartment included; basement apartment and one larger bedroom can each accommodate 2 occupants; City of Kent license permits up to 10 occupants
