Student Rental Apartment
New
For Sale
Contact for pricing
642 East Summit Street, 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 Market6
Property Features for 642 East Summit Street
General Information
Standard status
Active
Size
2,468 SF
Class
B
Total Parking Spaces
14
Property subtype
Multifamily
Additional Details
Cap Rate
8%
Building Details
Year Built
1910
Buildings
1
Units
8
Tenancy
Multi
Listing Agency:
Keller Williams Chervenic Real
(330) 620-1123
Listed By:
Aimee Neiman · License #OH 2020001502
Source:
Crexi
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 5:12AM
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 Real
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 = 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
$19,884
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
3.62%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,093
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 - 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 East 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 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
