Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    670 Hancock Ave Akron, OH 44314

    For Sale
    $1,476,000

    24-Unit Multifamily, High Occupancy

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This stabilized multifamily investment opportunity presents two, two-story apartment buildings totaling 24 units in Akron, Ohio. Located at 670 Hancock Ave, 44314, this Class C property boasts a current occupancy rate of 96%, projected to continue through September 25, 2024. Each of the 24 units is a one-bedroom, one-bathroom apartment. Residents have access to a shared coin-operated laundry facility. The property currently generates a Net Operating Income (NOI) of $123,500, resulting in an 8.20% capitalization rate. The asking price is $1,476,000, or $61,500 per unit. While some deferred maintenance is reflected in the price, the property offers significant potential for increased profitability. The owner covers heat (boiler/gas), water, sewer, and trash expenses, while tenants are responsible for electricity, including air conditioning (wall units). A mix of long-term and subsidized tenants contributes to the stable cash flow. Please submit an acceptable non-binding Letter of Intent prior to scheduling a showing. Tenant privacy must be respected; please do not disturb residents.

    Property Features for 670 Hancock Ave

    General Information

    Property type
    Multifamily properties
    Class
    C

    Building Details

    Buildings
    2
    Stories
    2
    Units
    24

    HighLights

    • $1,476,000 asking price for a stabilized multifamily investment.
    • 24 one‑bedroom units in a two‑building, two‑story complex.
    • 8.20% cap rate with a $123,500 NOI.
    • 96% occupancy, with occupancy date of September 25, 2024.
    • Located at 670 Hancock Ave, Akron, OH 44314.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Akron
    County
    Summit
    State
    Ohio
    Longitude
    -81.5536463
    Latitude
    41.023826

    Nearby Similar for Sale

    • New
      $550,000
      0.25 Acres

      Akron Multifamily Investment Opportunity

      Six-unit multifamily property in downtown Akron with income potential.
      628 Units, Akron, OH 44311
      View Details
    • $300,000
      4,174 SF

      Turnkey Akron Multifamily Investment Opportunity

      Two detached homes near universities and downtown Akron.
      585-583 E Buchtel Ave, Akron, OH 44304
      View Details
    • $549,900
      0.64 Acres

      Historic Akron Office Building

      Historic building in West Akron, suitable for office or conversion.
      697 W Market St, Akron, OH 44303
      View Details
    • $449,900
      Pending

      Renovated Triplex on Acreage

      Turnkey triplex with detached garage and significant rental potential.
      3213-3217 Pickle Rd, Akron, OH 44312
      View Details
    • $95,000
      1,498 SF

      Akron Multifamily Investment Opportunity

      Two-unit property in Kenwood, generating $1,350 monthly income.
      2320 22Nd St SW, Akron, OH 44314
      View Details
    • $408,000
      Pending

      Remodeled Twinplex on Acre Lot

      Move-in ready Akron twinplex with modern updates and spacious lot.
      2413 Meadow Spring Cir, Akron, OH 44312
      View Details

    FAQs

    What type of property is this?
    Multifamily property - 24-Unit Multifamily, High Occupancy
    Where is this multifamily property located?
    The property is located at 670 Hancock Ave Akron, OH.
    What is the asking price?
    The asking price for this property is $1,476,000.
    What are key features of this property?
    This property features: $1,476,000 asking price for a stabilized multifamily investment.; 24 one-bedroom units in a two-building, two-story complex.; 8.20% cap rate with a $123,500 NOI.
    Request Owner's contact information
    670 Hancock Ave Akron, OH 44314
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    670 Hancock Ave
    Akron, OH 44314
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    670 Hancock Ave Akron, OH 44314
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.