26-Unit Residential Apartment
For Sale
$1,560,000
Pending
888 Rosamond Avenue Akron, Akron, OH 44307
Well-maintained 26-unit building with identical 1BR/1BA layouts, coin laundry, and parking lot with security lighting.
Property Size10,432 SF
Days on Market58
Property Features for 888 Rosamond Avenue Akron
General Information
Standard status
Pending
Size
10,432 SF
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
26
Taxes and HOA fees
Annual Taxes
$19,756
Amenities
true
3
false
Public
0.916
Public Records
Additional Parking,Off Street,Paved,Parking Lot
10432
1
Building Details
Building Size
10,432 SF
Year Built
1977
Buildings
1
Stories
3
Tenancy
Multi
Listed By:
Mark Cocca
(740) 847-2541
Source:
Leonardandnewland
Added: Jul 10
Changed: Aug 8
Last Checked: Jul 23 at 3:05AM
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 Mark Cocca
Investment Insights
Based on property information with market context.
This well-maintained 26-unit apartment building features 26 identical 1BR/1BA units. The property includes electric radiant heat and built-in wall AC units, along with a shared coin laundry room and exterior stairwells.
Recent improvements include a new roof installed in 2023, rear building waterproofing in 2024, and electrical upgrades with replaced electric panels in each unit plus a building main breaker replacement in 2025. Five new kitchens were also installed between 2024 and 2026. The building has a parking lot and security lights.
Units are configured in a consistent layout across the property, supporting straightforward leasing and ongoing operations for a residential income use.
Recent improvements include a new roof installed in 2023, rear building waterproofing in 2024, and electrical upgrades with replaced electric panels in each unit plus a building main breaker replacement in 2025. Five new kitchens were also installed between 2024 and 2026. The building has a parking lot and security lights.
Units are configured in a consistent layout across the property, supporting straightforward leasing and ongoing operations for a residential income use.
Key Highlights
- 26‑unit apartment building with identical 1BR/1BA layouts
- Average rent of $640/month
- 3 stories, built in 1977, with 10,432 total building area
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
$83,635
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
5.36%
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%
$1,672,700
$1.7M
Cap Rate 7%
$1,194,786
$1.2M
Cap Rate 9%
$929,278
$929.3K
Market Conditions
NOI Build-Up for 10,432 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
$160.2K $15.36/SF
− Vacancy
−$8.2K −$0.78/SF
EGI
$152.1K $14.58/SF
− OpEx
−$68.4K −$6.56/SF
NOI
$83.6K $8.02/SF
Area
Akron, OH
Vacancy
5.10%
Lease Rate
$15.36 /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%
$1,672,700
Cap Rate 7%
$1,194,786
Cap Rate 9%
$929,278
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.05M – $1.39M
NOI $83,635 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.56M
$2.24M – $2.99M
NOI $179,207 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 44307, OH
6,959
Population
3,488
Households
2
Avg Household Size
36
Median Age
11%
College-Educated
87%
High-School Grad
2.0 sq mi
ZIP Area
3,480
Density / Sq Mi
$28,802
Median Household Income
$25,668
Median Earnings
$802
Median Rent
$75,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 26-unit building with identical 1BR/1BA layouts, coin laundry, and parking lot with security lighting.
Where is this apartment building located?
The property is located at 888 Rosamond Avenue Akron Akron, OH.
What is the asking price?
The asking price for this property is $1,560,000.
What are key features of this property?
This property features: 26‑unit apartment building with identical 1BR/1BA layouts; Average rent of $640/month; 3 stories, built in 1977, with 10,432 total building area
