Updated Duplex with Managed
For Sale
$120,000
973 Berwin St, Akron, OH 44310
Fully occupied two-unit property with recent mechanical and electrical improvements.
Property Size1,144 SF
Price / SF$104.90
Days on Market11
Property Features for 973 Berwin St
General Information
Standard status
Active
Size
1,144 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Average Monthly Rent
$795
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,418
Listing Agency:
Keller Williams Living
(216) 236-8849
Listed By:
Michael L Magno · License #2016003542
(216) 236-8849
Source:
Exprealty
Added: Aug 12
Changed: Aug 20
Last Checked: Aug 21 at 10:18AM
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 Living
Investment Insights
Based on property information with market context.
This fully occupied duplex contains two residential units and has received several material updates. The property includes a newer roof, one furnace replaced in 2025, one hot water tank replaced in 2023, and updated 100-amp electrical panels.
The property is located at 973 Berwin St in Akron’s North Hill neighborhood, with shopping, dining, highways, and other area amenities nearby. One unit is occupied under a month-to-month arrangement, while the second occupancy term runs through May 2027.
Professional management is currently in place, and the property manager is willing to continue after a sale. The duplex provides an existing operating setup with recent capital improvements and established occupancy.
The property is located at 973 Berwin St in Akron’s North Hill neighborhood, with shopping, dining, highways, and other area amenities nearby. One unit is occupied under a month-to-month arrangement, while the second occupancy term runs through May 2027.
Professional management is currently in place, and the property manager is willing to continue after a sale. The duplex provides an existing operating setup with recent capital improvements and established occupancy.
Key Highlights
- Fully occupied duplex with two residential units
- Newer roof and updated 100‑amp electrical panels
- One furnace replaced in 2025
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
$10,476
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
8.73%
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%
$209,520
$209.5K
Cap Rate 7%
$149,657
$149.7K
Cap Rate 9%
$116,400
$116.4K
Market Conditions
NOI Build-Up for 1,144 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
$15.8K $13.80/SF
− Vacancy
−$821 −$0.72/SF
EGI
$15.0K $13.08/SF
− OpEx
−$4.5K −$3.92/SF
NOI
$10.5K $9.16/SF
Area
Akron, OH
Vacancy
5.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$209,520
Cap Rate 7%
$149,657
Cap Rate 9%
$116,400
Alternative Uses
Best Use
Multifamily LT 5
$149.7K
$131.0K – $174.6K
NOI $10,476 @ 7.0% cap · market cap 8.73%
Second Best
Apartment 5plus
$131.0K
$114.7K – $152.9K
NOI $9,172 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$280.7K
$245.7K – $327.5K
NOI $19,652 @ 7.0% cap · market cap 16.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 44310, OH
24,984
Population
11,074
Households
2.3
Avg Household Size
35
Median Age
14%
College-Educated
77%
High-School Grad
6.2 sq mi
ZIP Area
4,030
Density / Sq Mi
$38,912
Median Household Income
$32,593
Median Earnings
$925
Median Rent
$91,400
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?
Duplex - Fully occupied two-unit property with recent mechanical and electrical improvements.
Where is this duplex located?
The property is located at 973 Berwin St Akron, OH.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Fully occupied duplex with two residential units; Newer roof and updated 100‑amp electrical panels; One furnace replaced in 2025
