Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    628 Units Akron, OH 44311
    Back to Search
    Property profile & analytics

    628 Units Akron, OH 44311

    View on Map
    • Apartment buildings
    • 5,328 SF
    • 0.25 lot acres
    For Sale
    $625,000
    View Listing →
    Downtown Akron Multi-Family For Sale
    $625,000
    5,328 SF

    Downtown Akron Multi-Family

    Six-unit apartment building, strong cash flow.

    628 Units, Akron, OH 44311
    View Listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 628 Units

    Year built
    1889
    Lot size
    0.25 lot acres
    Property size
    5,328 SF
    Property type
    Apartment buildings

    Description

    This exceptional investment opportunity presents a well-maintained six-unit multi-family property located in the heart of downtown Akron, Ohio. The property comprises three duplexes totaling 5,328 square feet of finished residential space, featuring two 2-bedroom units, three 3-bedroom units, and one 4-bedroom unit. Situated on two adjacent lots with a combined frontage of 102 feet on Sumner Street and additional frontage on Thornton Street, the property offers ample space for off-street parking. The building boasts forced-air gas heating, central air conditioning, and public water and sewer services. Additional features include an unfinished basement and an asphalt/fiberglass roof. The property enjoys a desirable location, providing renters easy access to shopping, amenities, public transportation, Akron University, and major roadways like Route 8 and I-76. Current annual gross rent is $67,800, with this year's expenses (including management, maintenance, utilities, trash, lawn/snow care, and unit upgrades) totaling $22,291. Landlord expenses this year for property updates, marketing, and showing amounted to $52,976. This property is ideal for investors seeking a reliable income stream and potential for future growth in a thriving urban setting. The property's convenient location and strong rental history make it a compelling investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Akron
    County
    Summit
    State
    Ohio
    Longitude
    -81.5151
    Latitude
    41.066

    Comparable in this City

    • Value Estimation by Request
      6,200 SF

      394 South St

      Multifamily properties • 6,200 SF
      394 South St, Akron, OH 44311
      View Details
    • Value Estimation by Request
      10,806 SF

      617 Johnston St

      Multifamily properties • 10,806 SF
      617 Johnston St, Akron, OH 44311
      View Details
    • Value Estimation by Request
      3,101 SF

      673 Brown St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,101 SF
      673 Brown St, Akron, OH 44311-1736
      View Details
    • Value Estimation by Request
      7,230 SF

      765 Blvd St

      APARTMENT HOUSE (UNDER 5 UNITS) • 7,230 SF
      765 Blvd St, Akron, OH 44311-1303
      View Details
    • Value Estimation by Request
      832 SF

      595 Brown St

      APARTMENT HOUSE (UNDER 5 UNITS) • 832 SF
      595 Brown St, Akron, OH 44311-1739
      View Details
    • Value Estimation by Request
      2,980 SF

      629 Brown St

      APARTMENT HOUSE (UNDER 5 UNITS) • 2,980 SF
      629 Brown St, Akron, OH 44311-1738
      View Details

    Similar Nearby for Sale

    • $625,000
      5,328 SF

      Downtown Akron Multi-Family

      Six-unit apartment building, strong cash flow.
      628 Units, Akron, OH 44311
      View Details
    • Contact for pricing

      Akron Apartment Building Opportunity

      Apartment building for sale in Akron, Ohio.
      375 Cross St, Akron, OH 44311
      View Details
    • $1,250,000
      21,620 SF

      Fully Leased 21-Unit Building

      Fully leased 21-unit apartment building with on-site amenities.
      685 Sherman St, Akron, OH 44311
      View Details
    • $120,000
      1,642 SF

      Akron Duplex: Investor Opportunity

      Duplex with long-term tenant and updated vacant unit.
      772 Brown St, Akron, OH 44311
      View Details
    • New
      $159,900
      0.20 Acres

      Akron Triplex Investment Opportunity

      Income-producing triplex near Akron University and Downtown Akron.
      678-682 Sumner St, Akron, OH 44311
      View Details
    • $192,500
      0.12 Acres

      Renovated Multifamily Near University

      Updated home near University of Akron, ideal for rentals.
      481 Sherman St, Akron, OH 44311
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Akron Office Sublease

      Fully built-out, divisible office space near downtown Akron.
      540 S Main St, Akron, OH 44311
      View Details
    • $12 SF/Yr
      3,100 SF

      Downtown Akron Office Suite

      Office suite in historic Akron landmark with modern finishes.
      354 South Main St, Akron, OH 44311
      View Details
    • Contact for pricing
      77,495 SF

      Office Space in Gojo Plaza

      Office building with 77,495 square feet available for rent.
      1 Gojo Plz, Akron, OH 44311
      View Details
    • $21 SF/Yr
      147,483 SF

      Class A Office Space Available

      Modern Class A office space in downtown Akron for lease.
      388 South Main St, Akron, OH 44311
      View Details
    • $23 SF/Yr
      1,207 SF

      Downtown Akron Office Spaces Available

      Two 1200 sq ft office spaces in downtown Akron.
      380 S Main St, Akron, OH 44311
      View Details
    • Contact for pricing
      56,680 SF

      Akron Mixed-Use Complex Space

      Office and warehouse/flex spaces in prime Akron location.
      520 S Main St, Akron, OH 44311
      View Details
    View Listing
    Request Owner's contact information
    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.
    628 Units
    Akron, OH 44311
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    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
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    628 Units, Akron, OH, 44311
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!