Arlington Mnr Akron, OH 44306
- Apartment buildings
- 15,590 SF
Current Use by Public Records
- Apartment buildings
Property Details for 0 Arlington Mnr
- Year built
- 1924
- Property size
- 15,590 SF
- Property type
- Apartment buildings
Description
This 21-unit apartment building in Akron, Ohio, presents a compelling investment opportunity. Built in 1924 and renovated in 2021, 2022, and 2023, the property features 15,590 square feet on an 8,420 square foot lot. The three-story brick building boasts a current NOI of $110,178 and a pro-forma NOI of $124,307, translating to an in-place cap rate of 8.81% and a pro-forma cap rate of 9.94%. Each of the 21 units includes in-suite laundry, individual furnaces, and hot water tanks, minimizing owner expenses. Currently operating at 95% occupancy, the property benefits from its location near the University of Akron and Summa Health, ensuring a strong rental demand. The asking price is $1,250,000, or approximately $59,000 per unit. Akron's diverse economy, including healthcare, education, and manufacturing, contributes to a stable rental market. The ongoing urban revitalization efforts further enhance the property's long-term value. This stabilized investment offers significant upside potential through further cosmetic upgrades and potential rent increases, along with the possibility of transitioning to Section 8 housing. The property's strong performance and location make it an attractive addition to any real estate portfolio.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Akron
- County
- Summit
- State
- Ohio
- Longitude
- -81.4905
- Latitude
- 41.0639
