1628 Market St, Akron, OH 44305-4260

This attractive two-story, all-brick apartment building presents a compelling investment opportunity in Akron, Ohio. Boasting 4,000 square feet of net rentable space within a total of 5,588 square feet, this 1928-built property sits on a 0.17-acre lot and features four spacious one-bedroom apartments. Currently operating at 75% occupancy, with one unit undergoing renovation (new flooring, paint, and bathroom fixtures), the property is projected to reach 100% occupancy by November 8, 2024. The current Net Operating Income (NOI) is $15,000, with a pro-forma NOI of $23,500 anticipated upon full occupancy. This translates to a current cap rate of 6.25% and a pro-forma cap rate of 9.80%. The asking price is $239,900, representing a price per unit of $59,975 and a price per square foot of $42.93. The property benefits from ample off-street parking (5 spaces total), is professionally managed, and enjoys a convenient location at 1628 E Market St, Akron, OH 44305, within Summit County. The property is zoned for commercial use. Tenants are responsible for gas and electric, while the owner covers water, sewer, and trash. This stabilized multi-family investment offers significant potential for immediate and long-term returns. The property is classified as Class B.