399 Thomas Rd, Tallmadge, OH 44278

Property Details for 399 Thomas Rd

Year built

1948

Property type

Residential income homes

Description

This exceptional investment opportunity presents a fully occupied four-unit multifamily property situated on nearly two acres in desirable Tallmadge, Ohio. The property comprises a charming single-family rental home and a three-unit triplex on adjacent parcels. The single-family residence, a one-bedroom, one-bathroom unit, is currently leased for $625 per month on an annual lease expiring November 30, 2024. The triplex features a two-bedroom, one-bathroom unit rented at $965 per month (annual lease expiring November 29, 2025), a one-bedroom, one-bathroom unit with a month-to-month lease at $555 per month, and a studio unit leased at $670 per month on an annual lease expiring November 30, 2025. Generating over $36,000 in annual rental income, this property boasts a compelling 9% capitalization rate based on the asking price of $203,500 and current financials. The property benefits from recent updates, including a new water heater (2024), a ten-year-old roof, a five-year-old furnace, and ten-year-old central air conditioning. The owner currently self-manages the property and handles utility billing for the tenants' convenience. This presents a rare opportunity for investors seeking strong cash flow and significant upside potential in a peaceful, sought-after location. The property's 1,588 square feet are spread across four units, built in 1948. The property's Net Operating Income (NOI) is $18,325, with a pro-forma NOI of $19,175 and a pro-forma cap rate of 9.42%.

Location Insight

City

Tallmadge

County

Summit

State

Ohio

Longitude

-81.4620089

Latitude

41.1126766