399 Thomas Rd Tallmadge, OH 44278
- Residential income homes
- 1,588 SF
Current Use by Public Records
- Residential income homes
Property Details for 399 Thomas Rd
- Year built
- 1948
- Property size
- 1,588 SF
- 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%.
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
- Tallmadge
- County
- Summit
- State
- Ohio
- Longitude
- -81.4620089
- Latitude
- 41.1126766
