670 Hancock Ave Akron, OH 44314

This stabilized multifamily investment opportunity presents two, two-story apartment buildings totaling 24 units in Akron, Ohio. Located at 670 Hancock Ave, 44314, this Class C property boasts a current occupancy rate of 96%, projected to continue through September 25, 2024. Each of the 24 units is a one-bedroom, one-bathroom apartment. Residents have access to a shared coin-operated laundry facility. The property currently generates a Net Operating Income (NOI) of $123,500, resulting in an 8.20% capitalization rate. The asking price is $1,476,000, or $61,500 per unit. While some deferred maintenance is reflected in the price, the property offers significant potential for increased profitability. The owner covers heat (boiler/gas), water, sewer, and trash expenses, while tenants are responsible for electricity, including air conditioning (wall units). A mix of long-term and subsidized tenants contributes to the stable cash flow. Please submit an acceptable non-binding Letter of Intent prior to scheduling a showing. Tenant privacy must be respected; please do not disturb residents.