1105 2nd Avenue, Akron, OH 44306

Property Description

Introducing an exceptional investment opportunity in Akron, Ohio—a 21-unit brick apartment building just minutes from the University of Akron and Summa Health! Priced at an attractive ~$59,000 per unit, this property features individual furnaces and hot water tanks in each unit, allowing tenants to cover their own utilities while the owner only covers water and sewer. With significant mechanical upgrades and cosmetic updates already completed in most units, new ownership can easily implement a value-add plan to increase rents and boost cash flow. Additionally, the potential to transition to Section 8 housing offers even greater returns. Operating at a solid 95% occupancy and boasting an 8% in-place cap rate, this asset has strong income generation and long-term appreciation. In-suite laundry enhances tenant convenience, making these units even more desirable. Situated in a thriving rental market supported by Akron's diverse economy, including healthcare, education, and ongoing downtown revitalization efforts, this property is the ideal addition to any savvy investor’s portfolio.