642 E Summit Street, Kent, OH 44240

Property Description

Reportedly the closest house to the Kent State University campus, this is a rare opportunity to own an established student rental in an exceptionally in-demand location! This property has been operating as a student rental since before 1978, providing decades of proven rental history. The property is configured with 8 private bedrooms/units, with tenants renting by the room and sharing the common living room, kitchen, and bathrooms. Five rooms are currently occupied, while the remaining three are being actively marketed for the 2026–2027 school year, giving a new owner the opportunity to step into an established rental operation with additional leasing upside. A significant opportunity exists through the property's below market rents. Current rents range from $525–$610 per bedroom, depending on room size, while market rents support approximately $600–$650 per bedroom and $800–$1,000 for the basement apartment unit. The property operates at an approximate 8% cap rate, despite current rents remaining below market. Though there's 8 rentable spaces, the City of Kent has licensed the property for up to 10 occupants, providing additional potential to maximize income. The basement apartment unit and one of the larger bedrooms can accommodate 2 occupants each, allowing an owner to utilize the property's full licensed capacity. The pro-forma cap rate has the potential to exceed 10%, depending on the level of rent increases implemented and whether additional occupants are added. Additional value comes from the property's off-street parking, featuring parking areas in both the front and the rear, that can accommodate 14 vehicles total. The property's unmatched location is its greatest asset. Arguably one of the best student rental locations near Kent State University, this property offers the type of campus proximity that students want and investors rarely find. There is currently nothing else on the market that compares. This is truly a one-of-a-kind investment opportunity!