51 Cotter Avenue, Akron, OH 44305

Property Description

Twelve-unit, two-building multifamily in Akron's Middlebury neighborhood, offered at $540,000, or $45,000 per door, with all twelve units occupied. 51 Cotter holds four units and 55 Cotter holds eight, side by side, sharing a rear lot with off-street parking and a detached outbuilding, so a buyer runs the whole position on one drive and one management contract. The mix is ten one-bedrooms, one two-bedroom and a studio. Average in-place rent is $708, while the two units already brought to a modern finish are leased at $800 and $850, which is where the upside comes from and why it does not depend on a market assumption. Wood-frame century buildings with covered porches, bay windows and rear decks. Several units carry newer flooring, cabinetry and tile work, the balance are original and turn cosmetically. Landlord pays water, sewer and trash. In-place NOI runs just over $58,000, roughly a 10.8 percent cap at the ask. Two miles from the University of Akron between the Summa campus and the East End development. Full rent roll, trailing financials and lease detail are available in the Document Center. Reach out for the package and to get on the tour schedule.