910 Bye St, Akron, OH 44320
12 Multifamily Properties Offered at $1,000,000 in Akron, OH
For Sale
Active
2 pictures
Asking Price $1,000,000
- Property Type
-
Multifamily
- Square Feet
- 13,975 SF
Listing Contacts
Victor Voinovich
Tim Orscheln
Tom Johnston
Property Overview
Located in Akron, Ohio, this SFR investment portfolio opportunity offers an investor immediate cash flow in the growing market of Northeastern Ohio, just a 40-minute drive south of Cleveland. The floor plans of the homes provide an average living square footage of 1,103, and there are (2) 2-bedroom, (8) 3-bedroom, and (2) 4-bedroom homes. Most of these homes are section 8 and certified through the AMHA, so cash flow is guaranteed.
Rental rates throughout the portfolio are approximately 10% below projected market rates, which continue to climb in this submarket and will bring increased cash flow to the investor’s bottom line over the next few years. Singlefamily detached homes have the largest share of any housing type in Akron, accounting for approximately 66% of the city’s housing units, and renters occupy 51.3% of these single-family homes.
The Average median home value in Akron is $111,182, considerably higher than the asking price of $83,333. Akron’s relatively low-priced existing housing, growth in newly developed housing, and 15-year residential tax abatement program make Akron an attractive place to build/buy homes. In the Realtor.com 2024 Forecast, Akron was ranked No. 26 based on combined 2024 existing home sales and price growth of 6.4%. With a year 1 stabilized cap rate of 9.96% and annual stabilized gross yield of 15.59%, these homes will make a great addition to any investor’s portfolio.
Rental rates throughout the portfolio are approximately 10% below projected market rates, which continue to climb in this submarket and will bring increased cash flow to the investor’s bottom line over the next few years. Singlefamily detached homes have the largest share of any housing type in Akron, accounting for approximately 66% of the city’s housing units, and renters occupy 51.3% of these single-family homes.
The Average median home value in Akron is $111,182, considerably higher than the asking price of $83,333. Akron’s relatively low-priced existing housing, growth in newly developed housing, and 15-year residential tax abatement program make Akron an attractive place to build/buy homes. In the Realtor.com 2024 Forecast, Akron was ranked No. 26 based on combined 2024 existing home sales and price growth of 6.4%. With a year 1 stabilized cap rate of 9.96% and annual stabilized gross yield of 15.59%, these homes will make a great addition to any investor’s portfolio.
Highlights
- Average living square footage per home is 1,103
- 2-, 3- and 4-bedroom homes scattered about Akron OH
- Value add as current rents are 10% below market rental rates
- Most homes are section 8 and AMHA certified
- Homes average vintage is 1930
- Portfolio is under property management
All available spaces
- Space
- Size
- 1,457 SF
- Space Subtype
- Multifamily
- Space
- Size
- 1,488 SF
- Space Subtype
- Multifamily
- Space
- Size
- 1,105 SF
- Space Subtype
- Multifamily
- Space
- Size
- 799 SF
- Space Subtype
- Multifamily
- Space
- Size
- 924 SF
- Space Subtype
- Multifamily
- Space
- Size
- 1,730 SF
- Space Subtype
- Multifamily
- Space
- Size
- 880 SF
- Space Subtype
- Multifamily
- Space
- Size
- 718 SF
- Space Subtype
- Multifamily
- Space
- Size
- 744 SF
- Space Subtype
- Multifamily
- Space
- Size
- 1,384 SF
- Space Subtype
- Multifamily
- Space
- Size
- 1,373 SF
- Space Subtype
- Multifamily
- Space
- Size
- 1,373 SF
- Space Subtype
- Multifamily
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