167 Chittenden St, Akron, OH 44306

8 Unit Apartment Building | For Sale | Akron, OH 44306

For Sale

Active

33 pictures

Property Type: Multifamily
Square Feet: 6,394 SF

Listing Contacts

Jason Griffith

Property Overview

Green Bridge Real Estate is proud to offer an 8 Unit Apartment building:
The Chittenden Apartments. Located at 167 Chittenden St Akron, OH 44306. For Sale! This complex has good bones, high occupancy and could benefit from continuing the current owner’s path of the right renovations between tenants. The property is an outstanding investment opportunity with upside potential! The Apartment consists of Six One-bedroom, One bathroom suites, Two Two-bedroom, One bathroom units. The exterior is brick and siding, approx. 6,394 Sq.Ft. MF building. The property was built in 1913 and located on 0.19 Acres. New/newer windows on the entire building.
Current Number of Occupied Units 8
Current Occupancy Percentage 100.0%
Current Gross Annual Rental Income $69,200
Current Net Annual Income: $42,496.96
Current Capitalization Rate on $449,000 Sales Price 9.46%
Price Per Unit on $449,000 Sale Price $56,125
Pro-Forma Gross Annual Income @100% Occupancy $80,040
Pro-Forma Net Annual Income @100% Occupancy $56,028
Pro-Forma Capitalization Rate on $449,000 Sales Price 12.47%
Current Percentage of Subsidy Tenants vs. Market Tenants 50%
Current Percentage of Subsidy based Income 50%

Property Details

Class: C
Year Built/Renovated: 1913/2019
Stories: 3
Lot Size (sq. ft): 8,712 SF
Units: 8

Highlights

Fully occupied
Off street Parking for Tenants
Close to Highway access and Public Transportation

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