1894-1898 Springfield Lake Boulevard, Akron, OH 44312

Property Description

Rare opportunity to acquire a beautifully maintained, modern 24 unit apartment community in the desirable Ellett area, conveniently located near major highways, dining, and shopping. The apartment community has a strong unit mix of six one bedroom units and eighteen two bedroom units. Each unit has a sunny an open kitchen and living room, and all one bedroom units feature walk in closets, while select two bedroom units also include spacious walk in closets. Tenants pay electric (HVAC and water tanks are electric), owner pays water/trash/sewer. The property has seen substantial capital improvements, including new roofs and siding on both buildings completed in 2023. Since 2019, upgrades include 13 new HVAC systems, 9 new hot water tanks, updated flooring in 13 units, and numerous new kitchen appliances. Residents enjoy flexible laundry options with both a common area coin operated facility and in unit washer/dryer hookups. Situated on a spacious lot along a quiet residential street, the property offers ample off-street parking for tenants. With consistently low vacancy, this asset presents an excellent investment opportunity that offers a considerable upside potential on rent growth.