167 Chittenden Street, Akron, OH 44306

Property Description

Eight-unit brick walk-up in East Akron at $325,000, or $40,625 per door. Three of the eight units are vacant and under a new owner's control from day one, including both 900 square foot two bedrooms, already on market at $850 and $825. The mix runs six one bedrooms and two two bedrooms across roughly 5,875 rentable square feet. Occupied units average $655 in place against a $720 pro forma, which sits under the published Akron one bedroom average of $863, so the underwriting asks the market for less than the market already pays. Tenancy averages 3.2 years. Red brick with a mansard roof and a covered front porch on brick columns. Several units already carry luxury vinyl plank flooring, fresh paint, and double-pane windows, and nothing needs a gut. Ownership carries water, sewer, trash, and common area electric, residents pay their own electric and heat, and there is off-street parking. Stabilized NOI runs just over $33,000 at a 10.2 percent cap, pro forma just over $36,000 at 11.2 percent. Two miles from the University of Akron and Goodyear's world headquarters. 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.