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$ 2,590,000
Est. payment | /mo
0.45 Acres Lot
$ 2,590,000
Est. payment | /mo
0.45 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Hillcrest Park Allotment
MLS Listing ID 5183035
HOA Y/N No
Year Built 1978
Annual Tax Amount $37,791
Tax Year 2025
Lot Size 0.445 Acres
Acres 0.4455
Property Sub-Type Apartment
Property Description
Incredible opportunity to acquire two stabilized apartment complexes with value-add upside in Akron! This opportunity offers a rare chance for investors to acquire a total of 47 one bedroom, well-located units in the Firestone Park neighborhood just minutes from shopping, entertainment and employment! With a combined total of 24 units at 1566 & 1588 Coventry Street and 23 units at 1757 and 1767 S Arlington Street, the portfolio provides immediate scale and operational efficiencies for a savvy buyer, all within a mere two miles of each other.
This thriving area boasts high rental demand and steadily growing rental rates, making it an ideal market for multifamily investment. In addition, significant value-add upside is available immediately upon takeover. Currently, the rents are positioned well below market value, presenting an easy path to income upside for a buyer. With straightforward cosmetic updates, new ownership can elevate monthly income from the in-place $28,000+ mark, to over $38,000+ per month! (19) of the current tenants are also currently voucher holders through AMHA, allowing a buyer to easily and consistently increase these rents to HUD's Fair Market Standard over time, which currently sits at $840 and $920 for each respective zip code.
All units are 1 bedroom, 1 bathroom. Tenants pay electric at Coventry property (boiler heat owner pays gas, water/sewer and common area electric). S Arlington tenants pay electric (electric baseboard heat) and owner pays water/sewer and trash. Onsite coin op laundry.
This thriving area boasts high rental demand and steadily growing rental rates, making it an ideal market for multifamily investment. In addition, significant value-add upside is available immediately upon takeover. Currently, the rents are positioned well below market value, presenting an easy path to income upside for a buyer. With straightforward cosmetic updates, new ownership can elevate monthly income from the in-place $28,000+ mark, to over $38,000+ per month! (19) of the current tenants are also currently voucher holders through AMHA, allowing a buyer to easily and consistently increase these rents to HUD's Fair Market Standard over time, which currently sits at $840 and $920 for each respective zip code.
All units are 1 bedroom, 1 bathroom. Tenants pay electric at Coventry property (boiler heat owner pays gas, water/sewer and common area electric). S Arlington tenants pay electric (electric baseboard heat) and owner pays water/sewer and trash. Onsite coin op laundry.
Location
State OH
County Summit
Interior
Heating Baseboard, Electric, Radiant
Fireplace No
Schools
School District Akron Csd - 7701
Others
Tax ID 6853344
Special Listing Condition Standard
Listed by Michael Orlando • Key Realty • mjorlando1994@gmail.com, 216-956-1884
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