1314 Girard Street, Akron, Ohio
Presented By:
Todd Keith
Five Stream Ventures LLC
972-836-7705
$ Click for current price
3 BEDROOMS | 2 Baths (2 full ) BATHROOMS | 3,464 SqFt
Discounted Investment Opportunity
8 Unit Apartment Building
1314 Girard Street,
Akron, Ohio 44301
Offered by:
Todd Keith
214-395-0804
Todd@FiveStreamVentures.com
Table of Contents
Contents
Table of Contents 1
Investment Opportunity 2
Income and Expenses 2
Property Description 3
Property Highlights 3
Confidentiality 4
Disclaimer 4
Contact Information 5
This Property is offered for sale to qualified Buyers. Proof of funds is required with all offers.
Additional photos available upon request.
Investment Opportunity
Purchase Price: $63,000 Cost per door: $7,875
Building Class: C
Location Class: C
Investment Benefits
? Solid Cash-Flowing Property
? Pro forma cap rate 55.39%
? Pro Forma cash on cash return 214.4%
? 5-year annual ROI 218.9% per year
? Great Investment Opportunity
? Excellent Professional Property Management company available
? Great Location: Akron, OH is part of the larger Cleveland-Akron-Canton OH Metropolitan Area with a population of 3,500,000
? 7-minute drive to University of Akron (with an enrollment of 27,000 students/year)
? Akron is a 3-time winner of the All-American City Award
? Akron is one of the fastest growing communities in the nation
? Room for rent increases
? More possible value plays
? Nationally ranked hospitals, including Akron Children’s Hospital, Akron General Medical Center and Summa Health System
? 13 College & Universities within commuting distance
? Management Value Play – Mismanaged Property
? Cap Rate on Actuals: 2.35%
? Akron is one of the top Real Estate markets in Ohio
? $1,480 actual NOI
? $34,895 Pro Forma NOI
? 8 Minute drive to Akron Fulton International Airport
? Perfect Starter multifamily deal
? Major Employers: Goodyear Tire Co., Firestone Tire Co., Gojo Industries, University of Akron, Kent State University, Akron Health System, Summa Health System, Akron Medical Center, Akron Public Schools, Akron Children’s Hospital, AmeriChem, Atlantic Foundry Company, FirstEnergy, Time Warner Cable, First Merit Corp
? 18 Minute drive to Kent State University (with an enrollment of 40,000 students/year)
Opportunity: Excellent opportunity for an investor to get on board with a stable property which offers a significant upside with rent increases.
Status: Under contract by Todd Keith. New Buyer will be assigned contract at close.
Income and Expenses
Unit Mix & Income:
# of Units Type Market Rent
2 2 BDR/1 BA $609
6 1 BDR/1 BA $493
Subject Property Current Rents: $425 per month. Actual rents are provided in the Rent Roll.
Income Pro-Forma
Monthly Potential Income $4,176
Gross Scheduled Income $50,112
Less Vacancy (10%) (2,506)
Less Expenses (45%) (12,711)
Net Operating Income $34,895
Property Description
Number of Units: 8
Style: Two-story
Utilities: Owner pays for water and sewage while tenants pay for electricity and gas.
Roof: Asphalt Shingles
Construction: Wood Frame
Current Occupancy: 25%
Building Square Footage: 3,464
Land Acreage: .13 acres
Built: 1926
Property Highlights
? Great investment property in Akron, OH which is a part of larger Cleveland-Akron-Canton OH Metropolitan Area with a population of 3,500,000+
? Akron is one of the top Real Estate markets in Ohio
? Two Fortune 500 companies have Head Quarters in Akron
? Projected Job Growth in Akron is over the next 10 years is 26.2%
? 7 min drive to University of Akron (with an enrollment of 27,000 students/year)
? 18 min drive to Kent State University (with an enrollment of 40,000 students/year)
? 8 min drive to Akron Fulton International Airport
? 13 College & Universities within commuting distance and 32 others within a 50-mile radius. The following are the nearby schools: Mc Ebright Elementary School, Voris CLC Elementary School, Firestone Park Elementary School, Rimer Elementary School, Main Preparatory School, Akron Special Education, Glover Community Learning Center, Colonial Prep Academy, Pfeiffer Elementary School, STEAM Academy Akron, Akron Alternative Academy, Leggett Elementary School, Archbishop Hoban High School, Bridges Learning Center, Hoban High School, St. Mary School, and Kenmore-Garfield High School
? Near to restaurants and cafés like A Walk In The Park Café, Ms. Julie’s Kitchen, Ido Bar & Grill, Steinly’s Restaurant, Taqueria El Paso, Klein Seafood, Louisiana Famous Fried Chicken, Urbean Café, Kevin O’Bryan’s, Basement Sports Bar & Grill, Hyde Out, Micasa Mexican Restaurant, B & K Root Beer Drive In, Italo’s Pizza, and Rally’s.
? Close to supermarkets and malls namely Giant Eagle Supermarket, Summit Mall, Chapel Hill Mall, Market District Supermarket, The Plaza at Chapel Hill Shopping Center, Portage Crossing Shopping Center, Rittman IGA, and Buckeye Plaza
? Hospitals nearby are the following: Summa Health System, Western Reserve Hospital, UK Kent Health Center, kroon General Medical Center, and Akron Children’s Hospital, and Akron General Hospital
? Room for rent increases
? Close to freeway access, downtown Akron, University of Akron, and popular Highland Square
Confidentiality
It is acknowledged by reader that information furnished in this Executive Summary is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader, may cause serious damage; therefore, reader agrees not to disclose it without the express written permission of Todd Keith.
Disclaimer
Todd Keith has prepared this Executive Summary, which contains brief, selected information pertaining to the business and affairs of the property. The information contained herein does not purport to be all inclusive nor does it purport to contain all of the information representative of the property. Todd Keith nor any of its respective partners, officers, employees or agents makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein or otherwise expressed and conveyed and no legal liability is assumed or shall be implied with respect hereto.
Such information and statements have in many circumstances been obtained from outside sources, have not been tested or verified and may be subject to errors or omissions. Projections, especially, are based on various assumptions and subjective determinations as to which no guaranty or assurance is given.
Potential investors are recommended and urged to perform their own examination and investigation and not to rely on the information contained within this document or other materials otherwise provided.
Contact Information
Please contact me at the phone number or email address listed below if you are an interested party, or if you require further information.
Offered by:
Todd Keith
214-395-0804
Todd@FiveStreamVentures.com
