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.
