Multifamily Investment Opportunity
Price
$7,250,000
Off-Market Listing:
103-Unit Multifamily Investment Opportunity – 429 N Hawkins, Akron, OH
Overview: Presenting Seven Stories West, a 103-unit multifamily property located in a B+ area of Akron, Ohio. This stabilized asset offers a strong occupancy rate of 96.6%, with room for rental growth, as all units are currently rented below market by approximately $200-$300 per unit.
Asking Price: $7.25 million (including marketing fee). Proof of funds is required with all written offers.
Property Financials: https://drive.google.com/drive/folders/1seUEJSpZHLaMeR5RHIz9s3w74eCuIzbj?usp=share_link
Investment Highlights:
Total Units: 103
Occupancy Rate: 96.6%
Rent Upside Potential: All units have rent below market, allowing the new owner to realize higher returns with modest adjustments.
Owner Financing: Seller holds a mortgage of approximately $3 million, allowing the buyer to take over payments. Loan is non-assumable, with $4.3million cash required.
Cap Rate: 6.01%
Cash on Cash Return: 10.14%
NOI / Day One Cashflow: $435,914.32
Unit Mix:
Studios: 20
1-Bedrooms: 69
2-Bedrooms: 14
Four non-rentable units within the rent roll serve operational purposes:
SSW G1: Garage storage area
SSW R2: T-Mobile rooftop rental
SSW 107: Management office
SSW 208: Laundry room
Parking Income:
Heated Spaces: 24 (22 rented at $35/month, 2 for manager/maintenance)
Unheated Spaces: 42 (37 rented at $30/month, 5 included in rent, 3 vacant)
Income Streams (2024 Projections with All New Rents in Place):
Apartment Rental Income: $884,556 annually
Garage/Parking Rental Income: $19,320 annually
Commercial/Rooftop Rental Income (T-Mobile): $2,281.31
Laundry Income: $14,100 annually
Late/NSF Fees and Other Income: $16,606.80 annually
Total Operating Income: $951,170.52
Expenses (2024 Projections):
Payroll Expenses: $168,297.60
Utilities: $127,765.08 (electricity, gas, water/sewer, trash)
Direct Maintenance Expenses: $29,472.48
General Building Maintenance: $77,970.96 (landscaping, snow removal, general repairs)
Appliance Expenses: $17,050.08
Administrative & Management Fees: $66,360.00 (advertising, office expenses, management fees)
Total Operating Expenses: $515,256.20
Net Operating Income (NOI): $435,914.32
Tenant Profile:
Voucher Acceptance: Yes
Self-Pay Tenants: 60%
Financial Performance (2023 Overview): Income for 2023 experienced a temporary discrepancy due to increased payroll from concrete work, significant plumbing repairs, and a $31,000 investment in new washers and dryers in December. Depreciation was also expensed in December. A detailed 2023-2024 financial comparison is available upon request.
Projected Return Metrics: This asset offers a Cap Rate of 6.01%, Cash on Cash Return of 10.14%, and a Day One Cashflow of $435,914.32, making it ideal for investors seeking a stabilized property with potential rent growth.
Seller's Story: The seller holds a non-assumable mortgage of $3 million and is willing to allow a buyer to take over the payments, with $4.3 million in cash required.
Submission Requirements: Submit all offers to investments@promiselandrealtyllc.com with proof of funds. TEAM Promiseland marketing disclaimer applies.
Aerial View
"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES, NATIONWIDE"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top
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