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$ 2,100,000
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Active
1894-1898 Springfield Lake BLVD Akron, OH 44312
0.93 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Subdivision Springfield
MLS Listing ID 5201659
HOA Y/N No
Year Built 2002
Annual Tax Amount $50,048
Tax Year 2025
Lot Size 0.930 Acres
Acres 0.93
Property Sub-Type Other
Property Description
Rare opportunity to acquire a beautifully maintained, modern 24 unit apartment community in the desirable Ellett area, conveniently located near major highways, dining, and shopping. The apartment community has a strong unit mix of six one bedroom units and eighteen two bedroom units. Each unit has a sunny an open kitchen and living room, and all one bedroom units feature walk in closets, while select two bedroom units also include spacious walk in closets. Tenants pay electric (HVAC and water tanks are electric), owner pays water/trash/sewer. The property has seen substantial capital improvements, including new roofs and siding on both buildings completed in 2023. Since 2019, upgrades include 13 new HVAC systems, 9 new hot water tanks, updated flooring in 13 units, and numerous new kitchen appliances. Residents enjoy flexible laundry options with both a common area coin operated facility and in unit washer/dryer hookups. Situated on a spacious lot along a quiet residential street, the property offers ample off-street parking for tenants. With consistently low vacancy, this asset presents an excellent investment opportunity that offers a considerable upside potential on rent growth.
Location
State OH
County Summit
Interior
Heating Electric, Forced Air, Heat Pump
Cooling Central Air
Fireplace No
Exterior
Parking Features On Site, Paved
Water Access Desc Public
Building
Story 2
Sewer Public Sewer
Water Public
Schools
School District Akron Csd - 7701
Others
Tax ID 6859302
Acceptable Financing 1031 Exchange
Listing Terms 1031 Exchange
Special Listing Condition Standard
Listed by Kelly M Wise Buzek • RE/MAX Market Solutions • kellywiseproperties@gmail.com, 330-907-4100