Executive Summary: 4 Ellet Duplexes in one location sold as a package. All 8 units are fully rented with a great rental history and many recent updates. Each unit has 2 bedrooms and one bathroom, with individual heat and water heaters as well as separate electric and water meters. Tenants pay all utilities except for trash. Washer and dryer hook ups in each unit, with some tenants renting washers and dryers for $10-$20/month. Property addresses are 3054, 3056, 3058, 3064, 3066, 3068, 3070, 3072, Mogadore Rd, Akron, OH Tenants are not aware the property is for sale so please do not approach. Other features: Ellet school system Very solid buildings built in 1965 with brand new roofs on all 4 buildings in 2021. HVAC and water heaters all in good working order, with some replaced in the last few years. Units back up to woods on a large set of lots. New carpet in most units. Financials: Average rent of approx. $600/unit. Tenants pay an additional amount towards water/sewer based upon actual usage from meter readings. Trash costs the landlord $88/month for all 8 units together. Numbers below do not include property management, but a company is in place if new owner would like to continue the service seamlessly. Most of the expenses for 2020 were for rehab work for units that came available last year. Historically a 4-7% vacancy rate. These properties are cash flowing work horses. Gross Rental Income - $57,209 Vacancy Loss - $1200 Effective Gross Income - $56,009 Insurance - $2796 Taxes - $7584 Operating Expenses - $13,048 Total Expenses - $23,428 NOI - $32,581 8% Cap Rate with rent upside. Just step in and take over payments. Current owner has moved out of state and is selling all Ohio properties. Showings of the units can be made with a completed Purchase contract contingent upon showings/inspection.
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