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Sumner Point 406 Sumner St 42 Unit Apartment Building For Sale Akron, OH 44304
Investment Highlights
- Owned and self-managed by out of town partnership
- Currently 88% occupied despite 95% market occupancy
- U of Akron features nearly 15,000 students & 1,800+ employees with the #1 ranked Polymer Science & Polymer Engineering programs
- Strong value-add opportunity featuring 1994 construction steps away from University of Akron and Downtown
- Nearly all units renovated with luxury vinyl plank flooring, new white appliances, and bathroom vanities
- 1.5 miles from 3 major hospitals – Summa Health (6,200 employees), Akron Children’s Hospital (5,400) and Cleveland Clinic Akron (4,500)
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$446,808
|
$14.22
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$446,808
|
$14.22
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$244,076
|
$7.77
|
| Net Operating Income |
$202,732
|
$6.45
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $446,808 |
| Annual Per SF | $14.22 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $446,808 |
| Annual Per SF | $14.22 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $244,076 |
| Annual Per SF | $7.77 |
| Net Operating Income | |
|---|---|
| Annual | $202,732 |
| Annual Per SF | $6.45 |
Property Facts Under Contract
| Sale Type | Investment | Building Size | 31,416 SF |
| No. Units | 42 | Average Occupancy | 88% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1994 |
| Apartment Style | Low-Rise | Parking Ratio | 1.27/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 0.74 AC | ||
| Zoning | C | ||
| Sale Type | Investment |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.74 AC |
| Building Size | 31,416 SF |
| Average Occupancy | 88% |
| No. Stories | 3 |
| Year Built | 1994 |
| Parking Ratio | 1.27/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Kitchen
- High Speed Internet Access
- Range
- Tub/Shower
- Breakfast Nook
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 29 | $900.00 | 600 |
| 4+2 | 12 | $1,275 | 1,400 |
| 1+1 | 1 | $775.00 | 400 |
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 68-57663 | Improvements Assessment | $723,023 |
| Land Assessment | $36,701 | Total Assessment | $759,724 |
Property Taxes
Parcel Number
68-57663
Land Assessment
$36,701
Improvements Assessment
$723,023
Total Assessment
$759,724
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