705 6th St NW
Canton, OH 44703
Multifamily Property For Sale · 30 Units

Green Bridge Real Estate is proud to offer this vacant 30 Unit: The Ritz Apartments. Located at 705 6th St NW Canton, OH 44703 For Sale $275,000 ($9,167 per unit). The property has good bones and would benefit from the right renovations. The property is an outstanding investment opportunity with upside potential! The Ritz Apartments consists of 22 One-bedroom, One Bathroom suites and 8 Studio units. The exterior is all brick, approx. 28,924 Sq.Ft. apartment property built in 1920 and located on .345 Acres. Newer windows on the entire building. Projected Net Operating Income at 100% Occupancy is $115,687. Pro-Forma Capitalization Rate on $275,000 Acquisition, $525,000 Renovation or $17,500 per suite = 14.46% Pro-Forma Capitalization Rate on $275,000 Acquisition, $600,000 Renovation or $20,000 per suite =13.22% Pro-Forma Capitalization Rate on $275,000 Acquisition, $750,000 Renovation or $25,000 per suite = 11.28% * Renovation Costs will vary. Estimates for demonstrative purposes are shown at $525,000 to $750,000 A opportunity to accept housing vouchers to provide a stable, consistent tenant base with “guaranteed” rent payments. The 22 suites are one story, one bedroom, one bathroom, apartment styles with each unit having approximately 625 square feet of spacious living space. Laundry Room (once re-done) provides additional income. The Studio units are the same, minus the bedroom and approximately 500 square feet of living space. The building needs renovation and offers the Owner a chance to put all utilities on Tenants except: Trash Removal and Water / Sewer.