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744 Colette Dr
Akron, OH 44306
Park Lane Manor Apartments · Multifamily Property For Sale
·
300 Units
PROPERTY FACTS
| No. Units | 300 | Building Size | 236,628 SF |
| Property Type | Multifamily | Average Occupancy | 89% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1941 |
| Building Class | C | Parking Ratio | 1.35/1,000 SF |
| Lot Size | 19.52 AC | ||
| Zoning | M-1 | ||
| No. Units | 300 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 19.52 AC |
| Building Size | 236,628 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 1941 |
| Parking Ratio | 1.35/1,000 SF |
| Zoning | M-1 |
AMENITIES
UNIT AMENITIES
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Range
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Playground
- Property Manager on Site
- Package Service
ABOUT 744 COLETTE DR , AKRON, OH 44306
Capstone Apartment Partners is pleased to present Park Lane Manor, a unique opportunity to acquire a 300-unit apartment community in Akron, OH (Cleveland MSA). The property is located just east of Interstate 77, and sits in a quiet residential landscape surrounded by parks, schools, and a variety of employment options. Park Lane Manor consists of sixty (60) two-story buildings with a mix of one, two, and three-bedroom flats and townhomes. Current ownership has invested over $1.1 million into the property since 2015: leaving an incoming investor with a strong foundation to build upon. Current rents at Park Lane Manor lag submarket competitors by 20%–30%; thus, allowing new ownership to implement a light value-add program to help bring rents up to market level. Current ownership is based on the West Coast, and admittedly has neglected to keep rents aligned with the market or increase rents for legacy tenants; thereby, also leaving significant loss-to-lease available for recapture. Park Lane Manor is offered as a Loan Assumption with Freddie Mac debt and an extremely favorable 4.01% interest rate.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 48 | $475.00 | 568 |
| 2+1 | 174 | $525.00 | 750 |
| 3+1 | 78 | $585.00 | 1,000 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,569,830 | |
| Land Assessment | $609,536 | Total Assessment | $3,179,366 |
PROPERTY TAXES
