399 N Thomas RD Active

Tallmadge,OH 44278

$ 203500

5 Beds

4 Baths

1588 SqFt


Key Details

Property Type Multi-Family

Sub Type Quadruplex

Listing Status Active

Purchase Type For Sale

Square Footage 1,588 sqft

Price per Sqft $128

MLS Listing ID 5068624

Bedrooms 5

Full Baths 4

HOA Y/N No

Abv Grd Liv Area 1,588

Year Built 1948

Annual Tax Amount $3,519

Tax Year 2023

Lot Size 1.634 Acres

Acres 1.6345

Property Description

Don't miss this incredible chance to own a four-unit investment in a peaceful, sought-after area of Tallmadge, sitting on an expansive nearly two acres of land!

Spanning two parcels, the property includes a charming 1 bed, 1 bath house and a nice triplex on one adjacent to another that is vacant land. Currently bringing in over $30,000 in annual rent, with one unit vacant and being remodeled, there is a lot of potential to increase revenue when you lease the final unit and raise rents. The 1 bed 1 bath house is rented for $625 per month, unit 1 at the triplex is a 2 bed 1 bath and is rented for $965 per month, unit 2 is a 1 bed 1 bath that is currently being remodeled and unit 3 is a studio and rented for $670 per month. All tenants are on month to month leases.

With a proforma cap rate of over 9.4% based on the asking price, this is a true gem for investors. The owner self-manages and bills back water, gas, and electric for the house and covers all utilities for the triplex for tenants convenience. Well cared for over the years, it has recent updates that include a new water heater (2024), 2 brand new roofs just installed, a 5-year-old furnace, and 10-year-old central air. This is a rare opportunity with strong cash flow and plenty of upside!

Location

State OH

County Summit

Rooms

Basement Full

Interior

Heating Forced Air,Gas

Cooling Window Unit(s)

Fireplace No

Exterior

Parking Features Driveway,On Site,Paved

Water Access Desc Public

Roof Type Asphalt,Fiberglass,Shingle

Private Pool No

Building

Sewer Public Sewer

Water Public

Level or Stories Three Or More

Schools

School District Tallmadge Csd - 7715

Others

Tax ID 6005811

Acceptable Financing Cash,Conventional,1031 Exchange

Listing Terms Cash,Conventional,1031 Exchange

Special Listing Condition Standard

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