399 N Thomas RD Tallmadge, OH 44278
UPDATED:
12/19/2024 06:54 PM
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
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
GET MORE INFORMATION