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Buy&Hold (Multifamily): (103 Units) 429 N Hawkins, Akron, OH + $7,400,000

Updated: May 7

Multifamily Investment Opportunity



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Price

$7,400,000


🏢 Off-Market Listing:

103-Unit Multifamily Investment Opportunity

Seven Stories West

📍 429 N Hawkins, Akron, OH 44313


Asking Price: $7,400,000 (includes marketing fee)

📩 Submit all offers with proof of funds to: investments@promiselandrealtyllc.com


📸 Property Photos:


📊 Financial Documents:


🔍 Overview:

Introducing Seven Stories West, a stabilized 103-unit multifamily building located in a solid B+ neighborhood of Akron, Ohio. With a 96.6% occupancy rate and a Day One Cash Flow of $435,914, this asset is performing yet primed for further value creation. All rental units are currently leased $200–$300 below market, creating an ideal scenario for an investor seeking immediate upside through rent adjustments.


💼 Investment Highlights:

  • Total Units: 103

  • Occupancy Rate: 96.6%

  • Cap Rate (Actual): 6.01%

  • Cash-on-Cash Return: 10.14%

  • NOI: $435,914.32

  • Unit Mix:

    • Studios: 20

    • 1-Bedrooms: 69

    • 2-Bedrooms: 14

  • Non-Rentable Units (Operational Use):

    • Garage storage

    • Rooftop lease (T-Mobile)

    • Management office

    • Laundry room

  • Parking Income:

    • Heated Garage Spaces: 24 (22 rented @ $35/mo)

    • Unheated Outdoor Spaces: 42 (37 rented @ $30/mo, 3 vacant, 5 included in rent)


💰 2024 Projected Income (Stabilized):

  • Apartment Rents: $884,556

  • Garage/Parking: $19,320

  • Rooftop Lease (T-Mobile): $2,281.31

  • Laundry: $14,100

  • Late/Other Fees: $16,606.80📈 Total Income: $951,170.52


💸 Projected Operating Expenses (2024):

  • Payroll: $168,297.60

  • Utilities: $127,765.08

  • Maintenance & Repairs: $107,443.44

  • Appliances: $17,050.08

  • Management/Admin: $66,360.00📉 Total Expenses: $515,256.20➡️ NOI: $435,914.32


🔧 Value-Add Potential:

  • $200–$300+/unit rent growth opportunity across all units

  • Undermonetized parking – potential to fully lease and unbundle garage spaces

  • New laundry equipment (purchased Dec 2023) already generating income

  • Low turnover & stable tenant base, including 60% self-pay

  • Further operational efficiency available in payroll and management


👤 Tenant Profile:

  • 60% Self-Pay Tenants

  • Section 8 / Voucher Accepted

  • On-site management and maintenance staff


🏦 Seller Financing Insight:

  • Seller holds an existing non-assumable $3M mortgage

  • Buyer can take over monthly payments with $4.3M required at closing

  • Ideal for a buyer seeking leveraged entry into a cash-flowing, stabilized asset


📝 Seller’s Story:

The current ownership group is strategically repositioning their portfolio, transitioning out of stabilized mid-market multifamily to focus on larger institutional opportunities and regional developments. While Seven Stories West continues to perform well, it no longer aligns with their long-term vision. Rather than optimize further, they prefer to pass the torch to a new investor prepared to unlock the next tier of value through light improvements and rent repositioning.

This presents an opportunity to acquire a turnkey asset with a built-in upside at a strong in-place return.


📌 Submission Requirements:

  • All written offers must include:✅ Proof of Funds


🔓 INVESTOR ACCESS:

Want instant access to deals like this one — and $100B+ in exclusive off-market opportunities across the U.S.?👉 Subscribe now for just $5/month at www.promiselandrealtyllc.com

Off Market Power Starts Here.


TEAM PROMISELAND DISCLAIMER:This property is offered exclusively off-market. No party is permitted to market, advertise, or otherwise circulate details without express written permission or TEAM PROMISELAND membership. Unauthorized use will incur a $500 fine per infraction.


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"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES, NATIONWIDE"



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PROMISE LAND REALTY, LLC

Work: 864-762-2509


All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top



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