Offering Summary
Tallmadge Towne Apartments is a beautiful garden style apartment community consisting of 58 two bedroom townhomes and 1 single family house, which also serves as the rental office. The two story townhomes provide generous floor plans with large living areas, bedrooms and a full basement. Each townhome has all the amenities to make a resident feel at home including, air conditioning, full kitchens with eating area and washer and dryer hook-ups.
Over the last several years the property has received continual capital improvements including kitchen remodels, with new appliances, and updated baths. Although occupancy at Tallmadge Towne is currently very strong, there is still upside potential for a new investor. By continuing current managements' trend of increasing rents and streamlining operations a new owner has the ability to create additional value to this already solid investment opportunity.
Submarket Overview
Located in Tallmadge a picturesque residential community just off the Rt. 8 corridor which connects the eastern Cleveland suburbs with Akron. Situated between Tallmadge Circle and Cuyahoga Falls, residents are just minutes away from fine dining, shopping and entertainment.
Submarket Demographics |
| Submarket Population: | 17,165 |
| Renter Occupied Housing: | 28.7% |
| Submarket Trend: |
 Stable
|
Property Facts |
| Location: | 196 Northwest Avenue, Tallmadge, OH |
| Number of Units: | 59 |
| Offering Price: | $2,491,000 |
| |
| Net Operating Income: | $206,788 |
| Cap Rate: | 8.30% |
| Building Occupancy: | 98% |
| |
| |
| Unit Mix: |
| Units | Type |
Avg. Rent |
| 12 | 2 Bedroom, 1.5 Bath Townhome | $652 |
| 46 | 2 Bedroom, 1 Bath Townhome | $600 |
| 1 | 2 Bedroom, 1 Bath House | $525 |
|
