Insights on cap rates for apartment building in 44313?
I know there are variables. In analysis of subject propert the cap rate for 103 property in this area is 5.4%. Requesting investors insight in this market.
@Bayo Badejo, there are so many missing pieces here to even begin to give a real answer.
What insights are you wanting? You need to provide a bit more specifics about the property, about the insights you want, etc.
The "variables" you speak to could mean this is worth every cent of a 5.4% cap rate to "I wouldn't touch this for a 12 cap". The northwest suburbs of Akron are the higher income areas. Typically, higher income areas have lower crime, more amenities, better schools. Akron, while not a 24 hour city, is still a generally stable, established city. But, is this a 2020+ construction or a 1950's construction? Does it look like a modern-ish apartment with breezeways and internal stairs, or is it built like a roadside motel with long walk ways along the front. Is there significant deferred maintenance? Is there a loan assumption available? Are the units vintage quality with in-place rents $500/mo below current market?
This cap rate is not completely out of the realm of what things are trading at. A recent Dayton area property recently sold for what was around a 5% cap rate. Well maintained 80's property, vintage condition units.
Hey Bayo, this is my home market. I can’t really tell you if that makes sense because there is so much to do with area. Fairlawn vs Goodyear heights is a completely different market that could be in the same zip code. If you can post more of the details I’d love to give my advice!
@Bayo Badejo Agreed, that Zip touches a lot of different areas, from the national park to south of exchange. General area and property class would be needed at a minimum for anyone to offer an intelligent response.