Hill Chateau Apartments | 60 Units | 95% Occupied

Highlights:

• 95% Leased, 60-Unit Multifamily Property Less than 2.5 Miles from the University of Akron and Downtown
• Substantial Capital Improvements including 10 of 14 Plumbing Stacks Completely Replaced, New Windows for Majority of Units, New Central Boiler, and Many Updated Units
• Unit Mix of (12) Studios, (19) 1-Bedrooms, (21) 2-Bedrooms, (7) 3-Bedrooms, and (1) 4-Bedroom

Description:

Ri Marketplace Online Auction July 14-16
Register to bid on Marketplace:

https://rimarketplace.com/auction/2534/hill-chateau-apartments-60-units-95-occupied?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=multifamily_2534

Marcus & Millichap is pleased to present Hill Chateau Apartments, a 60-unit community located at 26 E Tallmadge Avenue in Akron, Ohio (the “Property” “Offering”). The Property presents investors an excellent opportunity to acquire a well-located apartment building with historically high occupancy.

Hill Chateau, built in 1920, sits on a 0.95-acre site and consists of a five-story building with 60 units averaging 641 square feet. The current owner has invested over $1,100,000 in capital improvements, including replacement of 10 out of 14 plumbing stacks, installation of new windows in most units, a new central boiler, and multiple unit upgrades. With current rents averaging $100 below market, there is a clear opportunity to drive value through further renovations. Currently 95% occupied, Hill Chateau presents a significant value-add opportunity with in-place rents on non-renovated units averaging $704 and renovated units achieving market rents of approximately $793.

Akron, Ohio, located in the northeastern part of the state just 40 miles south of Cleveland, historically has been an industrial city that is evolving into a diversified economic hub. Once known as the "Rubber Capital of the World," Akron has transitioned from its legacy manufacturing base to a modern economy driven by healthcare, education, advanced manufacturing, polymers, and logistics. Home to the University of Akron and several major healthcare systems, the city offers a skilled labor force and a steady base of institutional and medical demand. The Property is located 2 miles from three major hospital systems – Summa Health System (8,000 employees), Akron Children’s Hospital (5,200 employees), and Akron General (4,500 employees). The University of Akron, with enrollment of nearly 15,000 students and over 1,500 employees, is 2.5 miles away. The Property has a population of ±237,686 residents within a 5-mile radius and an average household income of ±$63,955.

Lamar P. Fisher
Fisher Auction Company Inc.

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