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Shawana Hanson

info@luxehauscle.com +1(216) 971-3161

$ 550,000

Est. payment | -/mo

9,147 Sqft Lot

Save

$ 550,000

Est. payment | -/mo

Save

9,147 Sqft Lot

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID 5234795

HOA Y/N No

Year Built 1910

Annual Tax Amount $3,952

Tax Year 2025

Lot Size 9,147 Sqft

Acres 0.21

Property Sub-Type Apartment

Property Description

Reportedly the closest house to the Kent State University campus, this is a rare opportunity to own an established student rental in an exceptionally in-demand location! This property has been operating as a student rental since before 1978, providing decades of proven rental history. The property is configured with 8 private bedrooms/units, with tenants renting by the room and sharing the common living room, kitchen, and bathrooms. Five rooms are currently occupied, while the remaining three are being actively marketed for the 2026–2027 school year, giving a new owner the opportunity to step into an established rental operation with additional leasing upside. A significant opportunity exists through the property's below market rents. Current rents range from $525–$610 per bedroom, depending on room size, while market rents support approximately $600–$650 per bedroom and $800–$1,000 for the basement apartment unit. The property operates at an approximate 8% cap rate, despite current rents remaining below market. Though there's 8 rentable spaces, the City of Kent has licensed the property for up to 10 occupants, providing additional potential to maximize income. The basement apartment unit and one of the larger bedrooms can accommodate 2 occupants each, allowing an owner to utilize the property's full licensed capacity. The pro-forma cap rate has the potential to exceed 10%, depending on the level of rent increases implemented and whether additional occupants are added. Additional value comes from the property's off-street parking, featuring parking areas in both the front and the rear, that can accommodate 14 vehicles total. The property's unmatched location is its greatest asset. Arguably one of the best student rental locations near Kent State University, this property offers the type of campus proximity that students want and investors rarely find. There is currently nothing else on the market that compares. This is truly a one-of-a-kind investment opportunity!

Location

State OH

County Portage

Rooms

Basement Apartment, Full, Partially Finished

Interior

Heating Forced Air, Gas

Cooling Central Air

Fireplace No

Exterior

Parking Features Driveway, Gravel, Off Street, Parking Lot

Fence None

Water Access Desc Public

Roof Type Asphalt,Fiberglass

Building

Story 2

Sewer Public Sewer

Water Public

Level or Stories Three Or More

Schools

School District Kent Csd - 6705

Others

Tax ID 17-013-10-00-115-000

IDX - Northern Ohio Regional MLS (YES-MLS)/MLS NOW

Listed by Aimee Neiman • Keller Williams Chervenic Rlty • aimeeneiman@kw.com, 330-620-1123

NEARBY SCHOOLS & PROPERTIES

"Whether you're looking to purchase your first home, dream home, investment property, and/or sell your current home, I am committed to providing you with high-quality bespoke services."

+1(216) 971-3161

info@luxehauscle.com

1991 Crocker Rd. Suite 600, Westlake, OH 44145, United States

642 E Summit ST Kent, OH 44240