Property Description:
Auction Notice
Attention Investors
40-Unit Luxury Apartment Complex With A Mixed-Use Restaurant Tenant
Online Only
Open House: Wednesday, November 5, 2025, 9:00 AM-12:00 PM
Property Details:
For sale is a 40-unit luxury apartment complex, fully furnished, located at 797 E. Market St., Akron, OH 44305. The property features a first-floor restaurant tenant (Alexander Pierce) that will remain, with additional commercial space available for development. The auction includes all apartment furnishings but excludes restaurant equipment. Tenants have access to numerous storage units, and the building is equipped with one elevator. Zoned U-3 Residential, this property supports a mix of luxury living and commercial use.
Renovation & Condition:
Completely refurbished from the roof down in 2020, the building is maintenance-free for years to come. Built in 1965, it underwent major improvements in 2019 and 2020, ensuring long-term durability.
Financial & Rental Information:
Appraised Value (2019): $5.5 million
Current Occupancy: 60%, transitioning from short-term to long-term rentals
Projected Stabilized Gross Annual Revenue: Exceeds $588,000
Estimated Rental Amounts: 1-bedroom units at $1,000 per month, 2-bedroom units at $1,200 per month (all utilities included by owner)
Commercial Space Rent: $9,000 per month (quality common areas for additional entertainment)
Additional Features:
Includes an additional parking lot
84 parking spaces, 3-story building with a total size of 66,829 sq. ft.
Public utilities, high-end appliances in all units, and accessible common areas
High-end furnishings, electronics, washing machines and gym equipment
Security system, meeting rooms, and vending available
Convenient location near highways, shopping, hospitals, and restaurants
Potential for Airbnb use with vacant units
Auction Details:
Starts: Monday, November 3, 2025, 12:00 PM
Ends: Friday, November 7, 2025, 12:00 PM
Open House: Wednesday, November 5, 2025, 9:00 AM - 12:00 PM
Important Notes:
Please do not disturb tenants or occupants
Sale is strictly for the real estate
Real Estate Terms
10% down auction day, balance due at closing. A 10% buyer’s premium will be added to the highest bid to establish the purchase price. Any desired inspections must be made prior to bidding. All information contained herein was derived from sources believed to be correct. Information is believed to be accurate but not guaranteed.