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OLD-1000 Florida Ave, Akron, OH 44314

View Smart Contracts: Eth

NOTE: Tokens for this property have been migrated to a new smart contract. If you held tokens of this property, they will no longer show in your Portfolio as 'OLD'. This change will not impact the value of your tokens or rent.

Total Investment: $ 235,960.00

Reg S: Non-U.S. Only

This property is not available for purchase in your area.

Questions/Need Help? Email Us.

Property Highlights

  • Expected Income

    12.44%

    Not including capital appreciation

  • Income per Token

    $ 7.34 / year
  • Income Start Date

    October 12, 2020
  • Token Price

    $ 58.99
  • Total Tokens

    4,000

All financial statements of property yield are best estimates based on current conditions, and can change at any time.

We are targeting the above yield for investors; however, no assurance can be given that you will obtain any return on investment, and there is a risk that you can lose your entire investment.

  • Property Type

    Multi Family
  • Country

    USA
  • Source

    RealT
  • Neighborhood

    Kenmore
  • Construction Year

    1928
  • Total Units

    5 Units
  • Rental Type

    Long-term
  • Rented?

    Fully Rented
  • Rent Subsidy?

    No

Property Financials

  • Gross Rent / year

    $ 42,180.00
  • Gross Rent / month

    $ 3,515.00
  • Monthly Costs

    - $ 1,068.17
    • Property Management (8.00%)
      - $ 281.20
    • RealT Platform (2.00%)
      - $ 70.30
    • Maintenance Expenses
      - $ 500.00
    • Property Taxes
      - $ 150.00
    • Insurance
      - $ 66.67
    • Utilities
      Tenant-paid
  • Net Rent / month

    $ 2,446.83
  • Net Rent / year

    $ 29,361.96
  • Total Investment

    $ 235,960.00
    • Underlying Asset Price
      $ 157,500.00
    • Sourcing Fee (10%)
      $ 23,596.00
    • Initial Maintenance Reserve
      $ 4,850.00
    • Initial Renovation Reserve
      $ 50,000.00
    • Unrounded Listing Price
      $ 235,946.00
    • Rounding Difference
      $ 14.00
  • Expected Income

    12.44%

    Not including capital appreciation

Property Details

  • Lot Size (sqft)

    6,534
  • Interior Size (sqft)

    4,510

Test Renovation content!

About the Property

1000 Florida Ave is our first property in Ohio, and we see enormous potential in it! This vintage brick multi-family contains 4 main units and another basement unit, making it a “4+1” quad-plex that sits adjacent to a beautiful park on a quiet residential street in the Kenmore neighborhood of Akron.

To realize this property’s potential, RealT is investing $50,000 in updates, repairs, and beautification over the next six months, with the intent of increasing the overall rent from $2425/month to $3300/per month. This will be bring the property in line with its local market, and should increase the Expected Yield of the property to almost 12% for initial investors! It will also allow us to bring the property up to Section 8 standards, which will allow us to secure rent-guaranteed tenants if that is appropriate.

To keep tabs on the ongoing renovations, please follow us on Discord and Telegram (English or French)!

Map

Property Records

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Why Cleveland?

Invest Right

Cleveland’s robust economy traces its roots to the early 20th century, when it thrived as the sixth-largest city in the United States, with a population of just under one million residents. Its growth was fueled by its role as a port city connected to the Atlantic Ocean through the Saint Lawrence Seaway. Its economic landscape is diverse, including sectors such as higher education, manufacturing, financial services, healthcare, and biomedical technology.

Cleveland’s real estate market is characterized by steady home appreciation, making it one of the US markets least susceptible to price fluctuations. This resilience is sustained by factors such as its strategic location near rail and water routes, coupled with abundant natural resources like iron and oil. The city’s neighborhoods showcase a blend of historic architecture and modern developments, contributing to a contemporary and welcoming atmosphere.

The Interests, in the form of Series #1 RealTokens and future series of RealTokens, being offered are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose their entire investment. There can be no assurance that the Company’s business objectives will be achieved or that a secondary market would ever develop for the Interests, whether via the RealToken Website, via third party registered broker-dealers or otherwise. Investing in private placements requires high risk tolerance, low liquidity concerns, and long-term commitments. The Interests being sold are not FDIC insured, may lose value, and there is no bank or other guarantee.

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