Nela Manor

Nela Manor

Akron, OH
Available
  • Property Type: Apartments
  • Property Size: / 35 Units

Overview

Capstone Apartment Partners is pleased to present the Nela Manor Apartments—a 35-unit affordable asset with a 20-year HAP contract. The HAP contract provides guaranteed rental income from the U.S. Department of Housing and Urban Development (HUD), and the monthly rate is well above comparable market rate assets in the immediate submarket. The property is a well-positioned along West Market Street (22,000± VPD) and less than five minutes from downtown Akron. Nela Manor has consistently been 100% occupied as current ownership has done an outstanding job of maintaining quality low-income housing units for its residents. The current HAP contract runs through August 1st, 2023 and can easily be renewed for 1-20 years: depending on the preference of incoming ownership. Nela Manor boasts outstanding cash flow and is an excellent opportunity for incoming investors to break into the affordable market or continue to grow their current portfolio.

Contact Information

Sherief Gouda Senior Advisor P: 513.252.1427
O: 800.746.3175 ext. 708
sherief@capstone-companies.com
Nathan Murphy Senior Advisor P: 513.460.5941
O: 800.746.3175 ext. 707
nathan@capstone-companies.com
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