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Occupying a prominent position in Akron's thriving East Market Corridor, "The 797 Building" represents a rare opportunity to acquire a diversified, 66,000+ SF mixed-use asset with immediate equity potential. This three-story property is anchored by the prestigious Alexander Pierce Restaurant, providing a stable commercial foundation with a current lease of $9,000 per month. The building's revenue is further bolstered by 40 luxury one- and two-bedroom apartment residences, which command monthly rents between $1,000 and $1,400. Extensive renovations completed between 2019 and 2020 modernized the infrastructure, including residential unit updates, the installation of energy-efficient mini-split heating and cooling, and significant upgrades to all common areas. Beyond standard residential living, the property offers an upscale hospitality experience through its members-only Coat Room Lounge ...
Occupying a prominent position in Akron's thriving East Market Corridor, "The 797 Building" represents a rare opportunity to acquire a diversified, 66,000+ SF mixed-use asset with immediate equity potential. This three-story property is anchored by the prestigious Alexander Pierce Restaurant, providing a stable commercial foundation with a current lease of $9,000 per month. The building's revenue is further bolstered by 40 luxury one- and two-bedroom apartment residences, which command monthly rents between $1,000 and $1,400. Extensive renovations completed between 2019 and 2020 modernized the infrastructure, including residential unit updates, the installation of energy-efficient mini-split heating and cooling, and significant upgrades to all common areas. Beyond standard residential living, the property offers an upscale hospitality experience through its members-only Coat Room Lounge and the innovative first-floor Screen Suites, which provide private dining and theater experiences. Residents enjoy a robust amenity package featuring a business center, exercise room, multiple club lounges with workspaces, a pool table, and private event spaces. Practical needs are met with onsite laundry services, full security and fire systems, multiple elevators, and off-street parking for 84 vehicles. Ideally located near the University of Akron, major medical hubs, and downtown Akron, this extensively renovated asset is perfectly positioned to capitalize on the region's emerging growth.
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