# 642 E Summit Street, Kent, OH 44240

> **TL;DR:** commercial, $550,000, built 1910.
> A/C. Est. $4,741/mo. Listed 38 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $550,000 |
| Year Built | 1910 |
| Lot Size | 9,148 sqft (0.21 acres) |
| Stories | 3 |
| Property Type | Commercial (Apartment) |
| Status | Active |
| Days on Market | 38 |

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Principal & Interest (20% down, 30-year at 6.5%) | $2,781 |
| Estimated Insurance | $160 |
| HOA | $1,800 |
| **Total** | **$4,741** |

## Key Amenities

- A/C

## Property Highlights

- Built in 1910
- 0.21 acre lot
- 3 stories

## Description

### Agent 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

- **Address:** 642 E Summit Street, Kent, OH 44240
- **County:** Portage
- **Coordinates:** 41.148059, -81.348761
- **Google Maps:** https://www.google.com/maps?q=41.148059,-81.348761

## Virtual Tour & Media

- **Video Tour:** https://www.propertypanorama.com/642-E-Summit-Street-Kent-OH-44240/unbranded

## Listing Agent

- **Name:** Aimee Neiman · **License:** 2020001502
- **Brokerage:** Chervenic Realty Inc
- **Phone:** 3306201123
- **Broker Phone:** (330) 686-1644
- **Listing URL:** [View original listing](https://listings.listhub.net/pages/NEOHREXOH/5234795/?channel=propsimple)

## Photos

![642 E Summit Street - Photo 1](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1251044797r.jpg)

![642 E Summit Street - Photo 2](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1334151087r.jpg)

![642 E Summit Street - Photo 3](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1504565153r.jpg)

![642 E Summit Street - Photo 4](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2109432534r.jpg)

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![642 E Summit Street - Photo 9](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1176621996r.jpg)

![642 E Summit Street - Photo 10](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2508730501r.jpg)

![642 E Summit Street - Photo 11](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1599863605r.jpg)

![642 E Summit Street - Photo 12](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2767760408r.jpg)

![642 E Summit Street - Photo 13](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f323391294r.jpg)

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![642 E Summit Street - Photo 16](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f178878494r.jpg)

![642 E Summit Street - Photo 17](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1117944504r.jpg)

![642 E Summit Street - Photo 18](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f3435314750r.jpg)

![642 E Summit Street - Photo 19](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1363881631r.jpg)

![642 E Summit Street - Photo 20](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2356448148r.jpg)

![642 E Summit Street - Photo 21](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f3267751540r.jpg)

![642 E Summit Street - Photo 22](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f4099742346r.jpg)

![642 E Summit Street - Photo 23](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1030558275r.jpg)

![642 E Summit Street - Photo 24](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f350159519r.jpg)

![642 E Summit Street - Photo 25](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1189611009r.jpg)

![642 E Summit Street - Photo 26](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f740323986r.jpg)

![642 E Summit Street - Photo 27](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1226079462r.jpg)

![642 E Summit Street - Photo 28](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2516779441r.jpg)

![642 E Summit Street - Photo 29](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1137544672r.jpg)

![642 E Summit Street - Photo 30](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2473745828r.jpg)

![642 E Summit Street - Photo 31](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f993619198r.jpg)

![642 E Summit Street - Photo 32](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1563082448r.jpg)

![642 E Summit Street - Photo 33](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1940285077r.jpg)

![642 E Summit Street - Photo 34](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2718368820r.jpg)

![642 E Summit Street - Photo 35](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f490851801r.jpg)

![642 E Summit Street - Photo 36](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1112158093r.jpg)

![642 E Summit Street - Photo 37](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1221213497r.jpg)

![642 E Summit Street - Photo 38](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2083597834r.jpg)

![642 E Summit Street - Photo 39](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1650749375r.jpg)

![642 E Summit Street - Photo 40](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2935860122r.jpg)

![642 E Summit Street - Photo 41](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f2536885224r.jpg)

![642 E Summit Street - Photo 42](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f3189074760r.jpg)

![642 E Summit Street - Photo 43](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f4004544772r.jpg)

![642 E Summit Street - Photo 44](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1011013515r.jpg)

![642 E Summit Street - Photo 45](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f3192862876r.jpg)

![642 E Summit Street - Photo 46](http://lh.rdcpix.com/3b7cfe5da38bf84bb2e93a49e8f36c9cl-f1370737458r.jpg)

---

**MLS#:** 5234795 | **Updated:** 2026-08-28
**Source:** listhub

*Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.*

[View on PropertySimple](https://www.propertysimple.ai/listing/642-e-summit-street-kent-oh-44240-5234795)

---

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