$3,478,000

12065 Edgewater Drive , Lakewood, OH 44107

 
Bedrooms:0 beds
Bathrooms:0 baths
Commercial Sale:0 sqft
Lot:0.38
Year Built:1927
Listing Status:Active
Loan Amount:
Interest:
Term (Years):
Annual Tax:
Monthly Principal + Interest:$
Monthly tax: $
Total Payment:$

These amounts are estimates and do not take into consideration other expenses such as PMI, etc.. This is only an estimate.

Description

Rare Lakefront 25-Unit Multifamily in Lakewood! This 25-unit multifamily is located just steps from Lake Erie and features six units with direct lake views, Currently generating over $26,000/mo in rent with a 16% vacancy rate, the property offers substantial upside. The vacancies include three spacious 3-bedroom, 2-bath units, each requiring full renovation. Once updated and leased, these units are poised to create over 95,000/ year alone! The building includes 20 parking spaces, including 8 garage spots, providing ample tenant parking—an uncommon convenience in Lakewood. Recent capital improvements include brand-new electrical systems, plumbing stacks, drains, and windows. Over 60% of the units have been updated, minimizing future capital needs. Financial Highlights: Current Monthly Rent: $26,000+ Additional Income: $15,000 (with potential to nearly double) | Actual Annual Expenses: $133,000 (excluding capital improvements) | Current NOI: $195,199 Proforma NOI: $363,632 | Proforma Cap Rate: Over 9% | Unit Mix: 3 units: 3 Bed /2 Ba / 10 units: 2 Bed / 11 units: 1 Bed / 1 unit: Studio. This property is the perfect location to park your money for safe appreciation while still capitalizing on the value add potential of those 3 vacant units. Lakewood has historically appreciated near 8% every year offering one of the best opportunities for appreciation in all of Northeast Ohio.

Detailed Items

Other Information

12065 Edgewater Drive, Lakewood, OH, 44107 is a commercial sale listing of 0 sqft on a lot of 0.38. This commercial sale listing has 0 bedrooms, and 0 baths. The map for this location can be viewed on Google maps at Google maps to property12065 Edgewater Drive, Lakewood, OH
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