Remarks

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.

Details

MLS#: 5129073
Price: $3,478,000

Style: CommercialSale
Baths Half: 0
Sq Ft: 0
Year Built: 1927

County: Cuyahoga
Subdivision: Rockport Sec 21
Tax Fee: 66796