See all 21 photos
21 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$3,478,000
Est. payment /mo
0.38 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Rockport Sec 21
MLS Listing ID 5129073
HOA Y/N No
Year Built 1927
Annual Tax Amount $66,796
Tax Year 2024
Lot Size 0.378 Acres
Acres 0.3779
Property Sub-Type Apartment
Property 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.
Location
State OH
County Cuyahoga
Community Lake
Rooms
Basement Partial, Unfinished
Interior
Heating Hot Water, Steam
Cooling None
Fireplace No
Laundry Coin-operated
Exterior
Parking Features Garage, Off Street, Parking Lot
Community Features Lake
Water Access Desc Public
Roof Type Flat,Membrane
Building
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Tax ID 312-10-013
Read Less Info
Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com 440-670-2300