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USAOHLakewoodRockport Sec #2112065 Edgewater Dr
12065 Edgewater Dr, Condo with 0 bedrooms, 0 bathrooms and null parking in Lakewood OH | Image 1
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$3,478,000

12065 Edgewater Dr, Lakewood, OH

Condo

For Sale

$--,---,---
000
  • Key Facts
  • Description
  • Map

Key Facts

Type Apartment
Levels Commercial Sale
Size  sqft
Garage Yes
Maintenance Fees 
Taxes $66,796
Days Active 3
Approx. Age 1927
MLS® Number 5129073

Property Address: 

Average square foot calculated using Size range provided by listing agent.

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.Show Description
MLS® Number5129073
Locker
Ensuite LaundryNo
Balcony
Furnished
Laundry LevelCoin Operated
Exposure
Exterior
GarageYes
Approx. Age1927
Stories
Pets
Corp Number

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

HeatHot Water, Steam
A/CNone
Heating Fuel

Extras

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