2618 - 2612 Pioneer Trl, Sandusky, OH

Name: 2618 - 2612 Pioneer Trl, Sold in Sandusky - eXp Commercial Brokerage
Brand: Keller Williams Living
SKU: 5091901
Price: 1800000 CAD

Condo

Sold

$--,---,---

$1,800,000

000

Key Facts
Description
Map

Key Facts

Type Apartment

Levels Commercial Sale

Size sqft

Garage No

Maintenance Fees

Taxes $43,208

Approx. Age 1975

MLS® Number 5091901

Property Address:

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

Description

36-Unit Building with EASY Value add potential and located within 3 miles of 4 Starbucks locations! The property features an equal mix of 1- and 2-bedroom units, all equipped with mounted A/C units and open-concept layouts. Upper units include private exterior balconies that were recently structurally improved and add tenant appeal. The property is comprised of two structures on slab foundations heated by 2, well-maintained boilers. There are three addresses, each offering an identical, 3 floor layout with owner-owned laundry facilities on the 2nd floor. Additional amenities include the large outdoor space, in-unit HWTs and and ample parking. All units are all in similar good condition with carpet, white 1x1 tiled bathrooms and wooden kitchens. With an estimated $3-5K in CapEx per unit (for kitchen upgrades, fresh paint, and LVP flooring) the market rents are projected at $715 (1-bed) and $850 (2-bed), driving a pro forma income of $338, 000/year. That's a nearly $200 increase for some units! Once stabilized, you will achieve a remarkable 16% cash-on-cash return and a projected 33% IRR with this property. Currently offering a 7% cap rate, this investment has the potential to exceed 10% through those minor cosmetic, value-add improvements. Further, the newly constructed Redwood development is located directly behind this and rents start around $1500/mo. That promises tenant quality growth and forced appreciation- making this a prime opportunity. This is located walking distance from the Sandusky Mall and just an 8 minute drive from Cedar point, making it ideal for tenants employed there.Show Description

MLS® Number5091901

Locker

Ensuite LaundryNo

Balcony

Furnished

Laundry Level

Exposure

Exterior

GarageNo

Approx. Age1975

Stories

Pets