OH > Lakewood > Rockport Sec 21
Lakewood, OH 44107,12065 Edgewater DR
Lakewood, OH 44107,12065 Edgewater DR
Lakewood, OH 44107,12065 Edgewater DR
Lakewood, OH 44107,12065 Edgewater DR
Lakewood, OH 44107,12065 Edgewater DR
Lakewood, OH 44107,12065 Edgewater DR
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
Tue
10
Jun
Wed
11
Jun
Thu
12
Jun
Aaron Gobble

Aaron Gobble

+1(330) 612-2155
$ 3,478,000
Est. payment | /mo

0.38 Acres Lot

Save
$ 3,478,000
Est. payment | /mo
Save

0.38 Acres Lot

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

Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com 440-670-2300
agent-avatar

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(330) 612-2155

agobble21@gmail.com

Akron, OH, United States

GET MORE INFORMATION

Name
Phone*
Message
I agree by electronic signature to the Electronic Disclosure Consent; to receive recurring marketing communication from or on behalf of Real Brokerage Technologies, including auto-dialed calls, texts, and artificial/prerecorded voice messages (consent not required to make a purchase; data rates may apply; reply “STOP” to opt-out of texts or ‘HELP” for help); and to the Terms of Service and Privacy Policy of this website. I understand that I can call to obtain direct assistance.

Go tour this home

12065 Edgewater DR