USAOHSheffield LkBoardwalk & Park Pl5216 E Lake Rd

5216 E Lake Rd, Sheffield Lk, OH

Name: 5216 E Lake Rd, For Sale in Sheffield Lk - Zoocasa
Brand: Russell Real Estate Services
SKU: 5215074
Price: 3975000 USD

Condo

For Sale

Listed price in listed location currency (USD).

$3,975,000

000

MLS® 5215074

Overview

Key Facts

Type Apartment

Levels Commercial Sale

Size -

Garage

Maintenance Fees

Taxes $37,165

Days Active 6

Approx. Age 1972

MLS® Number 5215074

Property Address: 5216 E Lake Rd, Sheffield Lk, OH, 44054-1750

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

Description

48 fully renovated units in Sheffield Lake, two buildings side by side, 100% occupied, priced at $3, 975, 000. That is $82, 813 a door. In an operator's hands this stabilizes to a 7.4% cap on about $294, 000 of NOI, with a clear path higher as rents reach market. The building is 100% occupied with a waitlist of tenants trying to get in, and rents sit about $130 a door under market. You do not need a renovation or a repositioning to hit pro forma. Re-rent at market on natural turnover and the income climbs on its own, up to about $368, 000 in NOI, a 9.26% cap. All 48 units are done, shaker cabinets, granite, stainless, updated flooring, the whole nine yards. No gut job waiting for you. The buildings went up in 1972 and show well across 33, 400 square feet. Tenants pay their own electric. Ownership covers heat, water and sewer, and trash, which is exactly where a sharp manager finds margin. On-site laundry and other income add about $35, 000 a year on top of rent. The Ford Ohio Assembly Plant sits partly inside the town's own borders, and Ford is partway through a $1.5 billion expansion there set to add 1, 800 jobs. Add a lakefront setting on Lake Erie about 17 miles west of downtown Cleveland, same shoreline as Avon Lake, and you have durable tenant demand parked next door. That is why these buildings stay full with a line out the door. Clean, easy buildings to run at a basis that does not come around often. Reach out and I will get you the full financials and rent roll.

MLS® Number5215074

Locker

Ensuite Laundry

Balcony

Furnished

Laundry Level

Exposure

Exterior

Garage

Approx. Age1972

Stories

Pets

Included in Maintenance Fee

Heat

Hydro

Water

Building Insurance

Condo Taxes

Cable TV

Central Air

Parking Maintenance

Utilities

Heat

A/C

Heating Fuel

Extras

Map

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