1346 Kenilworth Ave 32 Unit Apartment Building $2,950,000 ($92,188/Unit) Lakewood, OH 44107

This 32-unit portfolio is already 97% occupied, has undergone more than $460,000 in capital improvements, and is generating $376,572 in Gross Operating Income with a current NOI of $200,777. Simply by finishing the business plan already in motion—bringing rents to market, implementing the utility reimbursement program, and maximizing ancillary income—the property projects a Year 1 NOI of $275,107, an 8.40% cap rate, and approximately $79,882 in annual cash flow after debt service, or over $200 per unit, per month, before principal reduction.
At a Glance
--------------------------------------------------
Price: $2,995,000
32 units, across 2 buildings (16 units each)
Building Size: 28,167 SF Total
Built / Renovated: 1929 / 2025
Occupancy: 97% (31 of 32 units leased)
Boiler heat, both buildings
Private, attached parking garages in each building
Basement laundry, 2 washers + 2 dryers per building, owner owned.
Basement tenant storage, both buildings
Price/Unit: $93,594
Cap Rate & Returns
--------------------------------------------------
Current Gross Rental Revenue: $354,192 (1 vacant unit)
Current Gross Operating Income: $376,572
Current NOI: $200,777
Year 1 Pro Forma NOI: $275,107
Current Cap Rate: 6.81%
Pro Forma Cap Rate: 8.40%
Projected Cash-on-Cash Return: 14.55%
Pro Forma cash flow after Debt Service: $208/ mo Per Unit.
Calculations were created from actual values. Insurance was recently assessed so the new buyer can assume a similar rate.Taxes were adjusted significantly in the proforma as well.
UNIT MIX & AVERAGE RENTS
--------------------------------------------------
Studio : 2 units | Avg Rent $852 | Mkt Rent $900
1BR/1BA : 14 units | Avg Rent $993 | Mkt Rent $ 1100
2BR/1BA : 2 units | Avg Rent $1,220 | Mkt Rent $1450
Sq footage is assumed.The outlined sizes represent a total nearly 8000 below the actual footprint so units are likely larger.
Recent Capital Improvements
--------------------------------------------------
Over $460,000 in recent upgrades
-All 32 units + basements received upgraded electric panels — a major system-level investment that reduces underwriting/insurability risk
-Full kitchen renovations — new cabinetry, granite countertops, hardware, appliances
-Full bathroom renovations — new tile surrounds, shower valves, toilets, refinished tubs, updated vanities
-LVP flooring and fresh paint throughout — durable, low-turn-cost finishes
-Individual shutoff valves installed in every unit
-Common area upgrades — repainted stairwells/hallways, new carpet, lighting
-Structural garage beam repair, garage door and lighting upgrades

Operational Upside Already in Motion
--------------------------------------------------
-New $55/month utility reimbursement fee rolling out (projected to reduce net expenses by ~$2,000/month once fully implemented)
-Tenants pay their own electric; ( gas can be separately metered again)
-Newly optimized cleaning contract ($100 bi-weekly per building)
-Private parking garages currently underpriced at $30/spot — additional ancillary income opportunity
-Insurance recently readjusted, positioning coverage cost for new ownership.
-Tax increase already adjusted in the proforma
WHY LAKEWOOD?
Lakewood, Ohio- is one of the most supply-constrained, high-demand rental markets in Ohio, and the numbers back it up:
Highest-density city in Ohio — 10,200 people per square mile (U.?S. Census). Dense, largely built-out cities like Lakewood have little room for new competing supply, protecting existing multifamily assets from oversupply risk.
#1 most walkable city in Ohio (Redfin & Walk Score) — a major driver of rent premiums and tenant retention for renters without cars or who prioritize lifestyle.
Nearly half of Lakewood residents are renters — a deep, structural renter base, not a temporary trend.
Median home price up 50% in 2 years, still growing 7.5% year-over-year while other markets have stabilized — with half of homes selling over asking price. When home ownership gets more expensive and competitive, more households stay in — or enter — the rental pool.
3% year-over-year rent growth, a 57% lease renewal rate, and a fast 5–20 day average time-to-fill on vacancies (Redfin & Zillow) — this translates directly to lower turnover costs and minimal vacancy loss for ownership.
Located near the Rocky River and Lake Erie shoreline, with walkable access to Lakewood's thriving restaurant, brewery, and retail corridor along Detroit Ave and Madison Ave.
Minutes from major regional employers: Cleveland Clinic Main Campus, University Hospitals Cleveland Medical Center, KeyBank, and Sherwin-Williams' corporate headquarters — all within a 5-mile radius.
Actual financials, video walkthrough and additional photos can be provided. For those or to schedule a showing- please contact listing agent.