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1352 Kenilworth Ave 32 Unit Apartment Building $2,800,000 ($87,500/Unit) Lakewood, OH 44107
INVESTMENT HIGHLIGHTS
- Owned by out-of-town partnership and third-party managed
- In-place rents currently $100+ below direct competitors
- Located in Lakewood, Ohio, the highest density city between NYC and Chicago and ranked #31 out of 6,805 qualifying suburbs for young professionals
- All units and common areas renovated over last 18 months
- Garage, carport and surface parking provide a significant competitive advantage compared to the majority of Lakewood apartment communities
- Walking distance to numerous bars and restaurants including some of Lakewood’s most iconic nightlife destinations
EXECUTIVE SUMMARY
Within 7 minutes of Cleveland Clinic Lakewood Family Health Center (64,700 SF facility built in 2018), Lakewood Park featuring 31 acres of lakefront green
space and the famed Solstice Steps, and Downtown Rocky River home to a plethora of upscale restaurants
space and the famed Solstice Steps, and Downtown Rocky River home to a plethora of upscale restaurants
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,800,000 | Building Class | C |
| Price Per Unit | $87,500 | Lot Size | 0.44 AC |
| Sale Type | Investment | Building Size | 29,439 SF |
| No. Units | 32 | Average Occupancy | 87% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1927 |
| Apartment Style | Low-Rise | ||
| Zoning | R2 | ||
| Price | $2,800,000 |
| Price Per Unit | $87,500 |
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.44 AC |
| Building Size | 29,439 SF |
| Average Occupancy | 87% |
| No. Stories | 3 |
| Year Built | 1927 |
| Zoning | R2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 2 | $950.00 | 500 |
| 1+1 | 28 | $1,150 | 650 |
| 2+1 | 2 | $1,350 | 800 |
1 1
Walk Score®
Very Walkable (83)
Bike Score®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 311-17-035 | Total Assessment | $245,315 |
| Land Assessment | $20,090 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $225,225 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
311-17-035
Land Assessment
$20,090
Improvements Assessment
$225,225
Total Assessment
$245,315
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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1352 Kenilworth Ave
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