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Lakeview Suites 5216 E Lake Rd 24 Unit Apartment Building $3,975,000 ($165,625/Unit) 7.40% Cap Rate Sheffield Lake, OH 44054
Executive Summary
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.
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.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $3,975,000 | Building Class | C |
| Price Per Unit | $165,625 | Lot Size | 0.77 AC |
| Sale Type | Investment | Building Size | 55,728 SF |
| Cap Rate | 7.40% | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 1.31/1,000 SF |
| Apartment Style | Low-Rise |
| Price | $3,975,000 |
| Price Per Unit | $165,625 |
| Sale Type | Investment |
| Cap Rate | 7.40% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.77 AC |
| Building Size | 55,728 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1972 |
| Parking Ratio | 1.31/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 600 |
| 2+1 | 12 | - | 850 |
1 1
Somewhat walkable
20/100
Very drivable
80/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 03-00-034-105-031 | Improvements Assessment | $255,927 |
| Land Assessment | $34,580 | Total Assessment | $290,507 |
Property Taxes
Parcel Number
03-00-034-105-031
Land Assessment
$34,580
Improvements Assessment
$255,927
Total Assessment
$290,507
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Lakeview Suites | 5216 E Lake Rd
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