0.77 Acres Lot
0.77 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Boardwalk & Park Pl
MLS Listing ID 5215074
HOA Y/N No
Year Built 1972
Annual Tax Amount $37,165
Tax Year 2025
Lot Size 0.770 Acres
Acres 0.77
Property Sub-Type Apartment
Property Description
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.
Location
State OH
County Lorain
Interior
Heating Other
Fireplace No
Exterior
Parking Features Outside, Paved
Water Access Desc Public
Roof Type Flat
Building
Sewer Public Sewer
Water Public
Schools
School District Sheffield-Sheffield - 4713
Others
Tax ID 03-00-034-105-031
Special Listing Condition Standard
NEARBY SCHOOLS & PROPERTIES
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1991 Crocker Rd. Suite 600, Westlake, OH, 44145, United States