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Rare Lakefront 25-Unit Multifamily in Lakewood! This 25-unit $3,478,000

12065 Edgewater Drive, Lakewood, OH 44107

0 br, 0.0 ba, 1927 0 sf
Cuyahoga County
Ad #: 6279669

Apartment For Sale near Lake Erie - Cuyahoga County

Rare Lakefront 25-Unit Multifamily in Lakewood! This 25-unit multifamily is located just steps from Lake Erie and features six units with direct lake views, Currently generating over $26,000/mo in rent with a 16% vacancy rate, the property offers substantial upside. The vacancies include three spacious 3-bedroom, 2-bath units, each requiring full renovation. Once updated and leased, these units are poised to create over 95,000/ year alone! The building includes 20 parking spaces, including 8 garage spots, providing ample tenant parking-an uncommon convenience in Lakewood. Recent capital improvements include brand-new electrical systems, plumbing stacks, drains, and windows. Over 60% of the units have been updated, minimizing future capital needs. Financial Highlights: Current Monthly Rent: $26,000+ Additional Income: $15,000 (with potential to nearly double) | Actual Annual Expenses: $133,000 (excluding capital improvements) | Current NOI: $195,199 Proforma NOI: $363,632 | Proforma Cap Rate: Over 9% | Unit Mix: 3 units: 3 Bed /2 Ba / 10 units: 2 Bed / 11 units: 1 Bed / 1 unit: Studio. This property is the perfect location to park your money for safe appreciation while still capitalizing on the value add potential of those 3 vacant units. Lakewood has historically appreciated near 8% every year offering one of the best opportunities for appreciation in all of Northeast Ohio.

Property Details

  • Beds: 0
  • Baths: 0.0
  • Year Built: 1927
  • Location: Lake Erie - Cuyahoga County
  • Acres: 0.378
  • County: Cuyahoga County
  • Community: Rockport Sec 21
  • Heat/AC: Steam, Hot Water(Heating)
  • Garage: Garage, Off Street, Parking Lot
  • Roof: Membrane, Flat
  • Stories: 3
  • Property Taxes: $66,796
  • MLS #: 5129073

Location

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Contact Information:

Contact Agent
Listing Agent: Erin Thomas, KW Living, 440-670-2300, 440-318-1620 Listing Site, Listing Status: Active
Copyright © 2025 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Ad Statistics:

Lake Apartment For Sale in Lakewood, Ohio
Ad Number : 6279669
Viewed: 42 times
Added: Jun 09, 2025
Updated on: Jul 22, 2025
All information provided is deemed reliable but is not guaranteed and should be independently verified.