1346 Kenilworth Avenue, Lakewood, OH 44107
sale
$2,995,000
|
Apartment
Courtesy Of KW Living
Rare opportunity to acquire a 32-unit apartment portfolio in the heart of Lakewood, one of Northeast Ohio's strongest rental markets. This offering includes two neighboring brick apartment buildings totaling 28,167 SF and is 97% occupied. Ownership has invested over $460,000 in recent capital improvements, including renovated kitchens and bathrooms, LVP flooring, upgraded electrical panels throughout, common area improvements, structural garage repairs, plumbing upgrades, and more, allowing the next owner to focus on increasing income rather than major renovations. Current Gross Operating Income is $376,572 with a current NOI of $200,777. Year 1 pro forma projects a $275,107 NOI and an 8.40% cap rate through continued rent growth, utility reimbursements already being implemented, and ancillary income opportunities. Amenities include attached garages, owner-owned laundry, tenant storage, and strong in-place occupancy. Located in Ohio's most walkable city with 50% of residents being tenants andnd 3% YoY rent growth. Homes sell over asking over 50% of the time with 7% increasing value YoY. Safe location and acquisition.
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Property Features
- Age: Over 50 Years Old
- Building Units: 32
- Cooling System: Window Unit(s)
- Floors: 3
- Heating System: Hot Water(Heating)
- Heating System: Steam
- Legal Description: 23 SP 259S OF SL SLOANE AVE
- MLSID: 5235310
- Roof Type: Flat
- Rooms: Basement
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