Offering Summary
Distressed asset sale! Attractive assumable financing in place!
Presenting a unique offering with a great unit mix. This 6 unit property hosts 4 spacious apartment units of 3-bedrooms each and 2 semi-private 2-bedroom suites, in the heart of Lakewood.
The apartments sit on a residential street and have been updated with a modern floor plan compared to similar properties in the area. The property also offers off street parking directly behind the building. All units are individually metered for gas and electric.
Submarket Overview
Located in Lakewood, OH, within close proximity to downtown Cleveland, shopping, restaurants and entertainment venues. Lakewood offers the amenities of downtown living with the charm of a small town.
Submarket Demographics |
| Submarket Population: | 56,646 |
| Renter Occupied Housing: | 51.5% |
| Submarket Trend: |
 Up
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Property Facts |
| Location: | 12507 Franklin Ave., Lakewood, OH |
| Number of Units: | 6 |
| Offering Price: | $197,000 |
| |
| Net Operating Income: | $20,524 |
| Cap Rate: | 10.86% |
| Building Occupancy: | 95% |
| Year Built: | 01/25/2010 |
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| Unit Mix: |
| Units | Type |
Avg. Rent |
| 4 | 3 Bedroom | $500-$550 |
| 2 | 2 Bedroom | $500-$550 |
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