Edgewater Cove - 12065 Edgewater Dr — Sale in Lakewood, OH

  • Price: $3.4M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Lakewood, OH 44107
  • Size: 29,779 SF

Investment Figures

Price per square foot
$115
Price per unit
$137,160 across 25 units

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Turnkey Lakefront 25-Unit $490/Unit/Month After Debt Service! This is an exceptional opportunity to acquire a 25-unit multifamily asset in Lakewood, Ohio—one of Northeast Ohio’s most sought-after rental markets. Situated just steps from Lake Erie, this property features 6 units with direct lake views , a rare and highly desirable amenity that significantly enhances tenant appeal and rental value. Delivered turnkey with value-add opportunity still remaining! 25 units total — mix of 1BR, 2BR, and large 3BR/2BA layouts (see below) 5 vacant (including the 3 largest units to be fully renovated by closing) ≈ $147,000 annual cash flow after debt service (~$490 per unit/month) in year 1! Value-add opportunity: 3 long-term occupied units would benefit from updates Units placed below market to account for renovations — nearly all can be increased $89/mo utility fee added this year and still being implemented for additional income Example: Unit 3 was placed $200 higher than before, while still under construction. It’s now at $1,550 (2BR) , but could easily rent for $1,750+ if marketed. Once at market rents: Year 2 Proforma NOI: $363,632 Proforma Cap Rate: 9%+ ARV: $4M+ Projected Year-1 Cash-on-Cash: 15%+ Immediate Upside: Five vacant units will be fully renovated prior to closing, adding $9,400/month in new income ($2,200 for 3BR/2BA units + $1,400 for 1BRs) Additional income from $90/month utility reimbursements , laundry, parking, and pet fees—creating more than $115K/year in added gross revenue. Quality of Work: Renovations are handled by a top-tier contractor and will include: New kitchens with modern cabinetry and counters Refinished hardwood or new LVP flooring Fully tiled contemporary baths All units have brand new 100-amp updated electrical service, and significant improvements were made to plumbing stacks and drains. New Boiler in 2024 New Electric in 2025 60% of units have new kitchens and 90% are in great condition Built for Long-Term Stability: Current rents were i

Market Context

This multifamily in Lakewood, OH is listed for sale at $3,429,000 across 29,779 SF. It has been on the market for 70 days. Compare it against other multifamily listings for sale in Lakewood, OH — view the full market.

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