Edgewater Cove 12065 Edgewater Dr Immeuble residentiel 25 lots 3 009 513 € (120 381 €/Lot) Taux de capitalisation 5,61 % Lakewood, OH 44107

Rare Lakefront 25-Unit - Immediate opportunity to add $90k/year to income!
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 6units with direct lake views, a rare and highly desirable amenity that significantly enhances tenant appeal and rental value.
Currently generating over $26,000 per month 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 significantly boost rental income.
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 Annual Income (parking, etc.): $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%
COC: 19%
IRR: 38%
Unit Mix:
3 units – 3 Bed / 2 Bath
10 units – 2 Bed
11 units – 1 Bed
1 unit – Studio
This building at 12065 Edgewater Drive combines cash flow, location, and upside—a rare mix for Lakewood multifamily. Investors will benefit from strong in-place income, future appreciation, and the ability to boost NOI through vacancy renovation and additional income optimization.