Commercial Real Estate for Sale at 12065 Edgewater Drive in Lakewood, OH for $3,478,000

Listing data updated June 9, 2025 - 6:28pm
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12065 Edgewater Drive | Lakewood

$3,478,000 | 0.0 Sq. Ft.

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\u2014an 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\u002B 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. MLSNow 5129073

Directions to property: North on Cove.

MLS Listing ID: 
MLSNow 5129073
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Status (Local): 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$3,478,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Apartment
Primary Market Area: 
Lakewood
Address: 
12065 Edgewater Drive, Lakewood, OH 44107
County: 
Cuyahoga
Latitude: 
41.4914450
Longitude: 
-81.7746690
Directions: 
North on Cove.
Public Remarks: 
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\u2014an 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\u002B 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.
Community Information
School District: 
Lakewood CSD (Cuyahoga)- 1817
Subdivision: 
Rockport Sec 21
Community Features: 
Lake
Building Details
Details about the building on a property.
Stories: 
3
Year Built: 
1927
Living Area: 
0.0
Basement: 
Partial,Unfinished
Construction
Roof: 
Flat,Membrane
Room Details
Details about the rooms in the building.
Total Bedrooms: 
0
Total Bathrooms: 
0
Total Full-Bathrooms: 
0
Total Half-Bathrooms: 
0
Total One-Quarter-Bathrooms: 
0
Total Three-Quarter-Bathrooms: 
0
Utilities
Information about utilities available on the property.
Heating System: 
Hot Water,Steam
Cooling System: 
None
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.38
Lot Size (Area): 
0.38
Lot Features
Parking Type: 
Garage,Off Street,Parking Lot
Public Record
Parcel Number: 
312-10-013
Annual Tax: 
$66,796.00
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Agent Name: 
Erin Thomas
Listing Office Name: 
Keller Williams Living

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