33
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$2,995,000
Est. payment /mo
7,609 Sqft Lot
New
1346 Kenilworth AVE Lakewood, OH 44107
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Rockport
MLS Listing ID 5235310
HOA Y/N No
Year Built 1929
Annual Tax Amount $49,830
Tax Year 2025
Lot Size 7,609 Sqft
Acres 0.1747
Property Sub-Type Apartment
Property Description
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.
Location
State OH
County Cuyahoga
Rooms
Basement Partial, Unfinished
Interior
Heating Hot Water, Steam
Cooling Window Unit(s)
Fireplace No
Exterior
Parking Features Attached, Covered, Driveway, Garage, Indoor, Parking Lot, On Street
Water Access Desc Public
Roof Type Flat
Building
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Tax ID 311-17-034
Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com, 440-670-2300
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