$2,995,000
About this home
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.
Property details
- MLS #
- 5235310
- Property type
- Apartment
- Subdivision
- Rockport
- Status
- Active
- Days on market
- N/A
- On market date
- August 10, 2026
- Stories
- 3
- Total bathrooms
- N/A
- Garage spaces
- N/A
- Parking spaces
- N/A
- Lot size
- 0.1747 acres
Location
Get directions →Nearby schools
Within 10 miles. School directory data from the National Center for Education Statistics (NCES), accessed via the Urban Institute Education Data API. Local Score is calculated by INNOVATE Real Estate; where a state rating is shown, it comes from that state's own official school report card (e.g. NC Dept. of Public Instruction, SC Report Card).
- Enrollment
- 246
- Student:teacher ratio
- 12.9:1
- District
- Lakewood City
- Enrollment
- 469
- Student:teacher ratio
- 15.1:1
- District
- Lakewood City
- Enrollment
- 873
- Student:teacher ratio
- 15.6:1
- District
- Rocky River City
Walkability
Blended score for Lakewood's center, calculated by INNOVATE Real Estate from two sources: the EPA's National Walkability Index (street network, transit, land-use mix) and Google Places amenity data (what's actually reachable on foot from this point). 60% EPA National Walkability Index + 40% nearby-amenity density (Google Places).
Market position
How this listing compares to current activity in Lakewood, from live MLS data.
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Data source: Listing information provided by NOWDD via Trestle/CoreLogic. Last updated August 10, 2026.
Information herein deemed reliable but not guaranteed; all measurements, school assignments, HOA fees, taxes, and feature lists are approximate and should be independently verified. Equal Housing Opportunity.