5216 E Lake Road
Sheffield, OH 44054
$3,975,000
Missy Harbin
42 Total Photos [Click to View All]
Listing Details
- $3,975,000
- MLS# 5215074
- Type Commercial - Business
- Status Active
Home Value Estimate
Description
48 fully renovated units in Sheffield Lake, two buildings side by side, 100% occupied, priced at $3,975,000. That is $82,813 a door. In an operator's hands this stabilizes to a 7.4% cap on about $294,000 of NOI, with a clear path higher as rents reach market. The building is 100% occupied with a waitlist of tenants trying to get in, and rents sit about $130 a door under market. You do not need a renovation or a repositioning to hit pro forma. Re-rent at market on natural turnover and the income climbs on its own, up to about $368,000 in NOI, a 9.26% cap. All 48 units are done, shaker cabinets, granite, stainless, updated flooring, the whole...read more
Features
- Other
- $37,165 / year Taxes
- Public
- Built in 1972
Gallery
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Listed By
Agency Name: Russell Real Estate Services
Agency Contact: tal@premierclevelandinvesting.com, 216-870-8687
Shown By
Agent Name: Missy Harbin
Agent Phone: (304) 377-9237
Agency Title: Old Colony, REALTORS®
Agency Contact: Contact
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