216-298-3471
12050 Lake Ave, Lakewood, OH for Sale
Apartments - FOR SALE
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12050 Lake Ave
Lakewood, OH 44107


HIGHLIGHTS

  • Michael Tower, at 12050 Lake Avenue, is a 48-unit apartment building offering studio, one and two-bedroom apartments across five stories.
  • The property is consistently at or above 95% occupancy.
  • The average in-place rent is $1,019.
  • There has been over $600,000 worth of capital improvements over the past two years.
  • In a vibrant, highly sought-after suburban location.

OVERVIEW

Located in the heart of Lakewood’s Gold Coast, a lakefront neighborhood with sweeping views of Downtown Cleveland, and just minutes from the Central Business District (CBD), Michael Towers is one of many high-rise condos and apartment towers in this highly sought-after location along Lake Erie. Lakewood is a densely populated Cleveland suburb, with about 50,000 people living within 5 square miles. The Greater Cleveland Regional Transit Authority operates several bus lines from Lakewood into the city, including routes 25 and 26. The Cleveland Hopkins International Airport is just six miles south and accessible by the RTA Red Line train. Cleveland Clinic's Family Health Center is centrally located in Lakewood, offering around-the-clock emergency care.

FOR SALE DETAILS

PRICE

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# OF UNITS

46

CAP RATE

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% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Michael Towers

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

6

YEAR BUILT

1963

PARKING SPACES

61

LAND DETAILS

LAND ACRES

0.77 AC

LAND SF

33,586 SF

ZONING

M-H

APN/PARCEL ID

312-10-021

ASK ABOUT THIS PROPERTY

Peter GrealisColliersMore Info
216-298-3471

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Peter GrealisColliersMore Info
216-298-3471

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