20580 Lorain Rd - Apartments FOR SALE


Fairview Park, OH 44126
$3,550,000 USD
216-525-1491
20580 Lorain Rd, Fairview Park, OH for Sale
$3,550,000 USD
Apartments - FOR SALE
1/25
null | Request Cap Rate

20580 Lorain Rd
Fairview Park, OH 44126


HIGHLIGHTS

  • Consistently maintaining high occupancy levels of 95% or above.
  • Recent property enhancements including new roofs installed 11/2023, window replacements, and modern functionality and aesthetics updates.

OVERVIEW

Royal Oaks is a meticulously maintained property consistently achieving occupancy levels of 95% or above. A select number of units have undergone tasteful remodeling featuring LVT flooring, and each unit is equipped with an in-suite washer and dryer for added convenience. Recent improvements include new roofs installed in November 2023 and several window replacements, ensuring modern functionality and aesthetics. With a projected Net Operating Income (NOI) of $270,000 in 2025, a five-mile population exceeding 233,000, and an average household income above $100,000, Royal Oaks offers strong growth potential. Priced at $3,550,000, the property comprises two buildings originally built in 1955 (renovated in 2024), each spanning three floors and totaling 30 three-bedroom, one-bath units. Situated on 1.41 acres, Royal Oaks provides ample parking with 45 surface spaces.

FOR SALE DETAILS

PRICE

$3,550,000 USD

PRICE/SF

$118 USD /SF

# OF UNITS

30

PRICE/UNIT

$118,333

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Royal Oaks

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1955

PARKING SPACES

45

LAND DETAILS

LAND ACRES

1.41 AC

LAND SF

61,420 SF

ZONING

A, Cleveland

APN/PARCEL ID

323-20-002

ASK ABOUT THIS PROPERTY

Kirsten ParatoreCushman & Wakefield | CRESCO Real EstateMore Info
216-525-1491

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Kirsten ParatoreCushman & Wakefield | CRESCO Real EstateMore Info
216-525-1491

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.