For Sale
$1,599,000

6037 Lake RdAshtabula, OH 44004

7-Unit Multifamily Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 7-unit apartment building, known as Saybrook Shores, presents a compelling investment opportunity. Situated on a 0.66-acre lot in Ashtabula, Ohio (44004), this three-story building boasts 20 parking spaces and offers stunning Lake Erie views. Constructed in 2002 and extensively renovated in 2022, the property features six fully furnished, turnkey townhouse-style units, each comprising three floors, three bedrooms, one and a half bathrooms, and a one-car garage. Modernized interiors include granite countertops, custom backsplashes, and updated flooring. All units are equipped with refrigerators, stoves, dishwashers, microwaves, and washers/dryers. The property generates a strong NOI of $151,000, resulting in a 9.44% cap rate, and is priced at $1,599,000 ($228,429 per unit). Conveniently located between Bridge Street and Geneva-on-the-Lake, it enjoys proximity to Cleveland, Youngstown, and Erie (within 50 minutes driving distance). Financial details are available upon request. This is a high-yield, low-maintenance investment ready to produce income immediately. The property is not subject to a ground lease. APN: 480172000700-480172000100.

Highlights

  • $1,599,000 asking price for a seven-unit apartment building.
  • 9.44% cap rate with a $151,000 net operating income (NOI).
  • Seven units, each with three bedrooms and 1.5 baths, priced at $228,429 per unit.
  • Located at 6037 Lake Rd W, Ashtabula, OH 44004, on a 0.66-acre lot.
  • Built in 2002 and renovated in 2022, featuring one three-story building with 20 parking spaces.

Property Details for 6037 Lake Rd

Property type
Apartment buildings
Year Built/Renovated
2002/2022
Buildings
1
Stories
3
Lot Size (sq. ft)
28,750 SF
Units
7

Location Insight

City
Ashtabula
County
Ashtabula
State
Ohio
Latitude
41.875446
Longitude
-80.87812
6037 Lake Rd, Ashtabula, Ohio

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6037 Lake Rd
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