2612 Pioneer TrlSandusky, OH 44870

Property Details for 2612 Pioneer Trl

Year built

1975

Lot size

1.05 AC

Property size (Sq ft)

30,213 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 36-unit apartment building located at 2612-2618 Pioneer Trail, Sandusky, OH 44870. The property, encompassing 30,213 square feet on a 1.05-acre lot, consists of two three-story buildings constructed in 1975. The complex offers a balanced mix of 1- and 2-bedroom units, each featuring mounted air conditioning and open-concept layouts. Upper units boast private exterior balconies. Currently fully occupied, the property generates a 7% cap rate with a projected 33% internal rate of return (IRR) and a 16% cash-on-cash return. Pro forma income is estimated at $338,000 annually, with potential for significant growth through value-add improvements. Estimated capital expenditures of $3,000-$5,000 per unit for kitchen upgrades, fresh paint, and flooring are projected to increase market rents to $715 for one-bedroom units and $850 for two-bedroom units. Each of the three identical sections within the two buildings includes owner-owned laundry facilities, newer shingled roofs, and well-maintained boilers. Additional amenities include ample parking and large grassy areas. The property's proximity to the Redwood development suggests future tenant quality growth and potential appreciation. Seller financing is available on a second lien for qualified buyers. The property's APN is 32-03405-000.

Location Insight

City

Sandusky

County

Erie

State

Ohio

Latitude

41.431

Longitude

-82.6702

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