Lakewood Lakefront Multifamily
12065 Edgewater Drive, Lakewood, OH 44107
- Added:
- Oct 29, 2025
- Days on Market:
- 212
- Last Refresh:
- Apr 3 at 4:58 am
Property Features for 12065 Edgewater Drive
General Information
- Standard status
- Active
- Property subtype
- MF
Listing agent Erin Thomas License #2019005940, Ohio (440) 670-2300
Listing office KW Commercial | Citywide | Erin Thomas (440) 670-2300
Listing date Oct 29, 2025
Source Realnex
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial | Citywide | Erin Thomas
HighLights
- Turnkey operation with immediate cash flow: Approximately $147,000 annual cash flow after debt service in year 1.
- Significant value‑add opportunity: Five vacant units will be fully renovated prior to closing, with potential for increased rents.
- Prime lakefront location in Lakewood: Highly desirable rental market with lake views and proximity to Downtown Cleveland, Edgewater Park, and Clifton Blvd retail.
- Strong potential for increased income: Additional income from utility reimbursements, laundry, parking, and pet fees, projected to add over $115,000/year in gross revenue.
- Recent capital improvements: New boiler (2024), new electric (2025), updated electrical service, plumbing, and windows; over 60% of units updated.
- Rare asset type: Mid‑size lakefront multifamily property in a rapidly appreciating submarket.
Overview
This 25-unit multifamily property is located in Lakewood, Ohio, near Lake Erie. Six units offer direct lake views. The property features a mix of one-bedroom, two-bedroom, and three-bedroom/two-bath layouts. Five units are vacant and will be fully renovated prior to closing. Renovations are being handled by a contractor and include new kitchens with modern cabinetry and counters, refinished hardwood or new LVP flooring, and fully tiled contemporary baths. All units have brand new 100-amp updated electrical service, and significant improvements were made to plumbing stacks and drains. A new boiler was installed in 2024, and new electric is planned for 2025. Over 60% of units have new kitchens, and 90% are in good condition. The building includes 20 parking spaces, including 8 garage spots. Recent capital improvements include new electrical systems, plumbing stacks, drains, and windows. The property is situated along Edgewater Drive, providing tenants with lake views, walkability, and quick access to Downtown Cleveland, Edgewater Park, and Clifton Blvd retail. The unit mix includes 3 units with 3 beds / 2 baths, 10 units with 2 beds, 11 units with 1 bed, and 1 studio unit.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Lakewood
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.7747016
- Latitude
- 41.4914217
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Turnkey 25-unit multifamily property with lake views in Lakewood, Ohio.
Where is this apartment building located?
The property is located at 12065 Edgewater Drive Lakewood, OH.
What is the asking price?
The asking price for this property is $3,429,000.
What are key features of this property?
This property features: Turnkey operation with immediate cash flow: Approximately $147,000 annual cash flow after debt service in year 1.; Significant value‑add opportunity: Five vacant units will be fully renovated prior to closing, with potential for increased rents.; Prime lakefront location in Lakewood: Highly desirable rental market with lake views and proximity to Downtown Cleveland, Edgewater Park, and Clifton Blvd retail.
