11-Unit Apartment
For Sale
$1,300,000
2019 McKinley Ave, Lakewood, OH 44107
Apartment building with 11 units offered as part of a three-property Lakewood portfolio.
Property Size7,350 SF
Days on Market93
Property Features for 2019 McKinley Ave
General Information
Standard status
Active
Size
7,350 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
8.14%
Multifamily Units
11
Amenities
Being Offered in Conjunction with The Atkins and Lakeland Apartments – a Three Property Portfolio Consisting of Highly Renovated, Cash-Flowing Apartment Communities Located Within Half of a Mile
Over $300,000 ($27k/unit) Invested into the Property Over the Last Three Years
Strong Historical Occupancy Averaging in the High 90s to 100 Percent
Walking Distance to Dozens of Bars, Restaurants, and Nightlife
One Mile from the Cleveland Metropark's Rocky River Reservation
Highly Desirable Suburban Location of Lakewood; Ranked #25 Out of 6,805 Suburbs Nationwide for Young Professionals and is the Densest City Between NYC and Chicago
Less than Two Miles from Downtown Rocky River Featuring Whole Food's, Heinen's, First Watch, Rocky River Wine Bar, and a Plethora of Quaint Shoppes
Within 15 Minutes of Ohio City, Tremont, and Downtown Cleveland
Building Details
Building Size
7,350 SF
Units
11
Listing Agency:
Cleveland Office
(216) 264-2000
Listed By:
Charlie Gagliano · License #OH: SAL.2015003104
(216) 264-2022
Source:
Marcusmillichap
Added: Jul 23
Changed: Oct 21
Last Checked: Oct 20 at 5:06PM
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 Cleveland Office
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Investment Insights
Based on property information with market context.
Marcus & Millichap is pleased to present McKinley Manor, an 11-unit apartment building offered in conjunction with The Atkins and Lakeland Apartments as part of a three-property portfolio.
The portfolio is located in Lakewood, Ohio, at 2019 McKinley Ave.
This offering is structured around the combined asset group and is presented for sale as a multifamily residential income investment.
The portfolio is located in Lakewood, Ohio, at 2019 McKinley Ave.
This offering is structured around the combined asset group and is presented for sale as a multifamily residential income investment.
Key Highlights
- 11‑unit apartment building offered as part of a three‑property Lakewood, Ohio portfolio.
- Offered in conjunction with The Atkins and Lakeland Apartments.
- Stated 8.14% figure provided in the remarks.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,657
Cap Rate
5.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,453,140
$1.5M
Cap Rate 7%
$1,037,957
$1.0M
Cap Rate 9%
$807,300
$807.3K
Market Conditions
NOI Build-Up for 7,350 SF
Gross rent
$140.2K $19.08/SF
− Vacancy
−$8.1K −$1.11/SF
EGI
$132.1K $17.97/SF
− OpEx
−$59.4K −$8.09/SF
NOI
$72.7K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,453,140
Cap Rate 7%
$1,037,957
Cap Rate 9%
$807,300
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$908.2K – $1.21M
NOI $72,657 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$5.89M
$5.15M – $6.87M
NOI $412,240 @ 7.0% cap · market cap 31.71%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,777
Businesses Nearby
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Business Placement
Demographics for 44107, OH
51,109
Population
29,101
Households
1.8
Avg Household Size
36
Median Age
54%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
9,465
Density / Sq Mi
$65,778
Median Household Income
$49,285
Median Earnings
$1,011
Median Rent
$241,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building with 11 units offered as part of a three-property Lakewood portfolio.
Where is this apartment building located?
The property is located at 2019 McKinley Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: 11‑unit apartment building offered as part of a three‑property Lakewood, Ohio portfolio.; Offered in conjunction with The Atkins and Lakeland Apartments.; Stated 8.14% figure provided in the remarks.
