Multifamily Property with Central
For Sale
$1,695,000
6037 Lake Road W, Ashtabula, OH 44004
The building dates to 2002 and carries Multi-Family zoning.
Property Size8,512 SF
Days on Market11
Property Features for 6037 Lake Road W
General Information
Standard status
Active
Size
8,512 SF
Total Parking Spaces
15
Zoning
Multi-Family
Taxes and HOA fees
Annual Taxes
$10,686
Amenities
Central Air
Forced Air
Partial
Attached, Direct Access, Driveway, Garage, On Site, Parking Lot
Building Details
Building Size
8,512 SF
Year Built
2002
Buildings
1
Stories
3
Listing Agency:
Platinum Real Estate
Listed By:
Mark C Zervos · License #2014001304
(216) 990-2100
Source:
Evrealestate
Added: Sep 26
Changed: Oct 1
Last Checked: Oct 5 at 6:07PM
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 Platinum Real Estate
Investment Insights
Based on property information with market context.
This multifamily property in Ashtabula, Ohio, was built in 2002 and is zoned Multi-Family. Interior systems include central air conditioning and forced-air heating. Parking features include an attached garage with direct access, a driveway, and an on-site parking lot.
The property is located at 6037 Lake Road W. The stated route is north on Rt 45, then west on 531; the property is on the right.
The property is located at 6037 Lake Road W. The stated route is north on Rt 45, then west on 531; the property is on the right.
Key Highlights
- Built in 2002
- Zoned Multi‑Family
- Central air conditioning and forced‑air heating
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,953
Cap Rate
4.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,459,060
$1.5M
Cap Rate 7%
$1,042,186
$1.0M
Cap Rate 9%
$810,589
$810.6K
Market Conditions
NOI Build-Up for 8,512 SF
Gross rent
$141.0K $16.56/SF
− Vacancy
−$8.3K −$0.98/SF
EGI
$132.6K $15.58/SF
− OpEx
−$59.7K −$7.01/SF
NOI
$73.0K $8.57/SF
Area
Ashtabula County, OH
Vacancy
5.90%
Lease Rate
$16.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,459,060
Cap Rate 7%
$1,042,186
Cap Rate 9%
$810,589
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$911.9K – $1.22M
NOI $72,953 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,035 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 44004, OH
31,661
Population
15,262
Households
2.1
Avg Household Size
44
Median Age
15%
College-Educated
87%
High-School Grad
74.1 sq mi
ZIP Area
427
Density / Sq Mi
$49,507
Median Household Income
$31,471
Median Earnings
$813
Median Rent
$120,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Multifamily property - The building dates to 2002 and carries Multi-Family zoning.
Where is this multifamily property located?
The property is located at 6037 Lake Road W Ashtabula, OH.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Built in 2002; Zoned Multi‑Family; Central air conditioning and forced‑air heating
