6037 Lake Rd Ashtabula, OH 44004
- Apartment buildings
- 0.66 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 6037 Lake Rd
- Year built
- 2002
- Lot size
- 0.66 lot acres
- Property type
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Ashtabula
- County
- Ashtabula
- State
- Ohio
- Longitude
- -80.8781
- Latitude
- 41.8754
