Property Details for 2612-2618 Pioneer Trl

Year built

1975

Lot size

1.05 lot acres

Property size

30,213 SF

Property type

Apartment buildings

Description

This exceptional 36-unit apartment building in Sandusky, OH, presents a compelling investment opportunity. Spanning 30,213 square feet on a 1.05-acre lot, the property comprises two structures with slab foundations and two well-maintained boilers providing heating. The three-address complex features an even split of one- and two-bedroom units, each boasting an open-concept layout and mounted air conditioning units. Upper units benefit from recently improved private exterior balconies, enhancing tenant appeal. All units are in good condition, featuring carpet, white 1x1 tiled bathrooms, and wooden kitchens. Owner-owned laundry facilities are conveniently located on the second floor of each building. The property also includes ample parking and a large outdoor space, along with in-unit hot water heaters. With a projected annual income of $338,000 after minor cosmetic upgrades (estimated $3-5,000 per unit for kitchen upgrades, fresh paint, and luxury vinyl plank flooring), this property offers a current 7% cap rate with significant potential to exceed 10% through value-add improvements. Market rents are projected at $715 for one-bedroom and $850 for two-bedroom units, representing a nearly $200 increase for some units. The property's proximity to the Sandusky Mall and an eight-minute drive from Cedar Point ensures strong tenant demand, further amplified by the newly constructed Redwood development directly behind the property, with rents starting around $1,500 per month. This translates to a projected 16% cash-on-cash return and a 33% IRR once stabilized. The property is also conveniently located within three miles of four Starbucks locations.

Location Insight

City

Sandusky

County

Erie

State

Ohio

Longitude

-82.6697

Latitude

41.4312