12065 Edgewater Drive Lakewood, OH $ 3,478,000
12065 Edgewater Drive
$ 3,478,000
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12065 Edgewater Drive

Lakewood, OH, 44107
$ 3,478,000
Bedrooms-- Baths--

Monthly Estimate*

$ 21,698

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Commercial Property for sale in Lakewood, OH

for $3,478,000. This building was built in 1927 on a lot size of 0.3779.

Rare Lakefront 25-Unit Multifamily in Lakewood! This 25-unit multifamily is located just steps from Lake Erie and features six units with direct lake views, Currently generating over $26,000/mo in rent with a 16% vacancy rate, the property offers substantial upside. The vacancies include three spacious 3-bedroom, 2-bath units, each requiring full renovation. Once updated and leased, these units are poised to create over 95,000/ year alone! The building includes 20 parking spaces, including 8 garage spots, providing ample tenant parking—an uncommon convenience in Lakewood. Recent capital improvements include brand-new electrical systems, plumbing stacks, drains, and windows. Over 60% of the units have been updated, minimizing future capital needs. Financial Highlights: Current Monthly Rent: $26,000+ Additional Income: $15,000 (with potential to nearly double) | Actual Annual Expenses: $133,000 (excluding capital improvements) | Current NOI: $195,199 Proforma NOI: $363,632 | Proforma Cap Rate: Over 9% | Unit Mix: 3 units: 3 Bed /2 Ba / 10 units: 2 Bed / 11 units: 1 Bed / 1 unit: Studio. This property is the perfect location to park your money for safe appreciation while still capitalizing on the value add potential of those 3 vacant units. Lakewood has historically appreciated near 8% every year offering one of the best opportunities for appreciation in all of Northeast Ohio.

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Commercial Active

Price

$ 3,478,000

Property Type

Commercial

Taxes

$ 66,796

Style

Lot Size

0.3779

Year Built

1927

Town/City

Lakewood

County/Region

Cuyahoga

MLS | Web ID

5129073

Features
General
Sewer Public Sewer
Heating Hot Water Steam
Cooling None
Possession Delivery Of Deed
Roof Flat Membrane
Year Built 1927
Stories Count 3
Township Lakewood
Levels Three Or More
Property Subtype Apartment
Tax Year 2024
Community Features Lake
County Cuyahoga
Operating Expense 195199
Property Type Commercial Sale
Attached Garage false
Subdivision Name Rockport Sec 21
Garage Y/N true
Status Active
Directions North on Cove.
City Lakewood
High School District Lakewood CSD (Cuyahoga)- 1817
Number Of Units Total 25
Lot Size Units Acres
Tax Annual Amount 66796
Building Area Units Square Feet
Living Area Units Square Feet
Standard Status Active
Occupancy Type Tenant
Middle/Junior School District Lakewood CSD (Cuyahoga)- 1817
Elementary School District Lakewood CSD (Cuyahoga)- 1817
Year Built Source Assessor
Total Actual Rent 328347
Property Sub Type Additional Apartment
Legal Description 21 NEXT E OF COVE
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Interior
Basement Partial Unfinished
Basement (Y/N) true
Air Conditioning Y/N false
Heating Y/N true
Laundry Features Coin-operated
Main Level Bathrooms 0
Total Baths 0
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Exterior
Parking Features Garage Off Street Parking Lot
Water Source Public
Lot Size Area 0.3779
Number of Buildings 1
Building Area Total 29779
Lot Size Acres 0.3779
Lot Size Source Assessor
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* Excluded Features
List By
Erin Thomas

Listing Agent

Keller Williams Living

Broker

Erinthomas@kwcommercial.com

Email

Affordability Calculator

$27,265
Per Month
80%
20%
0%
Monthly Principal & Interest
$21,698
Monthly Property Taxes
$5,566
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
4457945 Elementary School
4458065 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
8/29/2025$3,478,000 Listed Price

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12065 Edgewater Drive, Lakewood, OH, 44107 is a Commercial Property for sale at $3,478,000 with a lot size of 0.3779. 12065 Edgewater Drive was built in 1927. The property's zip code is 44107 which is in Lakewood, OH