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Michael Towers 12050 Lake Ave 48 Unit Apartment Building For Sale Lakewood, OH 44107
Executive Summary
Cushman & Wakefield | CRESCO Real Estate is pleased to present this Offering Memorandum for Michael Towers, a 48-unit multifamily property located at 12050 Lake Avenue in Lakewood, Ohio. Situated in the highly desirable Gold Coast area—one of the most sought-after residential locations in the Cleveland market—the property benefits from premier physical advantages, including unobstructed Lake and City views. This prestigious positioning not only anchors the asset but also drives year-round rental demand from tenants seeking premium waterfront living with immediate access to local amenities. The unit mix includes 1-bedroom, 2-bedroom, and 3-bedroom layouts averaging 799 square feet, complemented by on-site parking, storage, and pet-friendly amenities. The property presents a compelling value-add opportunity to increase revenue by capturing a 13.6% loss-to-lease, bringing the average in-place rent up to the market average of $1,208 per unit. Supported by solid historical performance, the asset currently generates a trailing 12-month NOI of $325,608.
Property Facts
| Sale Type | Investment | Lot Size | 0.72 AC |
| No. Units | 48 | Building Size | 38,560 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 5 |
| Apartment Style | Mid-Rise | Year Built | 1963 |
| Building Class | C | Parking Ratio | 1.58/1,000 SF |
| Zoning | M-H | ||
| Sale Type | Investment |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.72 AC |
| Building Size | 38,560 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 1963 |
| Parking Ratio | 1.58/1,000 SF |
| Zoning | M-H |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Heating
- High Speed Internet Access
- Views
Site Amenities
- 24 Hour Access
- Controlled Access
- Security System
- Laundry Service
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 25 | - | 750 |
| 2+1 | 21 | - | 850 |
| 3+2 | 2 | - | 850 - 1,000 |
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Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 312-10-021 | Improvements Assessment | $1,263,915 CAD |
| Land Assessment | $166,008 CAD | Total Assessment | $1,429,923 CAD |
Property Taxes
Parcel Number
312-10-021
Land Assessment
$166,008 CAD
Improvements Assessment
$1,263,915 CAD
Total Assessment
$1,429,923 CAD
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Michael Towers | 12050 Lake Ave
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