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12050 Lake Ave
Lakewood, OH 44107
Michael Towers · Multifamily Property For Sale
·
48 Units
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 |
Property Taxes
| Parcel Number | 312-10-021 | Improvements Assessment | $1,290,514 CAD |
| Land Assessment | $169,501 CAD | Total Assessment | $1,460,016 CAD |
Property Taxes
Parcel Number
312-10-021
Land Assessment
$169,501 CAD
Improvements Assessment
$1,290,514 CAD
Total Assessment
$1,460,016 CAD
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