Edgewater Cove 12065 Edgewater Dr 25 Unit Apartment Building $4,743,644 CAD ($189,746 CAD/Unit) 5.69% Cap Rate Lakewood, OH 44107

Turnkey Lakefront 25-Unit
$490/Unit/Month After Debt Service!
This is an exceptional opportunity to acquire a 25-unit multifamily asset in Lakewood, Ohio—one of Northeast Ohio’s most sought-after rental markets. Situated just steps from Lake Erie, this property features 6 units with direct lake views, a rare and highly desirable amenity that significantly enhances tenant appeal and rental value.
Delivered turnkey with value-add opportunity still remaining!
25 units total — mix of 1BR, 2BR, and large 3BR/2BA layouts (see below)
5 vacant (including the 3 largest units to be fully renovated by closing)
˜ $147,000 annual cash flow after debt service (~$490 per unit/month) in year 1!
Value-add opportunity:
3 long-term occupied units would benefit from updates
Units placed below market to account for renovations — nearly all can be increased
$89/mo utility fee added this year and still being implemented for additional income
Example: Unit 3 was placed $200 higher than before, while still under construction. It’s now at $1,550 (2BR), but could easily rent for $1,750+ if marketed.
Once at market rents:
Year 2 Proforma NOI: $363,632
Proforma Cap Rate: 9%+
ARV: $4M+
Projected Year-1 Cash-on-Cash: 15%+
Immediate Upside:
Five vacant units will be fully renovated prior to closing, adding $9,400/month in new income
($2,200 for 3BR/2BA units + $1,400 for 1BRs)
Additional income from $90/month utility reimbursements, laundry, parking, and pet fees—creating more than $115K/year in added gross revenue.
Quality of Work:
Renovations are handled by a top-tier contractor and will include:
New kitchens with modern cabinetry and counters
Refinished hardwood or new LVP flooring
Fully tiled contemporary baths
All units have brand new 100-amp updated electrical service, and significant improvements were made to plumbing stacks and drains.
New Boiler in 2024
New Electric in 2025
60% of units have new kitchens and 90% are in great condition
Built for Long-Term Stability:
Current rents were intentionally kept below market during major upgrades, leaving room to push rents further once stabilized. Building systems are new, tenant demand is strong, and there’s zero heavy lifting left for the next owner—just cash flow.
The Location Advantage:
Situated along Edgewater Drive, this property gives tenants lake views, walkability, and quick access to Downtown Cleveland, Edgewater Park, and Clifton Blvd retail. Lakewood remains one of Northeast Ohio’s fastest-appreciating submarkets, with values up 8.8% year-over-year. Mid-size lakefront assets like this are nearly impossible to replicate.
The building includes 20 parking spaces (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 units have been updated, minimizing future capital needs.
Unit Mix:
3 units – 3 Bed / 2 Bath
10 units – 2 Bed
11 units – 1 Bed
1 unit – Studio
Investment Summary
This building at 12065 Edgewater Drive combines cash flow, location, and upside—a rare mix for Lakewood multifamily. Investors will benefit from strong in-place income, future appreciation, and the ability to boost NOI through vacancy renovation and additional income optimizations.