2612-2618 Pioneer Tr Active Save Request In-Person Tour Request Virtual Tour
Sandusky,OH 44870
Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5085925
HOA Y/N No
Year Built 1975
Annual Tax Amount $43,208
Tax Year 2023
Lot Size 1.050 Acres
Acres 1.05
Property Description
Outstanding Investment Opportunity: 36-Unit Building with High ROI Potential! Achieve a remarkable 16% cash-on-cash return and a projected 33% IRR with this fully occupied property. Currently offering a 7% cap rate, this investment has the potential to exceed 10% through strategic value-add improvements. The property features an equal mix of 1- and 2-bedroom units, all equipped with mounted A/C units and open-concept layouts. Upper units include private exterior balconies, adding tenant appeal. With an estimated $3-5K in CapEx per unit for kitchen upgrades, fresh paint, and flooring, market rents are projected at $715 (1-bed) and $850 (2-bed), driving a proforma income of $338,000/year. The property is comprised of two structures divided into three identical sections, each with owner-owned laundry facilities, newer shingled roofs, and well-maintained boilers. Additional amenities include large grassy areas and ample parking. The nearby Redwood development promises tenant quality growth and forced appreciation, making this a prime opportunity. Seller financing on a second lien is available for qualified buyers. Don't miss out on this exceptional investment!
Location
State OH
County Erie
Rooms
Basement None
Interior
Heating Hot Water,Steam
Cooling Wall Unit(s)
Fireplace No
Exterior
Parking Features Driveway,Paved
Water Access Desc Public
Roof Type Asphalt,Fiberglass
Present Use Residential
Building
Sewer Public Sewer
Water Public
Schools
School District Perkins Lsd - 2205
Others
Tax ID 32-03405.000
Special Listing Condition Standard