$5,450,000 SALE
Multi-Family
91,816 SF
1021-1051 Tower Boulevard
Lorain, OH 44052 US Tower Regency Apartments


Tower Regency Apartments


Tower Regency Apartments is an opportunity to own an income-producing multifamily investment property in the suburb of Lorain in northeast Ohio, part of the Cleveland – Elyria, Ohio MSA. Tower Regency Apartments consist of 108 apartment units, including 39 one-bedroom and 69 two bedroom apartments. Ownership has implemented an extensive unit renovation and capital improvement program, resulting in substantial rent increases and lower operating costs. Completion of the renovation program will likely yield additional overall rent revenue and further enhance long term value.


Property Type Multi-Family
Year Built 1972
Renovated Year 2019
Level Number 3
Zoning R-2 Transitional Residential
Cap Rate Percentage -6.67
Listing ID X3VLNJ
MLS ID 971291
Style Other Style
Building Size 91,816 SF
Lot Size 4.09 AC

Property Highlights

Over $500,000 in Recent Capital Improvements including Suite Renovations

Stabilized Income Producing Multi-family Property With Additional Upside

Significant Rental Increases Implemented over the prior 18 months and opportunity to continue this program to achieve maximum value

108 Units Comprised of 39 One Bedroom Suites and 69 Two Bedroom Suites

Unique Midwest Investment Opportunity

Terrific Nearby Amenities including access Lake Erie Beaches, Cleveland Metro to the East and Cedar Point to the West

Property Features
Location: This is an opportunity to own an income-producing multifamily investment property in northeast Ohio. Tower Regency Apartments consists of 108 apartment units, including 39 one-bedroom and 69 two-bedroom apartments, many with porches. Situated conveniently near I-90, OH RT-2 and the Ohio Turnpike, Tower Regency Apartments provides easy access to shopping, schools, hospitals and businesses. There are 3,308 employers within a 5-mile radius of this property. It is a 30-minute drive to downtown Cleveland as well as to Cleveland Hopkins International Airport. Cedar Point is a 40 minute drive. Nearby amenities include the newly developed Lighthouse Commons shopping center featuring retailers such as Wal Mart, Home Depot, Kohls, Starbucks, Applebee's and many others. Current Occupancy stands at 84%. Ownership has implemented an extensive unit renovation and capital improvement program, resulting in substantial rent increases and lower operating costs. Completion of the renovation and improvement program will likely yield additional overall rent revenue and further enhance long term value.
Financials
Down Payment: $5,450,000
Gross Income: $705,562
Expenses: $363,716
Additional Media