Royal Oaks | 20580 Lorain Rd
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Royal Oaks 20580 Lorain Rd
30 Unit Apartment Building $3,550,000 ($118,333/Unit) Fairview Park, OH 44126
INVESTMENT HIGHLIGHTS
- Consistently maintaining high occupancy levels of 95% or above.
- Recent property enhancements including new roofs installed 11/2023, window replacements, and modern functionality and aesthetics updates.
EXECUTIVE SUMMARY
Royal Oaks is a meticulously maintained property consistently achieving occupancy levels of 95% or above. A select number of units have undergone tasteful remodeling featuring LVT flooring, and each unit is equipped with an in-suite washer and dryer for added convenience. Recent improvements include new roofs installed in November 2023 and several window replacements, ensuring modern functionality and aesthetics. With a projected Net Operating Income (NOI) of $270,000 in 2025, a five-mile population exceeding 233,000, and an average household income above $100,000, Royal Oaks offers strong growth potential. Priced at $3,550,000, the property comprises two buildings originally built in 1955 (renovated in 2024), each spanning three floors and totaling 30 three-bedroom, one-bath units. Situated on 1.41 acres, Royal Oaks provides ample parking with 45 surface spaces.
PROPERTY FACTS
| Price | $3,550,000 | Building Class | C |
| Price Per Unit | $118,333 | Lot Size | 1.41 AC |
| Sale Type | Investment | Building Size | 30,000 SF |
| No. Units | 30 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1955/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.5/1,000 SF |
| Apartment Style | Low-Rise |
| Price | $3,550,000 |
| Price Per Unit | $118,333 |
| Sale Type | Investment |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.41 AC |
| Building Size | 30,000 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1955/2024 |
| Parking Ratio | 1.5/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 30 | - | 1,000 |
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PROPERTY TAXES
| Parcel Number | 323-20-002 | Improvements Assessment | $443,135 |
| Land Assessment | $98,560 | Total Assessment | $541,695 |
PROPERTY TAXES
Parcel Number
323-20-002
Land Assessment
$98,560
Improvements Assessment
$443,135
Total Assessment
$541,695
ZONING
| Zoning Code | A, Cleveland |
| A, Cleveland |
CONTACTS
-
Kirsten Paratore -
Rico Pietro -
Robby Martinelli -
Cushman & Wakefield | CRESCO Real Estate
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Royal Oaks | 20580 Lorain Rd
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