Investment Property Active
For Sale Multifamily

12050 Lake Avenue (Michael Towers)

12050 Lake Avenue, Lakewood, OH 44107 United States
Investment Property Active
For Sale Multifamily

12050 Lake Avenue (Michael Towers)

12050 Lake Avenue, Lakewood, OH 44107 United States
Building Size
38,560 SF
Lot Size
.72 Acres
Construction Status
Existing
Built
1963
Building Size
38,560 SF
Lot Size
.72 Acres
Construction Status
Existing

OVERVIEW

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.

CONTACT

Key Features
  • 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.

Details

Building Size:
38,560 SF
Sale Price:
Contact us for pricing
Lot Size:
.72 Acres
Construction Status:
Existing
Year Built:
1963

CONTACT

12050 Lake Avenue (Michael Towers)

LOCATION

RELATED PROPERTIES

MAIN
Active
For Sale ● Multifamily
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