2612-2618 Pioneer Tr new Save Request In-Person Tour Request Virtual Tour
Sandusky,OH 44870
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5091901
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
36-Unit Building with EASY Value add potential and located within 3 miles of 4 Starbucks locations! 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 that were recently structurally improved and add tenant appeal. The property is comprised of two structures on slab foundations heated by 2, well-maintained boilers. There are three addresses, each offering an identical, 3 floor layout with owner-owned laundry facilities on the 2nd floor. Additional amenities include the large outdoor space, in-unit HWTs and and ample parking. All units are all in similar good condition with carpet, white 1x1 tiled bathrooms and wooden kitchens. With an estimated $3-5K in CapEx per unit (for kitchen upgrades, fresh paint, and LVP flooring) the market rents are projected at $715 (1-bed) and $850 (2-bed), driving a pro forma income of $338,000/year. That's a nearly $200 increase for some units! Once stabilized, you will achieve a remarkable 16% cash-on-cash return and a projected 33% IRR with this property. Currently offering a 7% cap rate, this investment has the potential to exceed 10% through those minor cosmetic, value-add improvements. Further, the newly constructed Redwood development is located directly behind this and rents start around $1500/mo. That promises tenant quality growth and forced appreciation- making this a prime opportunity. This is located walking distance from the Sandusky Mall and just an 8 minute drive from Cedar point, making it ideal for tenants employed there.
Location
State OH
County Erie
Rooms
Basement None
Interior
Heating Hot Water,Steam
Cooling Wall Unit(s)
Fireplace No
Exterior
Parking Features Paved,Parking Lot
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
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Special Listing Condition Standard