Homes for sale - 2612-2618 Pioneer Tr, Sandusky, OH 44870

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Laura Petek

laura@laurapetek.com +1(440) 935-2898

$ 1,800,000

Est. payment | -/mo

1.05 Acres Lot

Save

$ 1,800,000

Est. payment | -/mo

Save

1.05 Acres Lot

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

Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com 440-670-2300

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(440) 935-2898

laura@laurapetek.com

2612-2618 Pioneer Tr Sandusky, OH 44870