Address
5216 E Lake Road, Sheffield, OH
Price
$ 3,975,000
Property Attributes
- MLS#5215074
- TypeSingle Family
- Listing Status Active
- CountyLorain
- CitySheffield
- NeighborhoodBoardwalk & Park Pl
- Zip44054
- Style
- Year Built1972
- Taxes$ 37165
- Price$ 3,975,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Lot Size0.77 Acres
Data Source:
MLSNow
Property Description
48 fully renovated units in Sheffield Lake, two buildings side by side, 100% occupied, priced at $3,975,000. That is $82,813 a door. In an operator's hands this stabilizes to a 7.4% cap on about $294,000 of NOI, with a clear path higher as rents reach market. The building is 100% occupied with a waitlist of tenants trying to get in, and rents sit about $130 a door under market. You do not need a renovation or a repositioning to hit pro forma. Re-rent at market on natural turnover and the income climbs on its own, up to about $368,000 in NOI, a 9.26% cap. All 48 units are done, shaker cabinets, granite, stainless, updated flooring, the whole nine yards. No gut job waiting for you. The buildings went up in 1972 and show well across 33,400 square feet. Tenants pay their own electric. Ownership covers heat, water and sewer, and trash, which is exactly where a sharp manager finds margin. On-site laundry and other income add about $35,000 a year on top of rent. The Ford Ohio Assembly Plant sits partly inside the town's own borders, and Ford is partway through a $1.5 billion expansion there set to add 1,800 jobs. Add a lakefront setting on Lake Erie about 17 miles west of downtown Cleveland, same shoreline as Avon Lake, and you have durable tenant demand parked next door. That is why these buildings stay full with a line out the door. Clean, easy buildings to run at a basis that does not come around often. Reach out and I will get you the full financials and rent roll.
| Price History | |
|---|---|
| 6/2/2026 | Listed $3,975,000 |
General Features
| Sewer | PublicSewer |
|---|---|
| Heating | Other |
| Possession | DeliveryOfDeed |
| Roof | Flat |
| Year Built | 1972 |
| Township | Sheffield Lake |
| Property Subtype | Apartment |
| Tax Year | 2025 |
| Additional Parcels Description | 300034105028 |
| County | Lorain |
| Property Type | CommercialSale |
| Attached Garage | false |
| Subdivision Name | Boardwalk & Park Pl |
| Status | Active |
| Directions | E Lake Rd. |
| ModificationTimestamp | 2026-07-10T13:05:15.023-00:00 |
| City | Sheffield |
| High School District | Sheffield-Sheffield - 4713 |
| Lot Size Units | Acres |
| Tax Annual Amount | 37165 |
| Living Area Units | SquareFeet |
| Standard Status | Active |
| Middle/Junior School District | Sheffield-Sheffield - 4713 |
| Elementary School District | Sheffield-Sheffield - 4713 |
| Year Built Source | PublicRecords |
| Property Sub Type Additional | Apartment |
| PostalCity | SHEFFIELD LAKE |
Exterior Features
| Parking Features | Outside,Paved |
|---|---|
| Water Source | Public |
| Lot Size Area | 0.77 |
| Number of Buildings | 2 |
| Lot Size Acres | 0.77 |
| Lot Size Source | Assessor |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Single Family Average in 44054
Price
Taxes
Year Built
© MLS Now, INC - Northern Ohio Regional Multiple Listing Service All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this
