Offering Price: $2,800,000
Kenilworth Arms
Lakewood, OH
Offering Summary
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Address:
1352 Kenilworth Ave
Lakewood, OH 44107 - Units: 32
- Year Built: 1927
- Average Unit Size: +/- 650 SF
- Average In-Place Rent (/SF) $1,011 ($1.55/SF)
- Occupancy 87.5%
Investment Highlights
• Owned by out-of-town partnership and third-party managed
• All units and common areas renovated over last 18 months
• In-place rents currently $100+ below direct competitors
• Garage, carport, and surface parking provide a significant competitive advantage compared to the majority of Lakewood apartment communities
• Located in Lakewood, Ohio, the highest density city between NYC and Chicago and ranked #31 out of 6,805 qualifying suburbs nationally for young professionals to reside
• Walking distance to numerous bars and restaurants including some of Lakewood’s most iconic nightlife destinations such as Immigrant Son Brewery, Around the Corner Saloon, Georgetown Vosh, West End Tavern, and Lakewood Truck Park
• Within 7 minutes of Cleveland Clinic Lakewood Family Health Center (64,700 SF facility built in 2018), Lakewood Park featuring 31 acres of lakefront green space and the famed Solstice Steps, and Downtown Rocky River home to a plethora of upscale restaurants
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