2612 Pioneer TrlSandusky, OH 44870

For Sale
$1,800,000

36-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional investment opportunity presents a 36-unit apartment building located at 2612-2618 Pioneer Trail, Sandusky, OH 44870. The property, encompassing 30,213 square feet on a 1.05-acre lot, consists of two three-story buildings constructed in 1975. The complex offers a balanced mix of 1- and 2-bedroom units, each featuring mounted air conditioning and open-concept layouts. Upper units boast private exterior balconies. Currently fully occupied, the property generates a 7% cap rate with a projected 33% internal rate of return (IRR) and a 16% cash-on-cash return. Pro forma income is estimated at $338,000 annually, with potential for significant growth through value-add improvements. Estimated capital expenditures of $3,000-$5,000 per unit for kitchen upgrades, fresh paint, and flooring are projected to increase market rents to $715 for one-bedroom units and $850 for two-bedroom units. Each of the three identical sections within the two buildings includes owner-owned laundry facilities, newer shingled roofs, and well-maintained boilers. Additional amenities include ample parking and large grassy areas. The property's proximity to the Redwood development suggests future tenant quality growth and potential appreciation. Seller financing is available on a second lien for qualified buyers. The property's APN is 32-03405-000.

Highlights

  • $1,800,000 asking price for a 36-unit apartment building.
  • Multifamily property with 30,213 square feet.
  • 36 units in two, three-story buildings built in 1975.
  • Located on a 1.05-acre lot in Sandusky, OH (APN: 32-03405-000).
  • Currently fully occupied with a mix of one- and two-bedroom units, featuring amenities such as A/C units, open-concept layouts, and private balconies (upper units).

Property Details for 2612 Pioneer Trl

Property type
Multifamily properties, Apartment buildings
Square Feet
30,213 SF
Year Built
1975
Buildings
2
Stories
3
Lot Size (sq. ft)
45,738 SF
Units
36

Location Insight

City
Sandusky
County
Erie
State
Ohio
Latitude
41.430995542887
Longitude
-82.670205267133
2612 Pioneer Trl, Sandusky, Ohio

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2612 Pioneer Trl
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