Property Details:

• Property Type: Multi-Family
• Listing Type: Sale
• Year Built: 1963
• Building Size (SF): 38,560
• Square Feet Available: 38,560 SF
• Submarket: Lakewood/Westlake/Rocky River Area - NW-Z2
• County: Cuyahoga County

• General Information
  • Construction Status: Existing
• Size & Area
  • Building SF: 38,560
  • Land Size (Acres): 0.72
• Height & Structural Specs
  • # Floors: 5
• Zoning & Development
  • Parcel Number: 312-10-021

Property Description:

Cushman & Wakefield | CRESCO Real Estate is pleased to present this Offering Memorandum for Michael Towers, a 48-unit multifamily property located at 12050 Lake Avenue in Lakewood, Ohio. Situated in the highly desirable Gold Coast area—one of the most sought-after residential locations in the Cleveland market—the property benefits from premier physical advantages, including unobstructed Lake and City views. This prestigious positioning not only anchors the asset but also drives year-round rental demand from tenants seeking premium waterfront living with immediate access to local amenities. The unit mix includes 1-bedroom, 2-bedroom, and 3-bedroom layouts averaging 799 square feet, complemented by on-site parking, storage, and pet-friendly amenities. The property presents a compelling value-add opportunity to increase revenue by capturing a 13.6% loss-to-lease, bringing the average in-place rent up to the market average of $1,208 per unit. Supported by solid historical performance, the asset currently generates a trailing 12-month NOI of $325,608.

More Information:

• 12050 Lake Avenue Teaser.pdf

Listing Agents:

David Leb, CCIM

Max Ferguson