Description

We are pleased to present this opportunity. Downtown Willoughby Investment is a multifamily property with ground-floor commercial space at 4126 Erie Street in Willoughby, OH. Residential and commercial tenancy give an investor distinct sources of income within a single downtown property.

Residential apartments occupy the upper floors, while a law firm and a retail user lease the ground-floor commercial spaces. That mix places everyday residential use alongside storefront tenancy without making the investment dependent on one tenant type. The property is fully leased, and the residential rents are below market, creating a rent-growth opportunity alongside existing income. Rear on-site parking also serves the property in a downtown setting where parking is a useful amenity for residents and commercial occupants alike.

The property sits on Erie Street in the heart of Downtown Willoughby’s primary retail corridor, steps from restaurants, bars and shops. That walkable setting gives residents nearby dining and shopping choices while placing the commercial spaces among other downtown businesses. For an investor, the location connects the apartment and storefront components to the same active street environment. The Erie Street position also gives the commercial tenants visibility within the retail corridor.

The asking price is $1,799,000, or $122 PSF, with $126,361 in net operating income and a 7.02% cap rate. Those figures frame an acquisition supported by current income, while the below-market residential rents identify a separate path for growth. The combination of leased commercial space, apartments and rear parking gives a buyer multiple aspects of the property to manage within one downtown investment.