About Pioneer Lake Apartments
The Cushman & Wakefield Ohio Multifamily Advisory Group is pleased to present the exclusive listing of Lake Pioneer Apartments, a 68-unit lakefront apartment community located in Pioneer, Ohio. With demand for quality ‘workforce’ rental units in tertiary markets and the potential to upgrade a portion of interior units make Lake Pioneer Apartments an excellent investment opportunity. There is limited rental inventory and steady rent growth in the Pioneer market, and the property is located with easy access to I-80/I-90, retail & restaurants. These factors coupled with a strong surrounding ‘workforce’ demographic profile, have led to a stable historical property performance enabling a new owner to push rents moving forward..
1. HIGH DEMAND MARKET
Lack of ‘workforce’ housing in the area results in consistent 100% occupancy for Lake Pioneer Apartments. New owner will be able to push rents on a consistent basis along with ability to develop additional units on vacant land.
2 . EMPLOYMENT GROWTH
The asset is located 10 minutes away from I-80 / I-90 and 2 major employers, Menards Distribution Center and Wieland Chase employing over 1,600 along with numerous additional employment hubs nearby.
3 VALUE ADD OPPORTUNITY
Lake Pioneer Apartments is an excellent opportunity to acquire a value-add asset. New ownership, due to the lack of available rental product along with investing in a few capital improvements, and minimal interior upgrade, can expect to increase rents up to $100 per month.
4. WATER VIEWS
Majority of the units are located along a large private lake or the St. Joe river offering beautiful and secluded views of nature.