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31996397
31996396

201 3rd St, Fairport Harbor, OH 44077

PG
OH BRK.2025001990
Grealis Group
Listed by Grealis Group
$1,500,000
120 days on market
Updated 39 days ago
Opportunity zone

The Suites at Fairport Harbor

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 10,239
Units 11
Cap Rate 7.32%
NOI $109,743
Pro-Forma Cap Rate 8.75%
Pro-Forma NOI $131,191
Price per SqFt $147
Broker Co-Op Yes
Year Built 1949
Year Renovated 2024
Buildings 1
Stories 2
Parking Spaces per key
Investment Type Value Add

Cash-flowing Short Term Rental

Marketing description

This fully renovated short-term rental property is located in the heart of downtown Fairport Harbor, Ohio, just steps from lighthouses and the beach. The property benefits from exceptional walkability, small-town charm, and proximity to Lake Erie, making it a highly desirable lodging option in a supply-constrained waterfront market.

The building has been thoughtfully updated with modernized suites while preserving its classic character, delivering a strong and repeatable guest experience. Its downtown location and beach access support consistent occupancy and durable pricing power across seasons.

The Suites @ Fairport Harbot present a unique opportunity for both seasoned operators and new entrants to the STR market. With stabilized performance, minimal operational friction, and an irreplaceable downtown location just steps from the beach, the asset combines immediate income with attractive long-term appreciation potential.

Investment highlights

• Turnkey short-term rental with proven operating history

• Stabilized RevPAN with clear upside as all units come fully online

• Freshly remodeled suites designed for efficient turnovers

• Self check-in via smart locks

• Free parking (one space per suite)

• Color-coded linens with extra pillows and blankets

• In-place professional cleaning vendor

Listing Contacts

PG
OH BRK.2025001990
Grealis Group
Listed by Grealis Group

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$109,743.00
$9,145.25/mo

Valuation Metrics

0
DSCR
7.32%
Cap Rate
7.32%
ROI

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Additional Information

Name
Peter Grealis
License
BRK.2025001990
Brokerage Phone
2162983471
Brokerage Address
574 Fordham Parkway
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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