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    16808 Madison Ave Lakewood, OH 44107

    For Sale
    $999,000

    High-Yield, Turnkey Apartment Complex

    Property size:
    7,527 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    315
    This exceptional eight-unit apartment building in Lakewood, OH, presents a compelling investment opportunity. Boasting 7,527 square feet on a 0.13-acre lot, the property includes three one-bedroom and five two-bedroom units, all extensively renovated within the last eight years. Upgrades encompass a new roof, heating, plumbing, and electrical systems, ensuring efficient operation and reduced maintenance costs. Each unit has been thoughtfully updated, resulting in a fully occupied building with a stable income stream. Current rental rates in the area range from $900-$1,100 for one-bedroom units and $1,400-$1,600 for two-bedroom units, projecting a potential gross annual income of $102,600 to $120,000 or more. The property's prime location in the desirable western end of Lakewood offers convenient access to local amenities, including restaurants, shops, Metroparks, and bike paths, enhancing tenant appeal. Eight off-street parking spaces provide an additional valuable amenity. With a sale price of $999,000, this turnkey property offers a projected cap rate of 5-8%, representing a highly competitive return in the Lakewood market. The strong rental demand and recent renovations position this asset for consistent cash flow and long-term appreciation, making it an ideal investment for those seeking a stable, income-generating property in a high-demand area.

    Property Features for 16808 Madison Ave

    General Information

    Property type
    Residential income properties
    Square Feet
    7,527 SF
    Lot Size
    5,663 SF

    Building Details

    Year Built
    1920
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.81429
    Latitude
    41.47771

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    FAQs

    What type of property is this?
    Residential income property - High-Yield, Turnkey Apartment Complex
    Where is this residential income property located?
    The property is located at 16808 Madison Ave Lakewood, OH.
    What is the asking price?
    The asking price for this property is $999,000.
    (216) 839-5500
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    16808 Madison Ave Lakewood, OH 44107
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    Lakewood, OH 44107
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    16808 Madison Ave Lakewood, OH 44107
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