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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

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.
More about this property
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