11-Unit Apartment
For Sale
$1,400,000
17001 Madison Ave, Lakewood, OH 44107
For sale apartment building with 11 units, offered as part of a three-property Lakewood portfolio.
Property Size12,800 SF
Days on Market43
Property Features for 17001 Madison Ave
General Information
Standard status
Active
Size
12,800 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
6.26%
Multifamily Units
11
Amenities
Being Offered in Conjunction with The McKinley and Lakeland Apartments – a Three Property Portfolio Consisting of Highly Renovated, Cash-Flowing Apartment Communities Located Within Half of a Mile
Over $300,000 ($30k/Unit) Invested into the Property Over the Last Four Years
Strong Historical Occupancy Averaging in the High 90s to 100 Percent
Walking Distance to Dozens of Bars, Restaurants, and Nightlife
One Mile from the Cleveland Metropark's Rocky River Reservation
Highly Desirable Buburban Location of Lakewood; Ranked #25 out of 6,805 Suburbs Nationwide for Young Professionals and is the Densest City Between NYC and Chicago
Less than Two Miles from Downtown Rocky River Featuring Whole Food's, Heinen's, First Watch, Rocky River Wine Bar, and a Plethora of Quaint Shoppes
Building Details
Building Size
12,800 SF
Units
11
Listed By:
Charlie Gagliano · License #License(s): OH: SAL.2015003104
(216) 264-2022
Source:
Marcusmillichap
Added: Jul 23
Changed: Aug 8
Last Checked: Sep 2 at 1:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Charlie Gagliano
Investment Insights
Based on property information with market context.
Marcus & Millichap is pleased to present an 11-unit apartment building at 17001 Madison Ave in Lakewood, Ohio. The property is being offered in conjunction with The Atkins and Lakeland Apartments as part of a three-property portfolio.
The current offering is listed for $1,400,000.
As presented, this is a multifamily residential income opportunity within a combined portfolio structure, with all units tied to the three-property package described in the materials.
The current offering is listed for $1,400,000.
As presented, this is a multifamily residential income opportunity within a combined portfolio structure, with all units tied to the three-property package described in the materials.
Key Highlights
- Apartment building for sale with 11 units
- Offered as part of The Atkins and Lakeland Apartments, a 3‑property Lakewood portfolio
- Lakewood, Ohio
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$126,532
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,530,640
$2.5M
Cap Rate 7%
$1,807,600
$1.8M
Cap Rate 9%
$1,405,911
$1.4M
Market Conditions
NOI Build-Up for 12,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$244.2K $19.08/SF
− Vacancy
−$14.2K −$1.11/SF
EGI
$230.1K $17.97/SF
− OpEx
−$103.5K −$8.09/SF
NOI
$126.5K $9.89/SF
Area
Cuyahoga County, OH
Vacancy
5.80%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,530,640
Cap Rate 7%
$1,807,600
Cap Rate 9%
$1,405,911
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,532 @ 7.0% cap · market cap 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$10.26M
$8.97M – $11.97M
NOI $717,914 @ 7.0% cap · market cap 51.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Explore this area
Business Placement
Demographics for 44107, OH
51,109
Population
29,101
Households
1.8
Avg Household Size
36
Median Age
54%
College-Educated
95%
High-School Grad
5.4 sq mi
ZIP Area
9,465
Density / Sq Mi
$65,778
Median Household Income
$49,285
Median Earnings
$1,011
Median Rent
$241,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - For sale apartment building with 11 units, offered as part of a three-property Lakewood portfolio.
Where is this apartment building located?
The property is located at 17001 Madison Ave Lakewood, OH.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Apartment building for sale with 11 units; Offered as part of The Atkins and Lakeland Apartments, a 3‑property Lakewood portfolio; Lakewood, Ohio
