12-Unit Brick Apartment
For Sale
$975,000
13389 Madison Avenue, Lakewood, OH 44107
The building includes a full basement and a mix of one-bedroom apartments and efficiencies.
Property Size6,208 SF
Price / SF$157.06
Days on Market38
Property Features for 13389 Madison Avenue
General Information
Standard status
Active
Size
6,208 SF
Property subtype
Apartment
Units
Unit Mix
10 x 1BR, 2 x efficiency
Multifamily Units
12
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$16,120
Building Details
Building Size
6,208 SF
Year Built
1923
Buildings
1
Construction
brick
Listing Agency:
Life Stages Realty LLC
Listed By:
Nicolette Kuebeler · License #2022002552
(330) 322-3637
Source:
Lifestagesrealty
Added: Sep 22
Changed: Oct 26
Last Checked: Oct 26 at 3:45PM
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 Life Stages Realty LLC
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Investment Insights
Based on property information with market context.
This 1923 brick apartment building contains 12 units: 10 one-bedroom apartments and two efficiencies. A full basement is part of the property, which totals 6,208 square feet.
Situated on Madison Avenue in Lakewood, the building is near dining, shopping and public transit.
Situated on Madison Avenue in Lakewood, the building is near dining, shopping and public transit.
Key Highlights
- 12 apartments in a brick building
- Unit mix includes 10 one‑bedroom apartments and two efficiencies
- Full basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,368
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,227,360
$1.2M
Cap Rate 7%
$876,686
$876.7K
Cap Rate 9%
$681,867
$681.9K
Market Conditions
NOI Build-Up for 6,208 SF
Gross rent
$118.4K $19.08/SF
− Vacancy
−$6.9K −$1.11/SF
EGI
$111.6K $17.97/SF
− OpEx
−$50.2K −$8.09/SF
NOI
$61.4K $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 Rate 5%
$1,227,360
Cap Rate 7%
$876,686
Cap Rate 9%
$681,867
Alternative Uses
Best Use
Apartment 5plus
$876.7K
$767.1K – $1.02M
NOI $61,368 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.97M
$4.35M – $5.80M
NOI $348,188 @ 7.0% cap · market cap 35.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
785
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - The building includes a full basement and a mix of one-bedroom apartments and efficiencies.
Where is this apartment building located?
The property is located at 13389 Madison Avenue Lakewood, OH.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 12 apartments in a brick building; Unit mix includes 10 one‑bedroom apartments and two efficiencies; Full basement
