13322 Madison Ave Lakewood, OH 44107-4871

Property Details for 13322 Madison Ave

Year built

1951

Construction

WOOD

Lot size

0.14 lot acres

Property size

10,080 SF

Zone code

C2

Property type

Warehouses

APN

315-06-019

APU

31506019

Description

This exceptional mixed-use property, located at 13322 Madison Ave in Lakewood, Ohio's vibrant Birdtown neighborhood, presents a compelling investment opportunity. The three-story, 1951-built building comprises twelve units: ten one-bedroom apartments and two retail spaces, all currently occupied at 100% occupancy. The apartments offer fantastic views of the Lakewood and Cleveland skylines. Average in-place rent for the apartments is $853, while the average in-place rent for the retail spaces is $1,568. Significant upside potential exists due to rents being below market value, allowing for future increases as the neighborhood continues its growth trajectory. Each apartment features an individual furnace, enabling the owner to pass along heating and gas costs to tenants. The convenient location offers easy access to public transportation. The property sits on a 0.139-acre lot and includes six parking spaces. The building is zoned for local retail, providing flexibility for future uses. The asking price is $1,180,000, representing a 7.50% cap rate. This property is a rare find in a highly sought-after location, offering a blend of residential and commercial income streams with substantial growth potential. The property's APN is 315-06-019. This is a turn-key opportunity in a thriving area.