14818 Hilliard Rd Lakewood, OH 44107
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 14818 Hilliard Rd
- Year built
- 1926
- Property type
- Apartment buildings
Description
This exceptional five-unit apartment building, located at 14818 Hilliard Rd in Lakewood, Ohio (APN 314-05-107), presents a compelling investment opportunity. The property, a beautifully maintained Greek Revival style building, boasts a total of 5,916 net rentable square feet across three stories. Constructed in 1926 and extensively renovated between 2020 and 2021, this Class B multifamily property offers a blend of historical charm and modern updates. Currently operating at 100% occupancy (as of January 1st, 2024), the building generates a strong pro-forma NOI of $66,500, resulting in an attractive pro-forma cap rate of 9.57%. The asking price is $695,000, translating to $139,000 per unit. Situated on a 5,000 square foot lot, the property is zoned for multifamily use and includes one additional parking pad. This stabilized investment is offered by a private seller and represents a rare chance to acquire a well-maintained, high-performing multifamily asset in a desirable Lakewood location. The property's strong performance, combined with its prime location and recent renovations, makes it an ideal addition to any investor's portfolio. Serious inquiries are encouraged.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lakewood
- County
- Cuyahoga
- State
- Ohio
- Longitude
- -81.8006
- Latitude
- 41.482
