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    16808 Madison Ave Lakewood, OH 44107

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    16808 Madison Ave Lakewood, OH 44107

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    • Apartment buildings
    • 7,527 SF
    • 0.13 lot acres
    For Sale
    $999,000
    View Listing →
    Lakewood Apartment Building Investment For Sale
    $999,000
    7,527 SF

    Lakewood Apartment Building Investment

    High-Yield, Turnkey Apartment Complex

    Cleveland, OH 44107
    View Listing
    Property ID
    US66-0441968
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 16808 Madison Ave

    Year built
    1920
    Lot size
    0.13 lot acres
    Property size
    7,527 SF
    Property type
    Apartment buildings

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lakewood
    County
    Cuyahoga
    State
    Ohio
    Longitude
    -81.81429
    Latitude
    41.47771

    Comparable in this City

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      Lakewood Triplex: Investment Opportunity

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      Lakewood Lakefront Multifamily Investment

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      Lakewood Multifamily Property with Garages

      Well-maintained 12-unit building in desirable Lakewood location.
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      Lakewood Multifamily Investment Opportunity

      Remodeled, fully occupied multifamily property in a desirable Lakewood location.
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      Lakewood Duplex: Investment Opportunity

      Well-maintained Lakewood duplex with updated units and reliable income.
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      Lakewood Triplex: Investment Opportunity

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    Similar Nearby for Lease

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      934 SF

      Office Space in Lakewood, OH

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      Renovated Mixed-Use Property For Rent

      Three-building site suitable for retail, office, or restaurant use.
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      Lakewood Mixed-Use Redevelopment Space

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      Lakewood Office Space For Rent

      Eclectic office space in historical building, utilities included.
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      Downtown Lakewood Office and Retail

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      Lakewood Office Space Available

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    16808 Madison Ave
    Lakewood, OH 44107
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    16808 Madison Ave, Lakewood, OH, 44107

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