16808 Madison Ave Lakewood, OH 44107

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.