2069 Hubbard Rd Madison, OH 44057

Property Details for 2069 Hubbard Rd

Year built

1980

Lot size

11.55 lot acres

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a portfolio of 62 apartment units situated in Madison, Ohio, a vibrant community conveniently located east of Cleveland. The portfolio comprises four properties within a one-mile radius, simplifying management and maximizing operational efficiency. Currently boasting a high occupancy rate, this stabilized asset offers immediate cash flow and significant upside potential. The portfolio includes a mix of 44 three-bedroom units and 18 two-bedroom units, many featuring desirable amenities such as townhome-style floor plans, dishwashers, utility rooms, and decks. Approximately 29 units have undergone recent renovations, including new flooring, updated kitchens and bathrooms, and modern fixtures and appliances. Further renovations of the remaining units present a clear path to increase rental income. Pro forma rents are projected to exceed $1,250 for three-bedroom units and $1,050 for two-bedroom units, potentially generating over $72,000 in monthly rental income. Additional income streams are anticipated from utility and pet fees. The property sits on 11.55 acres of land and benefits from a strong local economy, with a median annual income exceeding $87,000. Its proximity to Lake Erie, Cleveland, Mentor, and Painesville provides tenants with ample entertainment and employment options. A current property manager is in place and willing to continue, offering a turnkey operation. Tenants are responsible for gas, electric, and water (for 6 separately metered units). With a potential 7% cap rate and based on historical expenses, the pro forma value could surpass $8 million. This is an ideal acquisition for investors seeking a high-performing, multifamily asset with substantial growth prospects.