17105 Madison Ave - Apartments FOR SALE


Lakewood, OH 44107
$1,500,000 USD
440-454-0756
17105 Madison Ave, Lakewood, OH for Sale
$1,500,000 USD
Apartments - FOR SALE
1/8
null | 8.31% Cap Rate

17105 Madison Ave
Lakewood, OH 44107


HIGHLIGHTS

  • 17105 Madison Avenue offers 10 oversized two-bedroom units and two spacious one-bedroom units.
  • This is a timeless investment asset opportunity in Lakewood's premier submarket.
  • Building features include a gable rood, a covered garage, and low expense load as there are separately-metered furnaces.
  • At the heart of Lakewood's Hilliard triangle, a stones throw from Ohio's renowned Rocky River Reservation.

OVERVIEW

Situated in the most sought-after sub-market of Lakewood, 17105 Madison is a well-maintained 12-suite property featuring a highly desirable unit mix (10 two-bedroom units), rare building features (gabled roof and covered garage), and a low operating cost structure (individually metered gas furnaces). The property is located within the Hilliard Triangle, directly across from the Rocky River Reservation, ensuring strong rental demand. There have been modern unit upgrades of granite countertops and modern bathroom vanities(one unit remains un-updated as a long-term legacy tenant has occupied it). There are low operating costs as tenants pay for both gas and electricity. Each unit enjoys its own garage space, with individual storage space on-premises. The on-site laundry is a significant value-add, as well as an additional source of income. High rental demand is seen via the demand-over-supply interests for rental opportunities, especially from March through October. This area has a high walk score and exceptional accessibility to local dining, boutiques, and amenities. This offering presents an attractive entry point at a competitive cap rate. It has significant potential for value enhancement by aligning legacy rents with current market rates and monetizing the remaining parking spaces. This investment-grade property is 100% turnkey and ready for its next owner.

FOR SALE DETAILS

PRICE

$1,500,000 USD

PRICE/SF

$151 USD /SF

# OF UNITS

12

PRICE/UNIT

$125,000

CAP RATE

8.31%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1959

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,461 SF

ZONING

R2

APN/PARCEL ID

313-09-005

ASK ABOUT THIS PROPERTY

Mark MoskwaHalstead Capital LLCMore Info
440-454-0756

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Mark MoskwaHalstead Capital LLCMore Info
440-454-0756

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.