16808 Madison AVE new Save Request In-Person Tour Request Virtual Tour
Lakewood,OH 44107
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Mathew & Gilbert
MLS Listing ID 5074653
HOA Y/N No
Year Built 1920
Annual Tax Amount $7,786
Tax Year 2023
Lot Size 5,702 Sqft
Acres 0.1309
Property Description
Looking for a prime investment property with exceptional cash flow? This building delivers on all fronts. Over the past eight years, the building has been extensively renovated, including a new roof, heating, plumbing, and electrical systems. Plus, each unit is thoughtfully updated, down to the studs, to enhance tenant satisfaction and retention, resulting in a fully occupied building with a stable and predictable income stream. Lakewood’s rental demand is rising, further strengthening this property’s occupancy and cash flow potential.
The building includes three one-bedroom and five two-bedroom units. With rental rates in Lakewood reaching as high as $900-$1,100 for single bed units and $1,400-$1,600 for two bedrooms, this configuration provides a potential monthly income of $8,500 to $10,000 plus, translating to an annual income of $102,600 to $120,000 or more. With a sale price of $999,000, investors can expect a cap rate of 5-8%, a highly competitive return for the Lakewood market.
Located in the desirable western end of Lakewood, this property offers convenient walkable access to neighborhood eateries, shopping, the Metroparks, and bike-friendly streets, making it a highly appealing location for tenants. Additionally, the building features eight off-street parking spaces behind the building—an invaluable amenity in this urban-suburban setting.
As rental rates continue to climb, this property is strategically positioned to yield consistent cash flow and long-term appreciation. For investors seeking a stable, income-generating asset in a high-demand area, this turnkey property represents a rare opportunity. Combining modern upgrades, solid tenant retention, and an attractive cap rate, this property is ideal for those looking to secure a well-maintained asset poised for future growth and long-term wealth building.
Location
State OH
County Cuyahoga
Rooms
Basement Apartment
Interior
Heating Hot Water,Steam
Cooling Window Unit(s)
Fireplace No
Exterior
Garage Asphalt,Concrete,On Site,Parking Lot
Water Access Desc Public
Present Use Residential
Parking Type Asphalt,Concrete,On Site,Parking Lot
Total Parking Spaces 8
Building
Story 3
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Tax ID 313-21-022
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Special Listing Condition Standard