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
Year Built 1920
Annual Tax Amount $7,786
Tax Year 2023
Lot Size 5,702 Sqft
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
Interior
Heating Hot Water,Steam
Cooling Window Unit(s)
Exterior
Garage Asphalt,Concrete,On Site,Parking Lot
Building
Story 3
Sewer Public Sewer
Water Public
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Special Listing Condition Standard