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$325,000

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4,848 Sqft Lot

Pending

1548 Lakewood AVE Lakewood, OH 44107

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William Mehl

billmehl6186@gmail.com +1(412) 877-9945

UPDATED:

10/21/2024 12:20 PM

Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Pending

Purchase Type For Sale

Subdivision W H Humiston E A Wehrman & M S

MLS Listing ID 5073533

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1914

Annual Tax Amount $4,018

Tax Year 2023

Lot Size 4,848 Sqft

Acres 0.1113

Property Description

Welcome to 1548 Lakewood Avenue, a unique mixed use property in the highly desirable suburb of Lakewood. Opportunity awaits any savvy investor or business owner in this renovated multi unit property. Located on a primarily residential block between the businesses, storefronts, shopping, restaurants and nightlife on Madison and Detroit and easily accessible to the main traffic artery of W 117th St. at the border of Lakewood and Cleveland. The second floor of this multi unit property is currently home to a fully operating airbnb rental grossing an average of $2500 per month (up to $4K in summer months). This three bedroom unit includes the finished third floor and is fully furnished (all included) with a modern aesthetic, custom guardian mural and offers a large upper level balcony for renters to enjoy (deck, stairs and fence to be painted). The first floor unit was previously used as an office space at $1600 a month but has potential for several uses including a 3 bedroom long or short term rental. Long term market rent for the down unit - residential or office is around $1750-1850 while a short term rental is sure to bring in more. All office furnishings including desks, chairs tables, file cabinets, TV, printer and supplies included if desired. The building underwent a full renovation after the seller's purchase in 2017 including a full tear off and reroof. Other highlights include fully fenced yard, central air (down), large full basement with lots of room for storage, vinyl & glass block windows throughout, large off street parking area with room for at least 5 cars and all furnishings and appliances included in sale. Separate electric and gas meters for each unit. Mechanicals are newer / updated (excluding boiler) as well as flooring, paint & kitchen and bath remodels completed within the past 6-7 years. Opportunity is limited to walk into this type of cash flow potential and/or a brick and mortar business location in the booming market of Lakewood Ohio.

Location

State OH

County Cuyahoga

Rooms

Basement Full, Unfinished

Interior

Heating Forced Air, Gas, Hot Water, Steam

Cooling Central Air, Window Unit(s)

Fireplace No

Exterior

Garage On Site, Off Street, Paved, Parking Pad, Side By Side

Fence Chain Link, Full, Gate, Wood

Waterfront No

Water Access Desc Public

Roof Type Asphalt,Shingle

Present Use Commercial,Mixed Use,Office,Residential

Parking Type On Site, Off Street, Paved, Parking Pad, Side By Side

Total Parking Spaces 5

Building

Foundation Basement

Sewer Public Sewer

Water Public

Level or Stories Two

Construction Status Updated/Remodeled

Schools

School District Lakewood Csd (Cuyahoga)- 1817

Others

Tax ID 315-11-144

Acceptable Financing Cash, Other, Private Financing Available

Listing Terms Cash, Other, Private Financing Available

Special Listing Condition Standard

Listed by Rose Salopek • CENTURY 21 DePiero & Associates, Inc. • 440-842-7010 topc21ohioagent@aol.com

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William Mehl

License ID: C2012002205

+1(412) 877-9945

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William Mehl

1548 Lakewood AVE Lakewood, OH 44107

William Mehl

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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1548 Lakewood AVE