13322 Madison Ave - Apartments FOR SALE


Lakewood, OH 44107
$1,180,000 USD
216-298-3471
13322 Madison Ave, Lakewood, OH for Sale
$1,180,000 USD
Apartments - FOR SALE
1/13
null | Request Cap Rate

13322 Madison Ave
Lakewood, OH 44107


HIGHLIGHTS

  • 10 Units / 2 Retail Spaces
  • Average Retail In-Place Rent: $1,568
  • Occupancy 100%
  • Parking 6 Reserved Spaces
  • Public Transit at Front Door

OVERVIEW

This Madison Mixed-Use building is in the heart of Lakewood’s super-hot Birdtown Neighborhood. Listed on the National Register of Historic Places, this neighborhood on the east end of Lakewood has seen unprecedented growth in the past 10 years. Breweries, coffee shops, high-end retail and of course the anchor of it all, Mahall’s continue to attract residents looking for safe, convenient and hip places to call home. The building boasts ten, 1 bedroom units that offer residents fantastic views in all directions of both the Lakewood and Cleveland skylines. Rents are more than $100 under market, leaving new ownership room to add value and bump rents as the neighborhood continues to mature. Individual furnaces for each unit, allowing the landlord to pass along gas and heating bills to tenants. The two retail  spaces are both occupied, but present endless opportunities to drive rents through amenity-focused retailers like fitness or dining.

FOR SALE DETAILS

PRICE

$1,180,000 USD

PRICE/SF

$108 USD /SF

# OF UNITS

12

PRICE/UNIT

$98,333

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1951

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,098 SF

ZONING

-

APN/PARCEL ID

315-06-019

ASK ABOUT THIS PROPERTY

Peter GrealisColliersMore Info
216-298-3471

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Peter GrealisColliersMore Info
216-298-3471

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