11-unit apartment building on 16812 Madison Ave., Lakewood
Multifamily | 7.16 % CAP | 11 Units
Marketing description
Phoenix9 Realty Inc presents a compelling opportunity to acquire a well-located 11-unit multifamily property at 16812 Madison Avenue, Lakewood, Ohio. This brick apartment building features 100% one-bedroom units and offers immediate cash flow with a reported 7.16 % cap rate and $60,894 net operating income. Investors will appreciate the property’s stable in-place income, strong occupancy history, and value-add potential through rent increases toward market levels. The current unit mix supports consistent renter demand, while durable brick construction, private balconies for every unit, and central heating enhance long-term appeal and operational efficiency. Additional upside exists through a laundry room currently out of service, creating an opportunity for added income. The roof has been silver coated in 2026. With approximately 60% one-year leases and 40% month-to-month leases, the asset offers both stability and flexibility. Located in sought-after Lakewood near shopping, neighborhood amenities, and public transportation, this property benefits from a strong urban rental market. An ideal opportunity for investors seeking dependable income today with meaningful upside tomorrow.
Investment highlights
- IMMEDIATE CASH FLOW - Strong in-place income, Net Operating Income: $60,894, Average Monthly Rent: $883
- VALUE-ADD OPPORTUNITY - Potential Gross Rental Income: Approximately $131,340, Two vacant units: One currently being rehabilitated, One rent-ready Date uncertain-occupancy, Opportunity to increase rents toward market levels, Laundry room currently inactive - additional income potential
- STABLE INVESTMENT - 11 One-Bedroom Apartments, One Section 8 tenant, Approximately 60% one-year leases, Approximately 40% month-to-month leases
- SELLER FINANCING - Some owner financing available for qualified purchasers
- DESIRABLE UNIT MIX - 100% One-Bedroom Apartments, Consistent renter demographic, Strong historical occupancy
- DURABLE BRICK CONSTRUCTION - Built in 1923, Attractive brick exterior, Private balconies for every apartment, Lower long-term maintenance costs
- EFFICIENT OPERATIONS - Central heating system, Seller-owned washer & dryer included, Laundry equipment currently out of service - upside income potential
- PRIME LAKEWOOD LOCATION - Heavy daytime foot traffic, Close to public transportation, Near shopping and neighborhood amenities, Strong urban rental market
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