Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
1980
Sq.Footage
N/A
Fantastic opportunity to purchase a portfolio of 62 apartment units located east of Cleveland in Madison, OH! Ideal for investors seeking a stabilized asset with value-add potential to force appreciation through strategic upgrades. This portfolio offers ownership of a significant portion of the local rental stock, providing leverage to influence rents and maintain high occupancy. With median household income over $87K, buyers can renovate and command premium rents for clean, updated units. Madison’s prime location on Lake Erie, just 40 minutes from downtown Cleveland and minutes from Mentor and Painesville, provides ample nearby employment and entertainment options. The portfolio includes 4 properties, all within a mile, simplifying management. An experienced property manager currently handles maintenance and leasing and is open to staying on, offering turnkey operations. Roughly 35 of the 62 units have been updated with vinyl plank, carpet, kitchen/bath improvements, lighting, and appliances, while remaining units offer immediate upside through renovations. The attractive unit mix includes (44) 3-bed units (some with 1.5 baths) and (18) 2-bed units (some with 1.5 baths). Many units feature townhome layouts, dishwashers, utility rooms, and decks. Pro forma rents of $1,250+ for 3BRs and $1,050+ for 2BRs create potential for over $73K/month in gross income. Additional revenue possible via utility and pet fees. Based on a 7% cap rate and stabilized expenses, the pro forma value exceeds $8M. Tenants pay gas and electric for all units and water for 6 separately metered units.
Features & Amenities
Interior
-
Total Bedrooms
N/A
-
Bathrooms
N/A
-
Heating YN
YES
-
Heating
Forced Air
Exterior
-
Garage
No
-
Parking
Paved
-
Pool
No
Area & Lot
-
Lot Size(acres)
11.5483
-
Property Type
Commercial Sale
-
Property Sub Type
Apartment
Price
-
Sales Price
$6,200,000
-
Tax Amount
69999.0
-
Sq. Footage
N/A
-
Price/SqFt
N/A
HOA
-
Association
No
School District
-
Elementary School
Madison LSD Lake- 4303
-
Middle School
N/A
-
High School
N/A
Property Features
-
Sewer
Public Sewer
-
Water Source
Public
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Location
County
Lake
Elementary School
Madison LSD Lake- 4303
Middle School
High School
Listing Courtesy of Tal Tamir , Russell Real Estate Services
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