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13701 Madison Ave 6 Unit Apartment Building $808,238 CAD ($134,706 CAD/Unit) Lakewood, OH 44107
INVESTMENT HIGHLIGHTS
- Residential Rents: Range from $750–$907.50 with room to increase as leases renew. Units are just shy of 800 Sq ft and market rents AVERAGE $1000/ mo
- Current GOI: $61,268/ year
- Tenants pay electric and gas
- Recent NOI (T12): potential to push well over $45K with full occupancy and lease-up
- Unit Mix: 3x 2-bed, 1x 2-bed, 2x commercial storefronts
- Each unit has its own furnace and Hot water tank
EXECUTIVE SUMMARY
Value-Add Mixed-Use Opportunity in Prime Lakewood Location
6-unit mixed-use building featuring 4 residential units and 2 storefronts. Current gross income is $5,027/month with one residential vacancy, presenting immediate upside by leasing the final unit. Current NOI is approximately $31,200annually.
Key points:
Unit Mix: 3x 1-bed, 1x 2-bed, 2x commercial storefronts
Occupancy: 83.3% (5 of 6 units occupied)
Retail Rents: One storefront leased at $1,575; (2200 sq ft) the second at just $895 (825 sq ft)
Residential Rents: Range from $750–$907.50 with room to increase as leases renew. Units are just shy of 800 Sq ft and market rents AVERAGE $1000/ month
Current GOI: $61,268/ year
Recent NOI (T12): potential to push well over $45K with full occupancy and lease-up
Building Size: 6,078 SF on a 7,610 SF lot
Zoning: Retail with walk-up apartments (4970 use)
Year Built: 1922, solid brick construction, full basement
Parking: Approx. 3,000 SF paved lot in rear (per auditor), ideal for tenant parking or future use potential
Taxes: 12,165/ year
Located in the heart of Lakewood's Madison corridor—one of Cleveland’s hottest rental submarkets with strong rent growth and low vacancy.
Property is listed by Rick Tannenbaum.
6-unit mixed-use building featuring 4 residential units and 2 storefronts. Current gross income is $5,027/month with one residential vacancy, presenting immediate upside by leasing the final unit. Current NOI is approximately $31,200annually.
Key points:
Unit Mix: 3x 1-bed, 1x 2-bed, 2x commercial storefronts
Occupancy: 83.3% (5 of 6 units occupied)
Retail Rents: One storefront leased at $1,575; (2200 sq ft) the second at just $895 (825 sq ft)
Residential Rents: Range from $750–$907.50 with room to increase as leases renew. Units are just shy of 800 Sq ft and market rents AVERAGE $1000/ month
Current GOI: $61,268/ year
Recent NOI (T12): potential to push well over $45K with full occupancy and lease-up
Building Size: 6,078 SF on a 7,610 SF lot
Zoning: Retail with walk-up apartments (4970 use)
Year Built: 1922, solid brick construction, full basement
Parking: Approx. 3,000 SF paved lot in rear (per auditor), ideal for tenant parking or future use potential
Taxes: 12,165/ year
Located in the heart of Lakewood's Madison corridor—one of Cleveland’s hottest rental submarkets with strong rent growth and low vacancy.
Property is listed by Rick Tannenbaum.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS Under Contract
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
1 1
Walk Score®
Very Walkable (81)
PROPERTY TAXES
| Parcel Number | 315-16-004 | Improvements Assessment | $155,760 CAD |
| Land Assessment | $18,816 CAD | Total Assessment | $174,576 CAD |
PROPERTY TAXES
Parcel Number
315-16-004
Land Assessment
$18,816 CAD
Improvements Assessment
$155,760 CAD
Total Assessment
$174,576 CAD
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13701 Madison Ave
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