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16812 Madison Ave
Lakewood, OH 44107
Multifamily Property For Sale
·
11 Units
Investment Highlights
- Desirable Unit Mix All 1-bedroom units, appealing to a broad and consistent renter demographic.
- Durable Brick Construction Built in 1923, featuring long-lasting brick exterior and classic structure with lower long-term maintenance needs.
- Heavy daytime foot traffic, close to public transportation, close to shopping
Executive Summary
The property is being offered at a 6.0% cap rate on in-place income, providing investors with immediate cash flow and the opportunity to achieve higher returns through continued rent growth toward market levels.
Value-Add Opportunity: Immediate upside from leasing the vacant unit and increasing rents toward the $124,740 potential income level
Stable Asset Class: All 1-bedroom units cater to a consistent renter demographic
Proven Cash Flow: Strong in-place NOI of $51,204
Some owner financing available
Solid Construction: Brick building (built 1923) offers long-term durability and lower maintenance costs
Operational Efficiency: The central heating system simplifies management and expense control
Urban Rental Appeal: Street parking and compact unit mix support strong tenant demand
Buyer Return Scenario (Financed Acquisition)
Assumptions
Purchase Price: $850,000
NOI: $51,204
Loan: 75% LTV
Loan Amount: $637,500
Interest Rate: 6.75%
Amortization: 30 years
Equity Investment: $212,500
Annual Debt Service
Estimated Annual Debt Service: ~$49,600
Cash Flow
NOI: $51,204
Debt Service: $49,600
Pre-Tax Cash Flow: ~$1,600
Investor Returns
Cash-on-Cash Return
212,5001,600?˜0.75%
Cash-on-Cash Return: ~0.75% (Year 1)
Debt Coverage Ratio (DSCR)
49,60051,204?˜1.03
DSCR: 1.03
Value-Add Opportunity: Immediate upside from leasing the vacant unit and increasing rents toward the $124,740 potential income level
Stable Asset Class: All 1-bedroom units cater to a consistent renter demographic
Proven Cash Flow: Strong in-place NOI of $51,204
Some owner financing available
Solid Construction: Brick building (built 1923) offers long-term durability and lower maintenance costs
Operational Efficiency: The central heating system simplifies management and expense control
Urban Rental Appeal: Street parking and compact unit mix support strong tenant demand
Buyer Return Scenario (Financed Acquisition)
Assumptions
Purchase Price: $850,000
NOI: $51,204
Loan: 75% LTV
Loan Amount: $637,500
Interest Rate: 6.75%
Amortization: 30 years
Equity Investment: $212,500
Annual Debt Service
Estimated Annual Debt Service: ~$49,600
Cash Flow
NOI: $51,204
Debt Service: $49,600
Pre-Tax Cash Flow: ~$1,600
Investor Returns
Cash-on-Cash Return
212,5001,600?˜0.75%
Cash-on-Cash Return: ~0.75% (Year 1)
Debt Coverage Ratio (DSCR)
49,60051,204?˜1.03
DSCR: 1.03
Property Facts
| Price Per Unit | $106,080 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.02% | Lot Size | 0.14 AC |
| Gross Rent Multiplier | 7.66 | Building Size | 9,213 SF |
| No. Units | 11 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1923 |
| Zoning | C1 - Commercial | ||
| Price Per Unit | $106,080 CAD |
| Sale Type | Investment |
| Cap Rate | 6.02% |
| Gross Rent Multiplier | 7.66 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 9,213 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1923 |
| Zoning | C1 - Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $1,153 CAD | - |
Property Taxes
| Parcel Number | 313-21-023 | Improvements Assessment | $331,685 CAD |
| Land Assessment | $18,017 CAD | Total Assessment | $349,702 CAD |
Property Taxes
Parcel Number
313-21-023
Land Assessment
$18,017 CAD
Improvements Assessment
$331,685 CAD
Total Assessment
$349,702 CAD
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