$6,600,000
bedrooms
0
bathrooms
0
square feet
0
Acreage
11.5483
Open Houses
-
year built
1980
Full Baths
0
Half Baths
0
Fantastic opportunity to purchase a portfolio of 62 apartment units located east of Cleveland, in Madison, OH! This deal is ideal for the investor seeking a stabilized asset with the potential to add value and force appreciation through strategic initiatives. These apartments offer an opportunity to own a significant portion of the local rental stock, giving the buyer more control over rents and benefiting from a high historical occupancy rate. With a median income over $87,000 annually in the area, a buyer can renovate units to their liking and charge premium rents for a clean, updated product. Madison sits on Lake Erie and is just a 40-minute drive to downtown Cleveland, 20 minutes to Mentor, and 15 minutes to Painesville, offering plenty of nearby entertainment and employment options.
The portfolio consists of 4 properties, all within one mile of each other, making management easy. A current property manager is in place, handling maintenance and leasing, and is willing to stay on, offering a turnkey operation. Around 29 of the 62 units have been renovated with new vinyl plank flooring, carpeting, kitchen and bathroom updates, light fixtures, and appliances. There are still several units available for renovation to achieve premium rents.
The portfolio offers an attractive unit mix: (44) 3-bedroom units, some with 1.5 bathrooms, and (18) 2-bedroom units, some also with 1.5 bathrooms. Many units include amenities such as townhome-style floor plans, dishwashers, utility rooms, and decks. Pro Forma rents for 3-bedroom units can easily exceed $1,250 and $1,050 for 2-bedroom units, potentially generating over $72,000 in monthly income. Additional income streams from utility and pet fees are also available. At a 7% cap rate and based on historical, stabilized expenses, the pro forma value could exceed $8M+. Tenants pay gas, electric, and water (for 6 separately metered units).
| Location | |
| Subdivision | Cowles Lake |
| County | Lake |
| Elementary School | - |
| Middle School | - |
| High School | - |
Open houses
Find out more
Tell us who you are, and we will have someone reach out to you.
MLS number: 5093106
Listing agent:
Tal Tamir
#2018001908
Listing broker:
Russell Real Estate Services
(440) 268-9491
Copyright © 2025 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
[source]
Last update: Wednesday, January 15 2025 at 3:19 a.m. EST
Kotohomes National