16812 Madison Ave 11 Unit Apartment Building $850,000 ($77,273/Unit) 6.56% Cap Rate Lakewood, OH 44107

The property is being offered at a 6.5% 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 increasing rents toward the $131,340 potential income level.
Stable Asset Class: All 1-bedroom units cater to a consistent renter demographic.
Proven Cash Flow: Strong in-place NOI of $55,772.
The rent roll was utilized to determine the property's valuation. Additionally, approximately 60% of the leases are structured as one-year terms, while the remaining 40% are month-to-month. One Section 8 tenant. The average monthly rent is $842.50.
The property taxes are $19,033 per year, down from $25,284, effective April 2026.
The washer and dryer are owned by the seller and will remain with the property. Some owner financing available.
Solid Construction: A brick building (built in 1923) offers long-term durability and lower maintenance costs. All units feature private balconies.
Operational Efficiency: The central heating system simplifies management and expense control.
Urban Rental Appeal: Street parking and compact unit mix support strong tenant demand.