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$1,000,000
Est. payment /mo
0.27 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Hiram M & C B Townsends Allot
MLS Listing ID 5226008
HOA Y/N No
Year Built 1916
Annual Tax Amount $9,937
Tax Year 2025
Lot Size 0.267 Acres
Acres 0.2672
Property Sub-Type Apartment
Property Description
Rare Lakewood Investment Opportunity! This exceptional multifamily offering features two fully occupied quadruplex buildings on a single parcel, providing investors with immediate cash flow in one of Northeast Ohio's most sought-after rental markets. Currently operating at 100% occupancy, the property generates an impressive $8,655 per month in gross rental income.
In addition to the eight residential units, the property includes a separate 4-car garage building with a substantial unfinished space above, presenting a compelling value-add opportunity. With the appropriate approvals, this expansive area offers the potential to create an additional 2-3 bedroom unit, allowing investors to further increase rental income and maximize returns.
Located in highly desirable Lakewood, tenants enjoy convenient access to shopping, dining, entertainment, schools, parks, and downtown Cleveland. Opportunities to acquire a stabilized, income producing asset with built in upside potential in this market are increasingly rare. Whether you're looking to expand your portfolio with a strong-performing asset or unlock additional value through adding a unit and increasing rents, this property offers the ideal combination of stable cash flow, prime location, and significant upside potential.
In addition to the eight residential units, the property includes a separate 4-car garage building with a substantial unfinished space above, presenting a compelling value-add opportunity. With the appropriate approvals, this expansive area offers the potential to create an additional 2-3 bedroom unit, allowing investors to further increase rental income and maximize returns.
Located in highly desirable Lakewood, tenants enjoy convenient access to shopping, dining, entertainment, schools, parks, and downtown Cleveland. Opportunities to acquire a stabilized, income producing asset with built in upside potential in this market are increasingly rare. Whether you're looking to expand your portfolio with a strong-performing asset or unlock additional value through adding a unit and increasing rents, this property offers the ideal combination of stable cash flow, prime location, and significant upside potential.
Location
State OH
County Cuyahoga
Rooms
Basement Full
Interior
Heating Forced Air
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Tax ID 315-14-040
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
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Listed by Armani Adames • RE/MAX Above & Beyond • adamesarmani.aa@gmail.com, 216-370-8550
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