See all 50 photos
50 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$6,600,000
Est. payment /mo
11.55 Acres Lot
UPDATED:
01/14/2025 08:00 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Cowles Lake
MLS Listing ID 5093106
HOA Y/N No
Year Built 1980
Annual Tax Amount $69,999
Tax Year 2023
Lot Size 11.548 Acres
Acres 11.5483
Property Description
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).
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
State OH
County Lake
Interior
Heating Forced Air
Fireplace No
Exterior
Parking Features Paved
Water Access Desc Public
Present Use Multi-Family,Residential
Building
Sewer Public Sewer
Water Public
Schools
School District Madison Lsd Lake- 4303
Others
Tax ID 01-B-096-0-00-011-0
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Read Less Info
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687