Skip to main content
Back to Search Results
|

16808 Madison Avenue, Lakewood, OH 44107

Show All 12 Photos
For Sale
Sale Pending

$999,000

0.13 acres

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Other Residential
    Property type

  • 0.1 acres
    Lot size

  • Over 50 Years Old
    Age

  • Basement
    Rooms

Explore this Property

Looking for a prime investment property with exceptional cash flow? This building delivers on all fronts. Over the past eight years, the building has been extensively renovated, including a new roof, heating, plumbing, and electrical systems. Plus, each unit is thoughtfully updated, down to the studs, to enhance tenant satisfaction and retention, resulting in a fully occupied building with a stable and predictable income stream. Lakewood's rental demand is rising, further strengthening this property's occupancy and cash flow potential. The building includes three one-bedroom and five two-bedroom units. With rental rates in Lakewood reaching as high as $900-$1,100 for single bed units and $1,400-$1,600 for two bedrooms, this configuration provides a potential monthly income of $8,500 to $10,000 plus, translating to an annual income of $102,600 to $120,000 or more. With a sale price of $999,000, investors can expect a cap rate of 5-8%, a highly competitive return for the Lakewood market. Located in the desirable western end of Lakewood, this property offers convenient walkable access to neighborhood eateries, shopping, the Metroparks, and bike-friendly streets, making it a highly appealing location for tenants. Additionally, the building features eight off-street parking spaces behind the building-an invaluable amenity in this urban-suburban setting. As rental rates continue to climb, this property is strategically positioned to yield consistent cash flow and long-term appreciation. For investors seeking a stable, income-generating asset in a high-demand area, this turnkey property represents a rare opportunity. Combining modern upgrades, solid tenant retention, and an attractive cap rate, this property is ideal for those looking to secure a well-maintained asset poised for future growth and long-term wealth building.
MLS# 5074653

Courtesy Of Greater Cleveland

(216) 839-5500

Property Features

  • Age
    Over 50 Years Old
  • Heating System
    Steam
  • Lot Size
    0.13 Acres
  • Rooms
    Basement

Map and Directions

Directions to 16808 Madison Avenue, Lakewood, OH 44107

Home seller CENTURY 21 HomeStar

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 HomeStar

(440) 449-9100
Learn More About Us

Mortgage Calculator

$
$ %
Loan Term
%
Invalid number

$ /year
$ /year
$ /month

Monthly Payment Breakdown

  • Principle and Interest
    $0
  • Property Taxes
    $0
  • Hazard Insurance
    $0
  • Private Mortgage Insurance
    $0
  • HOA Dues
    $0
  • Total Monthly Payment:
    $0

Calculators provided for estimating purposes only. Consult with your lender to determine precise payment requirements.

An Equal Opportunity Company

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. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Data powered by Attom Data Solutions. Copyright© 2025. Information deemed reliable but not guaranteed.

This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person's eligibility to attend a school or to use or benefit from other city, town or local services.

† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

Loading