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).
Development opportunity on 2.13 acres of commercially zoned land in Madison, Ohio. Property sites high for great visibility. Previous occupied for an insurance agency, this old farmhouse can be either be razed for a new development or a true fixer upper for office or a residential dwelling. With over 300 feet of frontage, this property is ideal for all retail, commercial uses including restaurant with a drive thru, fast food, gas stations, or medical office. Municipal water (Lake County), electric (Illuminating Company), gas (Enbridge Gas), and Spectrum is available to the site. Septic is available on property. Please call for all showings.
Development site available that includes 17.9 acres of land on the north side of North Ridge Road (Rt. 20) in Madison, Ohio. Previous use included used car business. Two parcels included in sale with 400' of frontage of North Ridge Road. Large parcel is approximately 2,000' deep. Current zoning is mixed with B-2 (Regional Business) approximately 500' deep and A-1 (Agricultural) to the north. Multiple uses are allowed for the commercial zoned section that include restaurants, fast food, office, and retail. A large pond sits on the northern part of the site. Municipal water (Aqua Ohio), electric (Illuminating Company), gas (Enbridge Gas), and Spectrum is available to the site. A septic system is on site. Please call for all tours.
1,250 SF free-standing retail building formerly Domino's in the heart of Madison Village. Ample parking with approximately 15 spots, great visibility for business.
22,488 SQ' of Flex Space on 6.108 acres in the Cleveland Sub-Market of Madison, OH. Consisting of two high quality, well-maintained buildings featuring 16 ft ceilings, a total of 9 overhead doors, and ample exterior storage. The property houses a blend of heavy commercial, retail, and office space. Fully leased with long-term tenants, there remains room for expansion, promising additional revenue streams. Strategically located with 272.7 ft.+/- frontage on North Ridge Rd (US RT 20), the property benefits from high traffic volumes, guaranteeing excellent visibility. Close proximity to a rapidly developing area near War-Mart Supercenter. This property is ideal for investors looking for a stable income stream and potential for growth in a thriving market. Please use the Virtual Tour link to see the video for a great overview of the property.
High visibility three unit retail on corner lot. Traffic tells the story here. Major east/ west corridor and local north to south traffic daily. Madison continues to grow. All tenants on leases. The Anchor tenant at this building is long-term, with upcoming renewal. Major renovation brought this building to the next level. Convenient parking on two sides. Tenants pay most of their utilities.
Madison is located in Ohio. Madison, Ohio has a population of 3,396. Madison is more family-centric than the surrounding county with 37.54% of the households containing married families with children. The county average for households married with children is 26.8%.
The median household income in Madison, Ohio is $77,000. The median household income for the surrounding county is $70,168 compared to the national median of $69,021. The median age of people living in Madison is 44.9 years.
The average high temperature in July is 80.4 degrees, with an average low temperature in January of 20.3 degrees. The average rainfall is approximately 38.8 inches per year, with 70.1 inches of snow per year.
