50
See all 50 photos
$6,200,000
Est. payment /mo
11.55 Acres Lot
New
2069 Hubbard RD Madison, OH 44057
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Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Cowles Lake
MLS Listing ID 5142806
HOA Y/N No
Year Built 1980
Annual Tax Amount $69,999
Tax Year 2024
Lot Size 11.548 Acres
Acres 11.5483
Property Sub-Type Apartment
Property Description
Fantastic opportunity to purchase a portfolio of 62 apartment units located east of Cleveland in Madison, OH! Ideal for investors seeking a stabilized asset with value-add potential to force appreciation through strategic upgrades. This portfolio offers ownership of a significant portion of the local rental stock, providing leverage to influence rents and maintain high occupancy. With median household income over $87K, buyers can renovate and command premium rents for clean, updated units. Madison's prime location on Lake Erie, just 40 minutes from downtown Cleveland and minutes from Mentor and Painesville, provides ample nearby employment and entertainment options.
The portfolio includes 4 properties, all within a mile, simplifying management. An experienced property manager currently handles maintenance and leasing and is open to staying on, offering turnkey operations. Roughly 35 of the 62 units have been updated with vinyl plank, carpet, kitchen/bath improvements, lighting, and appliances, while remaining units offer immediate upside through renovations.
The attractive unit mix includes (44) 3-bed units (some with 1.5 baths) and (18) 2-bed units (some with 1.5 baths). Many units feature townhome layouts, dishwashers, utility rooms, and decks. Pro forma rents of $1,250+ for 3BRs and $1,050+ for 2BRs create potential for over $73K/month in gross income. Additional revenue possible via utility and pet fees. Based on a 7% cap rate and stabilized expenses, the pro forma value exceeds $8M. Tenants pay gas and electric for all units and water for 6 separately metered units.
The portfolio includes 4 properties, all within a mile, simplifying management. An experienced property manager currently handles maintenance and leasing and is open to staying on, offering turnkey operations. Roughly 35 of the 62 units have been updated with vinyl plank, carpet, kitchen/bath improvements, lighting, and appliances, while remaining units offer immediate upside through renovations.
The attractive unit mix includes (44) 3-bed units (some with 1.5 baths) and (18) 2-bed units (some with 1.5 baths). Many units feature townhome layouts, dishwashers, utility rooms, and decks. Pro forma rents of $1,250+ for 3BRs and $1,050+ for 2BRs create potential for over $73K/month in gross income. Additional revenue possible via utility and pet fees. Based on a 7% cap rate and stabilized expenses, the pro forma value exceeds $8M. Tenants pay gas and electric for all units 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,Single Family
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
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com, 216-870-8687