13375 Madison Avenue, Cleveland, OH 44107

Property Description

Located in the heart of Lakewood’s Madison Avenue corridor with excellent visibility, walkability, and access to retail, dining, and transit, this corner property offers immediate income with meaningful upside for future NOI growth. Savvy buyers will recognize this well-maintained mixed-use brick building as a compelling blend of retail and residential income in one of Lakewood’s most desirable areas. The property totals approximately 8,262 square feet and includes two street-level storefronts with four residential units, providing both stability and upside for an investor or owner-operator. The storefronts are currently combined, creating a flexible retail footprint, yet each retains its own half bath and separate basement storage, allowing for easy re-division if desired. Cosmetic improvements include paint, drywall patching, caulking, and floor work, making the spaces suitable for future tenant occupancy. Above the storefronts are two two-bedroom apartments facing Madison Avenue, while the rear of the building features two large one-bedroom apartments, stacked one above the other. The residential units present an opportunity for renovation, allowing a new owner to modernize finishes and layouts in support of their rental strategy and long-term income goals. Recent improvements include a newer furnace and air conditioning unit, select electrical upgrades completed in 2023 and 2024, and exterior painting completed in 2022, with additional perimeter caulking performed in 2024–2025. Rents are month-to-month and currently below market, as the owner has occupied the storefronts and provided discounted residential rent to shop personnel, creating a clear opportunity to increase income through new leases and unit improvements. The property is priced to sell in as-is condition, allowing investors the flexibility to make improvements according to their own business model, budget, and return objectives, and to unlock the asset’s full income potential.