localrealestateonline.com Search Results

$5,650,000

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.

5142806 MLS

2069 Hubbard Road, Madison

Listing Courtesy of: Tal Tamir, tal@premierclevelandinvesting.com With Russell Real Estate Services

Selling Office: Non-Member.

$550,000

The Chapel Road Estate offers numerous possibilities! This gorgeous estate begins with a 3 bed/2.5 bath Main House boasting an open concept allowing lots of natural sunlight. The large kitchen has plenty of prep/storage space and newer appliances. The beautiful Great Rm/Dining Rm boasts a wood burning FP and rustic beamed, cathedral ceilings. Spacious 1st floor owner’s suite includes full bath and walk-in closet. Enclosed, wrap around porch w/spa off the owner’s suite. 1st floor laundry. Upstairs are 2 bedrooms and a full bath. Now for the Carriage House: offering a 1,074 sq ft, furnished, 2 bedroom/1 full bath apartment located over the 3 or 4-car detached garage, complete with a full kitchen, stairlift, sunroom, partially covered deck, patio/courtyard area and laundry/storage room. It could be used as an in-law suite, teen or guest suite. Or you could live in the main house and use it as a rental unit, Airbnb, or possibly a Bed & Breakfast for additional income. Buyer to do their own due diligence to investigate these income possibilities. This home and all it has to offer is located just one mile from the shores of Lake Erie and close enough to all of the city amenities yet secluded enough to enjoy the quiet life in its rural setting. The 6.82 acre flat lot is partially cleared/partially wooded. There is a 1600 sq ft, heated and cooled pole barn for the car enthusiast, with a finished workroom. The Greenhouse was completely renovated when the property was purchased in 2019 from an overgrown mess into a thriving greenhouse where hundreds of vegetables have been harvested over the past 4 years. The property's exterior features several HUGE and colorful Rhododendron bushes and a plethora of other plantings *See Supplements* There is also a covered pavilion for RV or large boat storage. If you’re looking for a quiet, peaceful living environment with income or in-law suite potential, this is the place for you! Pre-approved buyers will only be approved for showings.

5 Beds ⋅ 4 Baths ⋅ 5078849 MLS

6834 Chapel Road, Madison

Listing Courtesy of: Wendy Priscak, wendy.priscak8914@gmail.com With HomeSmart Real Estate Momentum LLC

Selling Office: Howard Hanna.