$5,950,000/mo

2069 Hubbard Road, Madison, OH 44057

  • Property Icon Rental
  • Property Year Built Icon Built in 1980
  • Property Lot Size Icon11.55acre lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $——/sqft
  • Property List Date Icon Listed 3 months ago

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.

Listing Status:
Active
Listing Office:
Russell Real Estate Services : 440-201-9850
Listing Agent:
Tal Tamir : 216-870-8687
MLS ID:
5142806
  • Heating: Forced Air
  • Parking: Paved
  • Originating MLS: NOWDD_NORM
  • School District: Madison LSD Lake- 4303
  • County: Lake
  • Zoning: COWLES LOT TRACT 201-B-096-0-00-011-0
  • Current Use: Multi-FamilyResidentialSingle Family
  • Water: Public
  • Sewer: Public Sewer
  • Source: NOWDD_NORM

This listing courtesy of Tal Tamir, Russell Real Estate Services

Location

Schools Nearby

N

North Elementary School

1941 Red Bird Rd, Madison, OH, 44057

Grades KG-5

0.71 miles away

M

Madison Middle School

6079 Middle Ridge Rd, Madison, OH, 44057

Grades 6-8

2.28 miles away

M

Madison High School

3100 Burns Rd, Madison, OH, 44057

Grades 9-12

2.16 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.