1548 Lakewood Ave.
Lakewood, Ohio 44107, United States

MLS#: 5073543

$325,000 USD

Type
Multi Family
Bedrooms
6
Bathrooms
2
Home/Lot size
315m² (3,388ft²)
The details

Property features

Date Updated: Oct 4, 2024

Key features

2 stories

Construction details

Year built
1914
Roofing
Shingle-Asphalt
Style
2 stories

Area

Property size
315m² (3,388ft²)
Land/Lot size
445m² (0.11ac)
Bedrooms
6
Bathrooms
2
Total rooms
8
Cooling system
Window Unit(s)
Central AC
Heating system
Steam
Forced Air
Gas

Description

Welcome to 1548 Lakewood Avenue, a unique mixed use property in the highly desirable suburb of Lakewood. Opportunity awaits any savvy investor or business owner in this renovated multi unit property. Located on a primarily residential block between the businesses, storefronts, shopping, restaurants and nightlife on Madison and Detroit and easily accessible to the main traffic artery of W 117th St. at the border of Lakewood and Cleveland. The second floor of this multi unit property is currently home to a fully operating airbnb rental grossing an average of $2500 per month (up to $4K in summer months). This three bedroom unit includes the finished third floor and is fully furnished (all included) with a modern aesthetic, custom guardian mural and offers a large upper level balcony for renters to enjoy (deck, stairs and fence to be painted). The first floor unit was previously used as an office space at $1600 a month but has potential for several uses including a 3 bedroom long or short term rental. Long term market rent for the down unit - residential or office is around $1750-1850 while a short term rental is sure to bring in more. All office furnishings including desks, chairs tables, file cabinets, TV, printer and supplies included if desired. The building underwent a full renovation after the seller's purchase in 2017 including a full tear off and reroof. Other highlights include fully fenced yard, central air (down), large full basement with lots of room for storage, vinyl & glass block windows throughout, large off street parking area with room for at least 5 cars and all furnishings and appliances included in sale. Separate electric and gas meters for each unit. Mechanicals are newer / updated (excluding boiler) as well as flooring, paint & kitchen and bath remodels completed within the past 6-7 years. Opportunity is limited to walk into this type of cash flow potential and/or a brick and mortar business location in the booming market of Lakewood Ohio.

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Location

1548 Lakewood Ave., Lakewood, Ohio 44107, United States
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