1548 Lakewood AVE Pending Save Request In-Person Tour Request Virtual Tour
Lakewood,OH 44107
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Pending
Purchase Type For Sale
Subdivision W H Humiston E A Wehrman & M S
MLS Listing ID 5073533
Year Built 1914
Annual Tax Amount $4,018
Tax Year 2023
Lot Size 4,848 Sqft
Property 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.
Location
State OH
County Cuyahoga
Interior
Heating Forced Air,Gas,Hot Water,Steam
Cooling Central Air,Window Unit(s)
Exterior
Garage On Site,Off Street,Paved,Parking Pad,Side By Side
Fence Chain Link,Full,Gate,Wood
Waterfront No
Roof Type Asphalt,Shingle
Building
Foundation Basement
Sewer Public Sewer
Water Public
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Acceptable Financing Cash,Other,Private Financing Available
Listing Terms Cash,Other,Private Financing Available
Special Listing Condition Standard