50
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$399,000
Est. payment /mo
3,598 Sqft Lot
New
13375 Madison AVE Cleveland, OH 44107
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Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Subdivision Home Companys Sub #1
MLS Listing ID 5180599
HOA Y/N No
Year Built 1922
Annual Tax Amount $9,943
Tax Year 2025
Lot Size 3,598 Sqft
Acres 0.0826
Property Sub-Type Retail
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.
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.
Location
State OH
County Cuyahoga
Rooms
Basement Unfinished
Interior
Heating Forced Air
Cooling Central Air
Fireplace No
Exterior
Parking Features None
Water Access Desc Public
Roof Type Built-Up,Membrane
Present Use Retail
Building
Foundation Basement
Sewer Public Sewer
Water Public
Schools
School District Lakewood Csd (Cuyahoga)- 1817
Others
Tax ID 315-18-006
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Listed by Scott Carpenter • Keller Williams Greater Metropolitan • scottcarpenters@kw.com, 216-616-7898
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