1548 Lakewood Avenue Lakewood, OH 44107
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.
- Property TypeMulti-Family
- NeighborhoodW H Humiston E A Wehrman & M S
- CountyCuyahoga
- Taxes$4,018
- HOA/Condo/Coop Fees$0
- Days on Site8 Days
- MLS StatusActive
- MLS ID Number5073543
- Home Size Source Owner
- Year Built1914
- Lot Size0.1113 Acres
- Full Baths2
- Partial BathsN/A
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General Features
- Construction Frame
- Parking On SiteOff StreetPavedParking PadSide By Side
- Sewer Public Sewer
- Basement FullUnfinished
- Number of Stories 22
- Acreage 0.1113
- Water Public
- Security Smoke Detector(s)
- Property Sub Type Duplex
- Garage Spaces 0
- Attached Garage No
- Listing Conditions Standard
- Direction Faces Northeast
Interior Features
- Cooling Central AirWindow Units
- Heating Forced AirGasHot WaterSteam
- Appliances DryerDishwasherMicrowaveRangeRefrigeratorWasher
- Interior Eat In Kitchen
- Laundry Features In Basement
Exterior Features
- Roof AsphaltShingle
- Fencing Chain LinkFullWood
- Waterfront Property No
- Exterior BalconyPrivate Yard
- Lot Corner Lot
- Patio And Porch Balcony
Community Features
- Township Lakewood
- Community Features SuburbanSidewalks
- Security Features Smoke Detector(s)