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Commercial Real Estate for Sale at 2069 Hubbard Road in Madison, OH for $6,200,000

Listing data last changed 08/07/2025 - 4:01am
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2069 Hubbard Road | Madison

$6,200,000 | 0.0 Sq. Ft.

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\u2019s prime location on Lake Erie, just 40 minutes from downtown Cleveland and minutes from Mentor and Painesville, provides ample nearby employment and entertainment options.\r\n\r\nThe 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.\r\n\r\nThe 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\u002B for 3BRs and $1,050\u002B 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. MLSNow 5142806 Directions to property: Located in close proximity to one another in Madison, OH

MLS Listing ID: 
MLSNow 5142806
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$6,200,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Apartment
Primary Market Area: 
Madison
Address: 
2069 Hubbard Road, Madison, OH 44057
County: 
Lake
Latitude: 
41.8170120
Longitude: 
-81.0470580
Directions: 
Located in close proximity to one another in Madison, OH
Public Remarks: 
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\u2019s prime location on Lake Erie, just 40 minutes from downtown Cleveland and minutes from Mentor and Painesville, provides ample nearby employment and entertainment options.\r\n\r\nThe 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.\r\n\r\nThe 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\u002B for 3BRs and $1,050\u002B 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.
Community Information
School District: 
Madison LSD Lake- 4303
Subdivision: 
Cowles Lake
Building Details
Details about the building on a property.
Year Built: 
1980
Living Area: 
0.0
Room Details
Details about the rooms in the building.
Total Bedrooms: 
0
Total Bathrooms: 
0
Total Full-Bathrooms: 
0
Total Half-Bathrooms: 
0
Total One-Quarter-Bathrooms: 
0
Total Three-Quarter-Bathrooms: 
0
Utilities
Information about utilities available on the property.
Heating System: 
Forced Air
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
11.55
Lot Size (Area): 
11.55
Lot Features
Parking Type: 
Paved
Public Record
Parcel Number: 
01-B-096-0-00-011-0
Annual Tax: 
$69,999.00
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Disclosures: 
Owner Is Listing Agent
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Office Name: 
Russell Real Estate Services

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