$ 499,000
7444 Lake AVE Elyria, OH 44035
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$ 499,000
Est. payment | /mo
0.45 Acres Lot
$ 499,000
Est. payment | /mo
0.45 Acres Lot
Key Details
Property Type Commercial
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision West/Black River
MLS Listing ID 5082583
HOA Y/N No
Year Built 1920
Annual Tax Amount $2,909
Tax Year 2023
Lot Size 0.450 Acres
Acres 0.45
Property Description
Welcome to an exceptional investment opportunity: a rare 8-unit cash-flowing property located in the highly desirable area of Elyria, OH! This property has undergone a complete exterior upgrade, featuring new paint, siding, multiple new windows and doors, fencing, and a resealed and patched parking area. The majority of units have been cosmetically refreshed with new flooring, paint, and bathroom upgrades, enhancing tenant satisfaction and retention. Currently fully occupied, this property generates nearly $100,000 in annual gross income, with recent electrical and plumbing improvements already in place. There’s even the potential to add a 1,000 sq. ft. unit, further boosting income potential. While the owner currently covers utilities due to two electric and two gas meters, this setup allows for premium rent pricing to offset costs. Priced to deliver an impressive cap rate near 10% and solid double-digit cash-on-cash returns, this investment is a rare find in today’s market.
Location
State OH
County Lorain
Interior
Heating Forced Air, Gas
Fireplace No
Exterior
Garage On Site, Paved
Water Access Desc Public
Present Use Residential
Parking Type On Site, Paved
Building
Sewer Septic Tank
Water Public
Schools
School District Elyria Csd - 4706
Others
Tax ID 06-24-036-104-049
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687
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Kim Merckle
REALTOR® | Lic# 2001015588