7444 Lake Avenue , Elyria, OH 44035
Elyria, OH 44035
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.
Details
| Mls | 5082583 |
|---|---|
| Listing Type | For Sale |
| Style | Attachd |
| Subtype | Resale |
| Status | Active |
| Year | 1920 |
| Days On Site | 27 |
| Listing Provided By | Russell Real Estate Services | Tal Tamir |
Features
| Sq Feet | 6,750 |
|---|---|
| Acreage | 0.45 |
Market Activity 44035
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Learn More About This Property
| State | OH |
|---|---|
| County | Lorain |
| City | Elyria |
| Zip Code | 44035 |
| Community Name | West/Black River |
| Listing VS Median (in West/Black River) | |
Price: $499,000 low | high Med: $499,000 SqFt: 6,750 low | high Med: 6,750 $ / SqFt: $74 low | high Med: $74 On Site: 27 low | high Med: 27.000000 | |