1505-1525 Herbert Dr - Apartments FOR SALE


Lorain, OH 44053
$699,000 USD
440-829-9268
1505-1525 Herbert Dr, Lorain, OH for Sale
$699,000 USD
Apartments - FOR SALE
1/24
null | 9.24% Cap Rate

1505-1525 Herbert Dr
Lorain, OH 44053


OVERVIEW

This newly renovated 8 suite apartment building is fully occupied with an excellent rent roll, all at or near $850/month. Each unit is a 1 bed, 1 bath and all are quite spacious! Most units have had flooring, kitchen countertops and backsplash updates, some new cabinets, new baths and fresh paint. The roof was just replaced, as well. A huge money saver maintenance-wise, these units have electric heat in the ceilings, so no boilers or furnaces to worry about and there is 1 community washer/dryer that is coin operated, generating roughly $125/month. These apartment buildings are tucked in amongst other buildings like it and there is plenty of parking for tenants in the rear of the building. This building is a dream for a landlord and at a 8.5% cap rate, a great income earner.

FOR SALE DETAILS

PRICE

$699,000 USD

PRICE/SF

$22 USD /SF

# OF UNITS

8

PRICE/UNIT

$87,375

CAP RATE

9.24%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1973

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.89 AC

LAND SF

38,768 SF

ZONING

-

APN/PARCEL ID

02-02-005-112-014

ASK ABOUT THIS PROPERTY

Julie HogstonReal Brokerage Technologies, Inc.More Info
440-829-9268

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Julie HogstonReal Brokerage Technologies, Inc.More Info
440-829-9268

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.