1545 Kansas Ave - Apartments FOR SALE


Lorain, OH 44052
$2,275,000 USD
440-655-5472
1545 Kansas Ave, Lorain, OH for Sale
$2,275,000 USD
Apartments - FOR SALE
1/4
null | 5.74% Cap Rate

1545 Kansas Ave
Lorain, OH 44052


HIGHLIGHTS

  • Durable brick construction with strong infrastructure, 38 on-site parking spaces
  • Fully stabilized asset with immediate cash flow; Below-market rents with measurable upside (10–40%+)
  • Tenant-paid electric minimizes expense exposure

OVERVIEW

LOW BASIS | HIGH UPSIDE | 100% OCCUPIED 40-UNIT MIXED-USE VALUE-ADD OPPORTUNITY ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ OFFERING SUMMARY Asking Price: $2,275,000 Units: 40 (36 Residential + 4 Commercial) Location: Lorain, Ohio Gross Building Area (GBA): 31,700 SF Gross Income: $304,608 NOI: $130,636 Cap Rate (In-Place): 5.74% GRM: 7.47 Occupancy: 100% ~~~~~~~~~~~~~~~~~~~~~~ TOP 5 REASONS TO BUY 1. BELOW-MARKET RENTS (10–40%+) Clear path to increased income through rent normalization 2. LOW BASIS – $71.77/SF Well below replacement cost and attractive entry point 3. 100% OCCUPIED – IMMEDIATE CASH FLOW No lease-up risk, stabilized tenant base 4. MIXED-USE INCOME DIVERSIFICATION 36 residential units + 4 commercial storefronts 5. FORCED APPRECIATION OPPORTUNITY Projected $60K–$400K+ in value creation ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ UNIT MIX: 1 Efficiency – $499 23 One-Bedroom – $623 avg 12 Two-Bedroom – $713 avg 4 Commercial Units – $500 avg ~~~~~~~~~~~~~~~~~~~~~~~~~~~ PRICE METRICS: Price per Unit: $56,875 Price per SF: $71.77/SF ?? Well below replacement cost with a strong basis for value-add execution ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ VALUE-ADD OPPORTUNITY?: Current rents are significantly below market for Lorain, Ohio, where: 1BR units average ~$700+ 2BR units average ~$900+ Opportunity: Increase rents through natural turnover and operational improvements. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ INVESTMENT HIGHLIGHTS?: Fully stabilized asset with immediate cash flow Below-market rents with measurable upside (10–40%+) Mixed-use income stream (residential + retail) Central heating (30 units) + individual systems (10 units) Two boiler systems Tenant-paid electric minimizes expense exposure 38 on-site parking spaces Durable brick construction with strong infrastructure ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ INVESTOR RETURNS (ILLUSTRATIVE) Initial Cash-on-Cash: ~1–2% Stabilized Cash-on-Cash: ~6–8% Target IRR (2–3 Year Hold): ~10–14% ?~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ NOTE: There are 9 addresses altogether for the 40-unit mixed-use investment. Detailed financials, rent roll, and additional documentation available upon execution of a Non-Disclosure Agreement (NDA).

FOR SALE DETAILS

PRICE

$2,275,000 USD

PRICE/SF

$115 USD /SF

# OF UNITS

40

PRICE/UNIT

$56,875

CAP RATE

5.74%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

B & J Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1972

PARKING SPACES

38

LAND DETAILS

LAND ACRES

0.32 AC

LAND SF

14,061 SF

ZONING

-

APN/PARCEL ID

02-01-001-106-016

ASK ABOUT THIS PROPERTY

Ruset PatrascuPhoenix9 Realty, Inc.More Info
440-655-5472

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

Ruset PatrascuPhoenix9 Realty, Inc.More Info
440-655-5472

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