7444 Lake Ave - Apartments FOR SALE


Elyria, OH 44035
$449,000 USD
440-655-5472
7444 Lake Ave, Elyria, OH for Sale
$449,000 USD
Apartments - FOR SALE
1/28
null | 9.27% Cap Rate

7444 Lake Ave
Elyria, OH 44035


HIGHLIGHTS

  • 100% occupied with majority of units cosmetically refreshed in 2022 with new paint, flooring, and bathroom upgrades.
  • 8 units: 4X1BR, average rent $876 and 4X2BR, average rent $1,089.
  • Exterior upgrades in 2022: new siding, new paint, multiple new windows and doors, fencing.
  • Resealed & patched parking area in 2022.
  • There is the potential to add a 1,000 sq. ft. unit. where the storage area is between unit #4 and unit #5.

OVERVIEW

Prime investment opportunity! The building is 100% occupied, and the majority of units were cosmetically refreshed in 2022 with new paint, flooring, and bathroom upgrades. There is the potential to add a 1,000 sq. ft. unit, where the storage area is between unit #4 and unit #5. Exterior upgrades in 2022 include new siding, paint, multiple new windows and doors, and fencing; recent electrical and plumbing improvements are also in place.

FOR SALE DETAILS

PRICE

$449,000 USD

PRICE/SF

$67 USD /SF

# OF UNITS

8

PRICE/UNIT

$56,125

CAP RATE

9.27%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1920

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.44 AC

LAND SF

19,108 SF

ZONING

Multifamily

APN/PARCEL ID

06-24-036-104-049

ASK ABOUT THIS PROPERTY

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

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

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