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4638 Oberlin Avenue

Lorain, OH 44053
  • $1,200,000
  • STATUS: Contingent
  • ON SITE: 104 Days
  • MLS #: 4348599
Under Contract
UPDATED: 97 min ago
$1,200,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1971
County:
Area:

School Ratings & Info

Listing courtesy of Russell Real Estate Services.
Listing information © 2022 YES-MLS.

Description

Finally! A 20+ unit multifamily deal that makes sense! This 24-unit multifamily in Lorain consists of two parcels with two 2 story buildings. There are a total of 24 leasable units with a history of strong occupancy. Consisting of 4, 1-bed/1-bath and 20, 2-bed/1-bath apartments, the property has the potential to yield a proforma cap rate of 9%. Currently, the average rent for the 1-beds is $600 and for the 2-beds is $615 - and there is also still room to organically push rents. The property is located in the Lorain CSD and is close to the Light House Commons which offers convenience for current tenants and makes the property attractive to potential tenants. There is ample surface parking for tenants and guests and the property offers an additional 9 covered parking spaces. The units have the potential to be renovated to increase the current and future rental income. 16/22 of the units have been renovated already and can be organically increased to market rates. The final 6 units can be renovated to achieve additional rent premiums. Additionally, the property can realize reduced costs through the use of more efficient fixtures and toilets, which could lead to savings of 20%+ in water/sewer expense. See supplements for the official Offering Memorandum with all the financial breakdowns.

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Listing information © 2022 YES-MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Tammy Grogan and Associates at Keller Williams Chervenic Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2022-05-27T16:41:52.947.
www.tammygrogan.com/homes/125647458
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4638 Oberlin Avenue Lorain, OH 44053

  • Price: $1,200,000
  • Status: Contingent
  • On Site: 104 Days
  • Updated: 97 min ago
  • MLS #: 4348599
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1971
Built
Neighborhood:
Black River 02
County:
Lorain
Area:
Lorain
Property Description
Finally! A 20+ unit multifamily deal that makes sense! This 24-unit multifamily in Lorain consists of two parcels with two 2 story buildings. There are a total of 24 leasable units with a history of strong occupancy. Consisting of 4, 1-bed/1-bath and 20, 2-bed/1-bath apartments, the property has the potential to yield a proforma cap rate of 9%. Currently, the average rent for the 1-beds is $600 and for the 2-beds is $615 - and there is also still room to organically push rents. The property is located in the Lorain CSD and is close to the Light House Commons which offers convenience for current tenants and makes the property attractive to potential tenants. There is ample surface parking for tenants and guests and the property offers an additional 9 covered parking spaces. The units have the potential to be renovated to increase the current and future rental income. 16/22 of the units have been renovated already and can be organically increased to market rates. The final 6 units can be renovated to achieve additional rent premiums. Additionally, the property can realize reduced costs through the use of more efficient fixtures and toilets, which could lead to savings of 20%+ in water/sewer expense. See supplements for the official Offering Memorandum with all the financial breakdowns.
Exterior Features

Parking Features CoveredOn SiteOutsidePrivate Roof Flat

Interior Features

Basement YN No Building Area Total 0 Cooling Wall Unit(S) Cooling YN Yes Heating GasHot WaterSteam Heating YN Yes

Property Features

Lease Considered YN No Listing Terms CashConventionalTrade Owner Pays ElectricityGasSewerTrash CollectionWater Property Sub Type Apartment Sewer Public Sewer Tenant Pays Electricity Township Lorain City Twp Water Source Public Year Built Details Actual Ybt

Listing information © 2022 YES-MLS.
Listing provided courtesy of Russell Real Estate Services.
Listing information © 2022 YES-MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Tammy Grogan and Associates at Keller Williams Chervenic Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2022-05-27T16:41:52.947.
 
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Tammy Grogan and Associates at Keller Williams Chervenic Realty
3333 Massillon Rd. Suite 10
Akron OH, 44312
Listing courtesy of Russell Real Estate Services.
Listing information © 2022 YES-MLS.