OH > Elyria > West-Black River
Elyria, OH 44035,7444 Lake AVE
Elyria, OH 44035,7444 Lake AVE
Elyria, OH 44035,7444 Lake AVE
Elyria, OH 44035,7444 Lake AVE
Elyria, OH 44035,7444 Lake AVE
Elyria, OH 44035,7444 Lake AVE
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Nicole Ward

Nicole Ward

+1(330) 807-1303
$ 499,000
Est. payment | /mo

0.45 Acres Lot

Save
$ 499,000
Est. payment | /mo
Save

0.45 Acres Lot

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Subdivision West/Black River

MLS Listing ID 5082583

HOA Y/N No

Year Built 1920

Annual Tax Amount $2,909

Tax Year 2023

Lot Size 0.450 Acres

Acres 0.45

Property 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.

Location

State OH

County Lorain

Interior

Heating Forced Air, Gas

Fireplace No

Exterior

Garage On Site, Paved

Water Access Desc Public

Present Use Residential

Building

Sewer Septic Tank

Water Public

Schools

School District Elyria Csd - 4706

Others

Tax ID 06-24-036-104-049

Acceptable Financing Cash, Conventional, 1031 Exchange

Listing Terms Cash, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com 216-870-8687
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"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(330) 807-1303

nicole@thekeygroupohio.com

8750 Cleveland Ave NW, North Canton, Ohio, 44720-8207, USA

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7444 Lake AVE