Price Reduction
Address
2851 Oakwood Ave, Lorain, OH
Price
$ 264,900
Property Attributes
- MLS#4453215
- TypeCommercial
- CountyLORAIN
- CityLorain
- NeighborhoodSheffield Land Co
- Zip44055
- StyleApartment
- Price$ 264,900
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Lot Size4,792 SqFt
Data Source:
MLSNow
Property Description
Massive value-add / heavy cash flow opportunity with this 6 unit apartment building in Lorain! This is an awesome deal for an investor looking for huge cash-flow potential and upside. The property is currently fully occupied with long term tenants and SIGNIFICANT room on the rents as is. A savvy investor can also easily market to section 8 tenants with the extremely competitive LMHA (Lorain County Metropolitan Housing Authority) fair market rents in the area. Currently bringing in $2,800 per month as is, there is potential to take this property to $4,200+ per month based on market rent potentials. Annually, this deal should easily gross over $50,000 per year when at proforma. The property has (3) two bedroom units, (2) one bedroom units and (1) efficiency. Tenants are responsible for electricity (including electric baseboard heat), and the owner is responsible for gas for the hot water tanks, water, sewer and trash. 5/6 tenants are month to month. Water/Sewer/Trash total is ~$375/month, insurance is $170/month and gas for hot water tanks is ~$150/month. Please find rent roll in supplements!
| Price History | |
|---|---|
| 4/24/2023 | Listed $297,000 |
| 5/17/2023 | 11% - $264,900 |
General Features
| Additional Parcels Y/N | No |
|---|---|
| Association Y/N | No |
| Basement | Partial, Unfinished |
| Buyer Agent Compensation | 2 |
| Carport Y/N | No |
| City | Lorain |
| Cooling | None |
| County | Lorain |
| Directions | West on 29th st. |
| Garage Y/N | No |
| Heating | Baseboard |
| Home Warranty Y/N | No |
| Land Lease Y/N | No |
| Lease Considered Y/N | No |
| Lease Renewal Y/N | No |
| Mobilehomeremainsyn | No |
| New Construction | No |
| Ownerpays | Gas, Sewer, TrashCollection, Water |
| Possession | DeliveryOfDeed |
| Private Pool | No |
| Property Attached Y/N | No |
| Property Condition | Unknown |
| Property Sub Type Additional | Apartment |
| Property SubType | Apartment |
| Property Type | CommercialSale |
| Rent Control Y/N | No |
| Roof | Asphalt, Fiberglass, Flat |
| Senior Community Y/N | No |
| Sewer | PublicSewer |
| Standard Status | Active |
| Status | Active |
| Street Name | Oakwood |
| Structure Type | MultiFamily |
| Subdivision Name | Sheffield Land Co |
| Tenant Pays | Electricity |
| Terms | Cash, Conventional, Trade |
| Township | Lorain City Twp |
| View Y/N | No |
| Virtual Tour | https://www.propertypanorama.com/2851-Oakwood-Ave-Lorain-OH-44055/unbranded |
| Waterfront Y/N | No |
| Year Built | 1940 |
| Year Built Details | Unknown |
Interior Features
| Air Conditioning Y/N | No |
|---|---|
| Basement (Y/N) | Yes |
| Electric On Property Y/N | No |
| Fireplace Y/N | No |
| Heating Y/N | Yes |
| Street Suffix | Avenue |
Exterior Features
| Attachedgarageyn | No |
|---|---|
| Days on Market | 23 |
| Living Area | 0.0 |
| Showing Instructions | Call Agent |
| Building Area Total | 0.0 |
| Crops Included Y/N | No |
| Horse Y/N | No |
| Irrigation Water Rights Y/N | No |
| Lot Size Acres | 0.11 |
| Lot Size Area | 0.11 |
| Lot Size Units | Acres |
| Open Parking Y/N | No |
| Parking Features | Driveway, Public, OnStreet |
| Spa | No |
| Water Source | Public |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 44055
Price
Visits
Year Built
Walkscore
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