Address
2914 Seneca Ave, Lorain, OH
Price
$ 6,200,000
Property Attributes
- MLS#4445383
- TypePending
- CountyLORAIN
- CityLorain
- NeighborhoodSheffield Land Co
- Zip44055
- Style
- Price$ 6,200,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
Data Source:
MLSNow
Property Description
Incredible opportunity to acquire a large, cash flowing portfolio in the west Cleveland submarket of Lorain! This portfolio consists of (92) livable units, (57) of which are single family rentals and (14) which are multifamily or multi-unit properties. At the ask price of $6,200,000, a buyer will acquire a stabilized portfolio at an 8.25% cap rate with TONS of room of value-add upside. The portfolio is nearly 100% occupied currently, with a rent roll bringing in over $70,000 per month. A savvy owner will take advantage of LMHA (Lorain County Metropolitan Housing Authority) rising rents and over time, significantly increase the gross rent roll upon lease trade outs and re-leasing to voucher holding tenants. In addition, there is significant opportunity to reduce owner paid utility expenses (with a focus on water/sewer) through installation of efficient fixtures, typically reducing annual water/sewer expense by 20%+. In doing so, an investor will achieve a scheduled rent roll of over $100,000 per month in income and reduction of expenses, significantly increasing the portfolio's value. The current owner has an office staff that does their property management and they would be willing to stay on if desired. Please reach out or see supplements for full Offering Memorandum.
| Price History | |
|---|---|
| 3/20/2023 | Listed $6,200,000 |
General Features
| Additional Parcels Description | 03-00-095-102-017, 02-01-006-127-002, 02-01-006-135-032, 02-01-006-150-025 |
|---|---|
| Additional Parcels Y/N | No |
| Association Y/N | No |
| Buyer Agent Compensation | 1.5 |
| Carport Y/N | No |
| City | Lorain |
| County | Lorain |
| Directions | Large Lorain portfolio consisting of 92-Units ranging 71 total properties all within 3 miles of each other. |
| Garage Y/N | No |
| 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 |
| Possession | DeliveryOfDeed |
| Private Pool | No |
| Property Attached Y/N | No |
| Property Sub Type Additional | Other |
| Property SubType | Other |
| Property Type | CommercialSale |
| Rent Control Y/N | No |
| Senior Community Y/N | No |
| Standard Status | Pending |
| Status | Pending |
| Street Name | Seneca |
| Subdivision Name | Sheffield Land Co |
| Terms | Cash, Conventional, Trade |
| Township | Lorain City Twp |
| View Y/N | No |
| Virtual Tour | https://www.propertypanorama.com/2914-Seneca-Ave-Lorain-OH-44055/unbranded |
| Waterfront Y/N | No |
| Year Built | 1931 |
| Year Built Details | Actual YBT |
Interior Features
| Air Conditioning Y/N | No |
|---|---|
| Basement (Y/N) | No |
| Electric On Property Y/N | No |
| Fireplace Y/N | No |
| Heating Y/N | No |
| Street Suffix | Avenue |
Exterior Features
| Attachedgarageyn | No |
|---|---|
| Days on Market | 60 |
| 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 Units | Acres |
| Open Parking Y/N | No |
| Spa | No |
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 Pending Average in 44055
Price
Visits
Year Built
Walkscore
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