2914 Seneca Ave, Lorain, OH
$ 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:
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
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


  • 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

AVG $350K
AVG 74
Year Built
AVG 1933
AVG 39
Data Provided by Walkscore ® not using MLS data

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