Price Reduction
2851 Oakwood Ave, Lorain, OH
$ 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:
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
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


  • 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

AVG $110K
AVG 226
Year Built
AVG 1926
AVG 49
Data Provided by Walkscore ® not using MLS data

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