Elyria, OH 44035,7444 Lake AVE
Elyria, OH 44035,7444 Lake AVE
Elyria, OH 44035,7444 Lake AVE
32
See all 32 photos
$499,000
Est. payment /mo
Save
0.45 Acres Lot
Active

7444 Lake AVE Elyria, OH 44035

Save
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Tue
24
Dec
Wed
25
Dec
Thu
26
Dec

UPDATED:

11/19/2024 05:25 PM

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

Parking Features 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

GET MORE INFORMATION

Nate Harler

Agent | License ID: WVS180300296

+1(304) 639-3604

Name
Phone*
Message

By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.

Go tour this home

7444 Lake AVE