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  5. 2851 Oakwood Avenue
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Full details for Apartment For Sale in Lorain, Ohio

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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! Back to listing
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