Listed By
Agency Name: Real of Ohio
Agency Contact: juliesellshomes1@gmail.com, 440-829-9268
Shown By
Agent Name: Leah Ackerman
Agent Phone: (614) 306-5050
Agency Title: Cutler Real Estate
TOUR PROPERTY
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Property Description
This newly renovated 8 suite apartment building is fully occupied with an excellent rent roll, all at or near $850/month. Each unit is a 1 bed, 1 bath and all are quite spacious! Most units have had flooring, kitchen countertops and backsplash updates, some new cabinets, new baths and fresh paint. The roof was just replaced, as well. A huge money saver maintenance-wise, these units have electric heat in the ceilings, so no boilers or furnaces to worry about and there is 1 community washer/dryer that is coin operated, generating roughly $125/month. These apartment buildings are tucked in amongst other buildings like it and there is plenty of parking for tenants in the rear of the building. This building is a dream for a landlord and at a 8.5% cap rate, a great income earner.
Property Features
Property Type: Commercial - Business
Cooling: Ceiling Fan(s), Wall Unit(s)
Days on Market: 2
Heating: Electric
Lot Size: 0.44 Acres
Taxes: $5,644 / year
Year Built: 1973
Feature Descriptions
Parcel#: 02-02-005-112-014
Parking: Additional Parking
Sewer: Public Sewer
Water: Public
Local Schools
School District: Lorain City
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1505 Herbert Drive | MLS# 5204706
This commercial property located at 1505 Herbert Drive, Lorain, OH 44053 is currently listed for sale with an asking price of $699,000. Herbert Drive is located within the Lorain City school district. Search Lorain real estate on www.leahackerman.com today.