4638-4640 Oberlin AveLorain, OH 44053

Property Details for 4638-4640 Oberlin Ave

Property size (Sq ft)

18,400 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 24-unit apartment building, located at 4638-4640 Oberlin Ave, Lorain, OH 44053, presents a compelling investment opportunity. The property boasts 18,400 square feet and is currently fully occupied, generating a strong net operating income (NOI) of $76,589. All units have undergone recent renovations, featuring modern finishes that attract tenants and support higher rental rates. Current rents are stabilized, providing a reliable income stream with upside potential for future increases. The building's durable brick construction minimizes maintenance, and an experienced maintenance team is in place to ensure efficient property upkeep. Nine detached garages offer additional income potential through rental. The unit mix includes twenty two-bedroom/one-bathroom units and four one-bedroom/one-bathroom units, catering to a diverse tenant base. Lorain's booming rental market further enhances the property's value and potential for future appreciation. This turnkey investment is priced at $1,728,000 ($93.91/sq ft) and requires no immediate repairs or major updates. The property's low maintenance design and stable occupancy make it an attractive option for investors seeking a reliable and profitable asset.

Location Insight

City

Lorain

County

Lorain

State

Ohio

Latitude

41.428

Longitude

-82.1872

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