7444 Lake AveElyria, OH 44035

Property Details for 7444 Lake Ave

Year built

1920

Construction

FRAME

Lot size

0.43 AC

Property size (Sq ft)

6,750 SF

Property type

Apartment buildings

APN

06-24-036-104-049

APU

624036104049

Description

This exceptional 8-unit apartment complex presents a compelling investment opportunity in the desirable Elyria, OH market. Situated on a 0.45-acre lot at 7444 Lake Avenue, this property boasts 6,750 square feet of living space and is currently fully occupied, generating nearly $100,000 in annual gross income. Recent capital improvements significantly enhance the property's value and appeal. These include a complete exterior renovation featuring new paint, siding, windows, doors, and fencing, along with a resealed and patched parking area. The majority of units have been recently updated with new flooring, paint, and bathroom upgrades, contributing to high tenant satisfaction and retention rates. The property also benefits from recent electrical and plumbing improvements. The current utility setup, with separate meters for electricity and gas, allows for premium rent pricing, offsetting utility costs currently covered by the owner. This well-maintained property offers a strong potential for increased profitability, with the possibility of adding a 1,000 square foot unit to further boost income. Priced at $499,000, this investment is projected to deliver an impressive cap rate near 10% and solid double-digit cash-on-cash returns, making it a rare find in the current market. This is a turnkey opportunity for investors seeking immediate cash flow and significant long-term growth potential.

Location Insight

City

Elyria

County

Lorain

State

Ohio

Latitude

41.3899

Longitude

-82.1304

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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