1900 28Th StLorain, OH 44055

Property Details for 1900 28Th St

Year built

1950

Lot size

0.14 AC

Property size (Sq ft)

3,256 SF

Property type

Apartment buildings

APN

03-00-095-108-001

APU

300095108001

Description

This 14-unit apartment building in Lorain, Ohio, presents a compelling investment opportunity. Located at 1900 E 28th St, 44055, this Class B, stabilized multifamily property boasts 6,512 square feet on a 0.14-acre lot. Built in 1920, the building features twelve fully renovated studios, one one-bedroom unit, and one two-bedroom unit. Recent upgrades include new flooring, paint, and kitchen and bathroom improvements in twelve units, along with fresh vinyl flooring and paint in all common areas. The current net operating income (NOI) is $51,323, yielding a 9.81% cap rate. A pro-forma NOI of $61,089 projects an 11.68% cap rate, indicating significant upside potential. The property's boiler system provides heat, water, and sewer, with tenants responsible for electricity. An existing laundry room offers potential for additional income through the installation of coin-operated washers and dryers. Further income growth may be achieved by increasing rents and renovating the remaining two units. The asking price is $523,000. The current owner is willing to assist with a smooth transition. This turnkey property offers immediate cash flow and substantial long-term growth prospects.

• CAP approach

  CAP return

  Valuation

  6%

  $726,335

  6.5%

  $670,463

  7%

  $622,573

• Comparable approach

  Method

  Valuation

  Relative Method

  $472,078

  Geo Method

  $472,078

• Alternative Use

  Use

  Valuation

  Residential

  $670,463

  Hospitality

  $614,141

  Educational

  $510,958

  Medical

  $528,530

  Retail

  $794,823

Location Insight

City

Lorain

County

Lorain

State

Ohio

Latitude

41.4453

Longitude

-82.1318

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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