1800 42Nd StLorain, OH 44055

Property Details for 1800 42Nd St

Year built

2002

Lot size

0.60 AC

Property size (Sq ft)

3,692 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

03-00-100-113-015

APU

300100113015

Description

This exceptional turnkey investment opportunity presents a 20-unit apartment building located at 1800-1808 E 42nd St, Lorain, OH 44055. The property boasts 18,000 square feet of net rentable space spread across three individually parceled, two-story buildings constructed in 1978. Each unit is a desirable townhome-style apartment featuring two bedrooms and one and a half bathrooms, appealing to families and long-term tenants. All units have undergone recent renovations, incorporating modern finishes and updates to maximize tenant appeal and justify higher rents. Currently fully occupied, this property provides immediate and consistent rental income with stabilized rents, offering significant upside potential for future rent increases. An attractive feature is the assumable mortgage of approximately $1 million at a 5.02% interest rate, providing favorable financing terms. The property benefits from efficient management and a dedicated maintenance team, minimizing operational costs and ensuring reliable upkeep. Situated in Lorain's booming rental market, this investment offers strong potential for future value appreciation. The property's design and current condition contribute to a low-maintenance, turnkey operation, ready for immediate investment. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property with significant growth potential in a thriving rental market. The asking price is $1,500,000, with a price per unit of $77,000.

Location Insight

City

Lorain

County

Lorain

State

Ohio

Latitude

41.432

Longitude

-82.1359

CBSA code

17460

CBSA name

CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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