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4004 W Erie Avenue, Lorain, OH 44053

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For Sale

$699,000

0.59 acres

Estimated Payment

$      /mo. †

APR for 30 years

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  • Other Residential
    Property type

  • 0.6 acres
    Lot size

  • Over 50 Years Old
    Age

Explore this Property

Incredible opportunity to purchase 12 suites located right on Lake Erie! This property is perfect for the savvy investor looking to walk into a stabilized asset, but still with significant upside! Currently, 9 of the 12 units are occupied (one being occupied by a maintenance man that receives a discount on rent). This property is extremely attractive as it boasts (6) two bed, one bath units and (6) three bed, two bath units, meaning rent potential here is huge. The majority of units have already been updated with vinyl plank flooring, paint, and kitchen and bath updates. Two of the vacant units can quickly and easily be turned and leased for premium rents, while one of the vacant units needs a full rehab. Even as it sits, the rent roll currently grosses about $7,400 per month, but can easily be taken to $11,500+ per month with lease up and management / operational efficiencies! Reach out to listing agent for OM. **Please note offers must be approved by seller's lender, therefore should make offer contingent on lender approval**. Condos for sale (13 Units, 3960 W Erie Ave) also for sale by same owner.
MLS# 5098818

Courtesy Of Key Realty, LTD

(440) 895-7290

Property Features

  • Age
    Over 50 Years Old
  • Heating System
    Radiant
  • Lot Size
    0.59 Acres

Map and Directions

Directions to 4004 W Erie Avenue, Lorain, OH 44053

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(440) 449-9100
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Monthly Payment Breakdown

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.