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1505-1525 Herbert Dr 8 Unit Apartment Building $699,000 ($87,375/Unit) 9.24% Cap Rate Lorain, OH 44053
Executive Summary
This newly renovated 8 suite apartment building is fully occupied with an excellent rent roll, all at or near $850/month. Each unit is a 1 bed, 1 bath and all are quite spacious! Most units have had flooring, kitchen countertops and backsplash updates, some new cabinets, new baths and fresh paint. The roof was just replaced, as well. A huge money saver maintenance-wise, these units have electric heat in the ceilings, so no boilers or furnaces to worry about and there is 1 community washer/dryer that is coin operated, generating roughly $125/month. These apartment buildings are tucked in amongst other buildings like it and there is plenty of parking for tenants in the rear of the building. This building is a dream for a landlord and at a 8.5% cap rate, a great income earner.
Property Facts
| Price | $699,000 | Apartment Style | Garden |
| Price Per Unit | $87,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.89 AC |
| Cap Rate | 9.24% | Building Size | 5,852 SF |
| Gross Rent Multiplier | 11.6 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1973/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.56/1,000 SF |
| Price | $699,000 |
| Price Per Unit | $87,375 |
| Sale Type | Investment |
| Cap Rate | 9.24% |
| Gross Rent Multiplier | 11.6 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.89 AC |
| Building Size | 5,852 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2023 |
| Parking Ratio | 2.56/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Ceiling Fans
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $850.00 | 675 - 700 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $414,540 | |
| Land Assessment | $103,894 | Total Assessment | $518,434 |
Property Taxes
Parcel Numbers
Land Assessment
$103,894
Improvements Assessment
$414,540
Total Assessment
$518,434
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1505-1525 Herbert Dr