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Graystone Apartments 1615 E 29th St 48 Unit Apartment Building $2,500,000 ($52,083/Unit) Lorain, OH 44055
Investment Highlights
- Priced at just over $50,000 per unit
- Complete renovation beginning in 2020 including all new windows, HVAC, electrical, roofs, common areas, and units totaling almost $1.2M
- Within 25 minutes of 5 major hospitals
- Owned and managed by local investment company
- Majority two-bedroom floorplans (83%)
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $2,500,000 | Lot Size | 2.60 AC |
| Price Per Unit | $52,083 | Building Size | 64,512 SF |
| Sale Type | Investment | Average Occupancy | 83% |
| No. Units | 48 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | R-2 - Transitional Residential | ||
| Price | $2,500,000 |
| Price Per Unit | $52,083 |
| Sale Type | Investment |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.60 AC |
| Building Size | 64,512 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1973 |
| Parking Ratio | 0.99/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-2 - Transitional Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $806.00 | 700 |
| 2+1 | 40 | $869.00 | 750 |
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Property Taxes
| Parcel Numbers | Total Assessment | $500,466 | |
| Land Assessment | $79,380 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $421,086 | Tax Year | 2024 |
Property Taxes
Parcel Numbers
Land Assessment
$79,380
Improvements Assessment
$421,086
Total Assessment
$500,466
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Graystone Apartments | 1615 E 29th St
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