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Lowell Apartments - Assumable Debt 1833-1845 E 31st St 36 Unit Apartment Building $1,399,000 ($38,861/Unit) Lorain, OH 44055
Investment Highlights
- Assumable debt provides a potential financing advantage.
- HAP contract renewed in 2025 for an additional five years.
- 72% Project-Based Section 8 housing component in place.
- Located within an Opportunity Zone and Qualified Census Tract.
Executive Summary
36 Unit Multi Family in Lorain OH with attractive assumable debt.
Originally Developed under HUD §236(j)(1) Mortgage Program in 1971
72 % Project-Based Section 8; 5-Year Option 4 HAP Contract renewed in 2025 for an additional 5 years.
Located in an Opportunity Zone & Qualified Census Tract
Recently Renovated in 2019
Contact Nick Burton - Burton@LegacyWealthHoldings.Com for any questions or to submit an offer.
Originally Developed under HUD §236(j)(1) Mortgage Program in 1971
72 % Project-Based Section 8; 5-Year Option 4 HAP Contract renewed in 2025 for an additional 5 years.
Located in an Opportunity Zone & Qualified Census Tract
Recently Renovated in 2019
Contact Nick Burton - Burton@LegacyWealthHoldings.Com for any questions or to submit an offer.
Property Facts
| Price | $1,399,000 | Lot Size | 1.09 AC |
| Price Per Unit | $38,861 | Building Size | 26,829 SF |
| Sale Type | Investment | Average Occupancy | 90% |
| No. Units | 36 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2019 |
| Property Subtype | Apartment | Parking Ratio | 1.49/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Building Class | C | ||
| Zoning | R-1 - Residential | ||
| Price | $1,399,000 |
| Price Per Unit | $38,861 |
| Sale Type | Investment |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.09 AC |
| Building Size | 26,829 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built/Renovated | 1970/2019 |
| Parking Ratio | 1.49/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-1 - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 700 |
| 2+1 | 12 | - | 900 |
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Fairly walkable
40/100
Exceptionally drivable
90/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 03-00-095-103-022 | Improvements Assessment | $405,699 |
| Land Assessment | $34,913 | Total Assessment | $440,612 |
Property Taxes
Parcel Number
03-00-095-103-022
Land Assessment
$34,913
Improvements Assessment
$405,699
Total Assessment
$440,612
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Lowell Apartments - Assumable Debt | 1833-1845 E 31st St