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Seneca Studios 2833 Seneca Ave 15 Unit Apartment Building $699,000 ($46,600/Unit) Lorain, OH 44055
Investment Highlights
- Strong In-Place Cash Flow—15 fully rented studio units generating approximately $10,500/month in gross rental income with operational upside potentia
- Affordable Workforce Housing Demand — Efficient studio layout and attainable rental rates position the property well within the growing Lorain rental
- Well-Maintained Multifamily Asset — Solid 3-story building in good condition with stable tenancy and limited immediate capital improvement needs.
Executive Summary
Located at 2833 Seneca Ave, this well-maintained 15-unit multifamily property presents an exceptional investment opportunity in a strong rental market. Comprised entirely of studio apartments, the asset offers stable in-place income with straightforward management and consistent tenant demand.
The property is currently generating approximately $10,500 per month in gross rental income, with units averaging $700 per month. The building has been maintained in good condition, minimizing immediate capital expenditure needs and providing investors with a turnkey opportunity.
With professional management expenses estimated at just 10%, the property offers attractive operational efficiency and strong cash flow potential. This asset is ideal for investors seeking dependable income, long-term appreciation, and a scalable addition to their multifamily portfolio.
The property is currently generating approximately $10,500 per month in gross rental income, with units averaging $700 per month. The building has been maintained in good condition, minimizing immediate capital expenditure needs and providing investors with a turnkey opportunity.
With professional management expenses estimated at just 10%, the property offers attractive operational efficiency and strong cash flow potential. This asset is ideal for investors seeking dependable income, long-term appreciation, and a scalable addition to their multifamily portfolio.
Property Facts
| Price | $699,000 | Apartment Style | Low-Rise |
| Price Per Unit | $46,600 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| No. Units | 15 | Building Size | 10,000 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1900 |
| Price | $699,000 |
| Price Per Unit | $46,600 |
| Sale Type | Investment |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 10,000 SF |
| No. Stories | 3 |
| Year Built | 1900 |
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Somewhat walkable
30/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 03-00-095-108-027 | Improvements Assessment | $60,095 |
| Land Assessment | $5,513 | Total Assessment | $65,608 |
Property Taxes
Parcel Number
03-00-095-108-027
Land Assessment
$5,513
Improvements Assessment
$60,095
Total Assessment
$65,608
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Seneca Studios | 2833 Seneca Ave
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