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4638-4640 Oberlin Ave
Lorain, OH 44053
Oberlin Ave Apartments · Multifamily Property For Sale
·
24 Units
PROPERTY FACTS
| No. Units | 24 | Building Size | 13,472 SF |
| Property Type | Multifamily | Average Occupancy | 87% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1969/2019 |
| Building Class | C | Parking Ratio | 1.38/1,000 SF |
| Lot Size | 0.82 AC |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.82 AC |
| Building Size | 13,472 SF |
| Average Occupancy | 87% |
| No. Stories | 2 |
| Year Built/Renovated | 1969/2019 |
| Parking Ratio | 1.38/1,000 SF |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Service
- Walk-Up
- Smoke Detector
ABOUT 4638-4640 OBERLIN AVE , LORAIN, OH 44053
Great opportunity to own this 24 unit apartment building which consists of 2 brick buildings with 12 units in each building. The unit mix consists of 20- 2 Bedroom units and 4- 1 Bedroom units. 7 of the units have been completely renovated from A-Z (new granite counter-tops, brand new white cabinets, freshly painted throughout, new flooring throughout, etc), the common areas have been remodeled, new windows have been installed, and some deferred maintenance has been completed for occupied units. This property is currently 87% occupied with gross rents totaling $10,755 per month. Do a light rehab on the 3 vacant units and rent them for an extra potential $1,740 per month (apprx $580/mo per unit) which would bring your gross rental income to $149,940/yr (the 3 vacant units being leased is factored into pro-forma for 100% occupancy). Laundry income also has the opportunity to bring in an extra $2,400+/year ($100 per unit), which yields a gross potential income of $152,340 per year! Owner pays for trash, electric, common area gas, and water/sewer. Serious buyers only. Rent-roll available uploaded in docs.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $500.00 | 600 |
| 2+1 | 20 | $555.00 | 800 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $289,646 | |
| Land Assessment | $60,043 | Total Assessment | $349,689 |
PROPERTY TAXES
