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7444 Lake Ave 8 Unit Apartment Building $399,000 ($49,875/Unit) 10.43% Cap Rate Elyria, OH 44035
INVESTMENT HIGHLIGHTS
- 100% occupied with majority of units cosmetically refreshed in 2022 with new paint, flooring, and bathroom upgrades.
- Exterior upgrades in 2022: new siding, new paint, multiple new windows and doors, fencing.
- There is the potential to add a 1,000 sq. ft. unit. where the storage area is between unit #4 and unit #5.
- 8 units: 4X1BR, average rent $876 and 4X2BR, average rent $1,089.
- Resealed & patched parking area in 2022.
EXECUTIVE SUMMARY
Prime investment opportunity in Elyria, Ohio!
As of December 1, 2025, the building is 100% occupied, and the majority of units were cosmetically refreshed in 2022 with new paint, flooring, and bathroom upgrades. New furnace installed in October 2025 in unit no 6.
Also, the rents went up:
Apt 3 to $1,050
Apt 4 to $1,000
Apt 8 to $1,200
That's an increase of around $700 a month, $8400 a year!
There is potential to add a 1,000 sq. ft. unit, with the storage area between units #4 and #5.
Exterior upgrades in 2022 include new siding, paint, multiple new windows and doors, and fencing; recent electrical and plumbing improvements are also in place.
As of December 1, 2025, the building is 100% occupied, and the majority of units were cosmetically refreshed in 2022 with new paint, flooring, and bathroom upgrades. New furnace installed in October 2025 in unit no 6.
Also, the rents went up:
Apt 3 to $1,050
Apt 4 to $1,000
Apt 8 to $1,200
That's an increase of around $700 a month, $8400 a year!
There is potential to add a 1,000 sq. ft. unit, with the storage area between units #4 and #5.
Exterior upgrades in 2022 include new siding, paint, multiple new windows and doors, and fencing; recent electrical and plumbing improvements are also in place.
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
| Price | $399,000 | Building Class | C |
| Price Per Unit | $49,875 | Lot Size | 0.44 AC |
| Sale Type | Investment | Building Size | 6,750 SF |
| Cap Rate | 10.43% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2022 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Multifamily - Multifamily in a residential mix area | ||
| Price | $399,000 |
| Price Per Unit | $49,875 |
| Sale Type | Investment |
| Cap Rate | 10.43% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.44 AC |
| Building Size | 6,750 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1920/2022 |
| Parking Ratio | 1.48/1,000 SF |
| Zoning | Multifamily - Multifamily in a residential mix area |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- Public Transportation
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | $876.00 | - |
| 2+1 | 4 | $1,089 | - |
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PROPERTY TAXES
| Parcel Number | 06-24-036-104-049 | Total Assessment | $110,894 |
| Land Assessment | $24,584 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $86,310 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
06-24-036-104-049
Land Assessment
$24,584
Improvements Assessment
$86,310
Total Assessment
$110,894
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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7444 Lake Ave
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