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$ 699,000
Est. payment /mo
New
1505 Herbert DR Lorain, OH 44053
0.44 Acres Lot
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Ashwood Acres Sub #1
MLS Listing ID 5204706
HOA Y/N No
Year Built 1973
Annual Tax Amount $5,644
Tax Year 2025
Lot Size 0.440 Acres
Acres 0.44
Property Sub-Type Apartment
Property Description
This newly renovated 8 suite apartment building is fully occupied with an excellent rent roll, all at or near $850/month. Each unit is a 1 bed, 1 bath and all are quite spacious! Most units have had flooring, kitchen countertops and backsplash updates, some new cabinets, new baths and fresh paint. The roof was just replaced, as well. A huge money saver maintenance-wise, these units have electric heat in the ceilings, so no boilers or furnaces to worry about and there is 1 community washer/dryer that is coin operated, generating roughly $125/month. These apartment buildings are tucked in amongst other buildings like it and there is plenty of parking for tenants in the rear of the building. This building is a dream for a landlord and at a 8.5% cap rate, a great income earner.
Location
State OH
County Lorain
Interior
Heating Electric
Cooling Ceiling Fan(s), Wall Unit(s)
Fireplace No
Exterior
Parking Features Additional Parking
Water Access Desc Public
Present Use Multi-Family
Building
Sewer Public Sewer
Water Public
Schools
School District Lorain Csd - 4709
Others
Tax ID 02-02-005-112-014
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Julie L Hogston • Real of Ohio • juliesellshomes1@gmail.com, 440-829-9268