7444 Lake Avenue, Elyria OH 44035

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$479,000

7444 Lake Avenue, Elyria, OH 44035

bedrooms

bathrooms

square feet

Acreage

0.45

Open Houses

year built

1920

Full Baths

Half Baths

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Welcome to an exceptional investment opportunity: a rare 8-unit cash-flowing property located in the highly desirable area of Elyria, OH! This property has undergone a complete exterior upgrade, featuring new paint, siding, multiple new windows and doors, fencing, and a resealed and patched parking area. The majority of units have been cosmetically refreshed with new flooring, paint, and bathroom upgrades, enhancing tenant satisfaction and retention. Currently fully occupied, this property generates nearly $100,000 in annual gross income, with recent electrical and plumbing improvements already in place. There’s even the potential to add a 1,000 sq. ft. unit, further boosting income potential. While the owner currently covers utilities due to two electric and two gas meters, this setup allows for premium rent pricing to offset costs. Priced to deliver an impressive cap rate near 10% and solid double-digit cash-on-cash returns, this investment is a rare find in today’s market.

Location
Subdivision	West/Black River
County	Lorain
Elementary School	-
Middle School	-
High School	-

Driving directions

Open houses

None scheduled.

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MLS number: 5082583

Listing agent: Tal Tamir #2018001908

Listing broker: Russell Real Estate Services (440) 268-9491

Last update: Monday, February 17 2025 at 3:18 p.m. EST

Kotohomes National