Property
Beds
None
Full Baths
None
1/2 Baths
None
Year Built
1931
Sq.Footage
N/A
Incredible opportunity to acquire a large, cash flowing portfolio in the west Cleveland submarket of Lorain! This portfolio consists of (92) livable units, (57) of which are single family rentals and (14) which are multifamily or multi-unit properties. At the ask price of $6,000,000, a buyer will acquire a stabilized portfolio at over an 8.5% cap rate with TONS of room of value-add upside. The portfolio is nearly 100% occupied currently, with a rent roll bringing in $80,000 per month! A savvy owner will take advantage of LMHA (Lorain County Metropolitan Housing Authority) rising rents and over time, significantly increase the gross rent roll upon lease trade outs and re-leasing to voucher holding tenants. In addition, there is significant opportunity to reduce owner paid utility expenses (with a focus on water/sewer) through installation of efficient fixtures, typically reducing annual water/sewer expense by 20%+. In doing so, an investor will achieve a scheduled rent roll of over $100,000 per month in income and reduction of expenses, significantly increasing the portfolio's value. The current owner has an office staff that does their property management and they would be willing to stay on if desired. Please reach out or see supplements for full Offering Memorandum.
Features & Amenities
Interior
Area & Lot
-
Property Type
Commercial Sale
Exterior
-
Garage
No
Financial
-
Sales Price
$5,550,000
-
Tax Amount
66715.0
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Location
County
Lorain
Elementary School
Lorain CSD - 4709
Middle School
High School
Listing Courtesy of Tal Tamir , Russell Real Estate Services
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