27
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$420,000
Est. payment /mo
0.29 Acres Lot
Active
1888 E 28th ST Lorain, OH 44055
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Sheffield Land & Improv C
MLS Listing ID 5200241
HOA Y/N No
Year Built 1925
Annual Tax Amount $3,303
Tax Year 2025
Lot Size 0.290 Acres
Acres 0.29
Property Sub-Type Apartment
Property Description
Lorain sits on Lake Erie just 30 miles west of Cleveland, a commuter-accessible market where renters make up 45% of all households, county home values are up nearly 18% year-over-year, and a wave of economic activity including 1,800 new union jobs at Ford's Ohio Assembly Plant is tightening rental demand across the board. Against that backdrop, this fully occupied 10-unit building is a textbook buy-and-hold: all one-bedroom/one-bath units, many updates already complete, low property taxes, and a new silicone roof layer going on prior to closing. At $42,500 per door, the basis is hard to argue with.
The rent roll sits at $6,225/month ($74,700 GSI) with current rents ranging $500-$675, meaningfully below a market where the dominant rental price band runs $700-$850. That gap represents $100-$200/unit of achievable upside on renewals with minimal to no upgrades. A coin-operated laundry room and unused storage area add additional income potential on top. The owner covers water, sewer, and gas via the on-site boiler, all reflected in the expense model.
At $420K, the deal underwrites to an 8.7% cap rate, 1.40x DSCR, and $871/month net cash flow against a conservative 5% vacancy assumption. As rents roll to market, the 5-year model shows cash-on-cash climbing from 9.46% toward 14.5% with cumulative cash flow exceeding $66,000 over that window. Fully occupied, freshly roofed, clear value-add runway. This is Lorain at its most investable.
The rent roll sits at $6,225/month ($74,700 GSI) with current rents ranging $500-$675, meaningfully below a market where the dominant rental price band runs $700-$850. That gap represents $100-$200/unit of achievable upside on renewals with minimal to no upgrades. A coin-operated laundry room and unused storage area add additional income potential on top. The owner covers water, sewer, and gas via the on-site boiler, all reflected in the expense model.
At $420K, the deal underwrites to an 8.7% cap rate, 1.40x DSCR, and $871/month net cash flow against a conservative 5% vacancy assumption. As rents roll to market, the 5-year model shows cash-on-cash climbing from 9.46% toward 14.5% with cumulative cash flow exceeding $66,000 over that window. Fully occupied, freshly roofed, clear value-add runway. This is Lorain at its most investable.
Location
State OH
County Lorain
Interior
Heating Hot Water, Steam
Fireplace No
Exterior
Parking Features On Site, Paved
Roof Type Flat
Schools
School District Lorain Csd - 4709
Others
Tax ID 03-00-095-101-022
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com, 216-870-8687
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