50
See all 50 photos
$1,700,000
Est. payment /mo
0.33 Acres Lot
New
122 Elbe ST Elyria, OH 44035
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5201644
Construction Status Unknown
HOA Y/N No
Year Built 1900
Annual Tax Amount $15,358
Tax Year 2025
Lot Size 0.330 Acres
Acres 0.33
Property Sub-Type Apartment
Property Description
A rare opportunity to acquire a 19-unit, 12-property scattered-site portfolio across Elyria and Lorain at $1,700,000, just 25 miles west of Cleveland. Fully occupied, the portfolio delivers $164,867 in NOI at a 9.7% cap rate, $60,340 in annual net cash flow, and a 13.69% cash-on-cash return on a $442,000 total investment. The seller is actively leasing the 2 remaining vacant units at rents consistent with the in-place portfolio, making this a stabilization-in-progress buy rather than a speculative one.
The income is built on a foundation of heavy Section 8 participation across a market with deep voucher infrastructure. The Lorain Metropolitan Housing Authority manages over 3,100 active Housing Choice Vouchers, paying landlords an average of $1,075 per month, and Lorain County ranks 13th highest in Ohio by Fair Market Rent with the 2-bedroom FMR at $1,208. In-place rents across the portfolio range from $725 to $1,600, all at or below FMR, with predominantly tenant-pays-electric lease structures keeping operating costs lean.
The demand fundamentals across both markets are structural. Elyria and Lorain together represent over 118,000 residents with renter-occupied rates of 39.9% and 44.2% respectively, supported by a Lorain County employment base of 150,000 jobs that grew 1.55% year-over-year. Median home values in the $140,000 to $154,000 range continue to push a significant share of the workforce into long-term rental demand. For the investor building a cash-flow-first, Section 8-anchored portfolio in a market that still prices like it is underappreciated, this offering is worth a close look.
The income is built on a foundation of heavy Section 8 participation across a market with deep voucher infrastructure. The Lorain Metropolitan Housing Authority manages over 3,100 active Housing Choice Vouchers, paying landlords an average of $1,075 per month, and Lorain County ranks 13th highest in Ohio by Fair Market Rent with the 2-bedroom FMR at $1,208. In-place rents across the portfolio range from $725 to $1,600, all at or below FMR, with predominantly tenant-pays-electric lease structures keeping operating costs lean.
The demand fundamentals across both markets are structural. Elyria and Lorain together represent over 118,000 residents with renter-occupied rates of 39.9% and 44.2% respectively, supported by a Lorain County employment base of 150,000 jobs that grew 1.55% year-over-year. Median home values in the $140,000 to $154,000 range continue to push a significant share of the workforce into long-term rental demand. For the investor building a cash-flow-first, Section 8-anchored portfolio in a market that still prices like it is underappreciated, this offering is worth a close look.
Location
State OH
County Lorain
Rooms
Basement Full
Interior
Heating Forced Air, Gas
Cooling None
Fireplace No
Exterior
Parking Features No Garage, Unpaved
Water Access Desc Public
Roof Type Slate
Building
Sewer Public Sewer
Water Public
Level or Stories Two
Construction Status Unknown
Schools
School District Elyria Csd - 4706
Others
Tax ID 06-24-087-101-019
Special Listing Condition Standard
Listed by Tal Tamir • Russell Real Estate Services • tal@premierclevelandinvesting.com, 216-870-8687
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