509 Lake AVE new Save Request In-Person Tour Request Virtual Tour
Lorain,OH 44035
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 4,601 sqft
Price per Sqft $81
Subdivision Nichols
MLS Listing ID 5148113
Bedrooms 4
Full Baths 5
Half Baths 1
Year Built 1930
Annual Tax Amount $3,981
Tax Year 2024
Lot Size 9,147 Sqft
Property Sub-Type Triplex
Property Description
This fully occupied, professionally managed 3-property single-family portfolio in Lorain and Elyria is cash-flowing at an 8.78% cap rate, with a 12.37% cash-on-cash return and a 1.5 DSCR at 75% LTV. It generates $4,070/month ($48,480 annually) with a current NOI of $32,927. Tenants pay all utilities, and there are no Section 8 tenants. ARV is estimated near $500,000 based on single-family comps, offering over $150,000 in potential equity through resale. Recent updates include new hot water tanks and furnaces at 509 Lake and 1872 E 30th, a new roof and sewer line repairs at 509 Lake, full interior renovation at 1415 W 20th, and additional upgrades at 1872 E 30th. All major capital work has been completed and future maintenance is projected around 5%. Properties include 1872 E 30th St in Lorain (5 bed, 2 bath, leased through Dec 2026), 509 Lake Ave in Elyria (4 bed, 2 bath, month-to-month), and 1415 W 20th in Lorain (3 bed, 1.5 bath, leased through Feb 2027). Professionally managed at a 13% fee with repair expenses inflated by prior capital improvements—new management can reduce operating costs to 5–8%. Located near University Hospitals Elyria, Lorain County Community College, and Lake Erie, with over $67M in local infrastructure investment supporting long-term growth. Full due diligence package available. No showings until accepted offer. Seller prefers to sell as a package but may consider splitting. Additional portfolios also available.
Location
State OH
County Lorain
Interior
Heating Forced Air
Cooling None
Exterior
Parking Features Driveway
Garage Spaces 1.0
Garage Description 1.0
Roof Type Asphalt,Fiberglass
Building
Sewer Public Sewer
Water Public
Schools
School District Lorain Csd - 4709