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    509 Lake Ave Elyria, OH 44035

    Picture of Single family properties at Lake Ave 509, Elyria, OH
    For Sale
    $375,000

    MULTI_FAMILY - Lorain, OH

    Property size:
    4,601 SF
    Lot size:
    0.21 Acres
    Days on Market:
    70
    Last Refresh:
    Dec 11 at 7:06 am

    Property Features for 509 Lake Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 3, Bedroom 1, Bathroom 4, Bedroom 2, Bathroom 6, Basement, Bathroom 2, Bathroom 5
    Bedrooms
    4
    Bathrooms
    6
    APN
    06-24-062-101-001
    Parking features
    Driveway
    Size
    4,601 SF
    Lot size
    0.21 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1930
    Floors in Building
    2
    Roof type
    Asphalt, Fiberglass

    KW Living (440) 318-1620 [email protected]

    Listing agent Erin Thomas (440) 670-2300 License #2019005940

    Listing date Oct 3, 2025

    Copyright © 2025 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Profitable Single-Family Portfolio in Lorain

    This is a fully occupied, professionally managed portfolio of three single-family properties located in Lorain and Elyria. The portfolio generates $4,070 per month ($48,480 annually) with a current net operating income of $32,927. The portfolio is cash-flowing at an 8.78% capitalization rate, with a 12.37% cash-on-cash return and a 1.5 debt service coverage ratio at 75% loan-to-value. Tenants are responsible for all utility payments, and there are no Section 8 tenants. The estimated after-repair value is near $500,000 based on single-family comparables, offering over $150,000 in potential equity through resale. Recent updates include new hot water tanks and furnaces at 509 Lake Avenue and 1872 E 30th Street, a new roof and sewer line repairs at 509 Lake Avenue, and a full interior renovation at 1415 W 20th Street, along with additional upgrades at 1872 E 30th Street. All major capital work has been completed, and future maintenance is projected around 5%. The properties include a five-bedroom, two-bathroom house at 1872 E 30th Street in Lorain, leased through December 2026; a four-bedroom, two-bathroom house at 509 Lake Avenue in Elyria, leased on a month-to-month basis; and a three-bedroom, one-and-a-half-bathroom house at 1415 W 20th Street in Lorain, leased through February 2027. The properties are professionally managed at a 13% fee, with repair expenses inflated by prior capital improvements. New management could potentially reduce operating costs to 5-8%. The properties are located near University Hospitals Elyria, Lorain County Community College, and Lake Erie, with over $67 million in local infrastructure investment supporting long-term growth. The seller prefers to sell as a package but may consider splitting the portfolio. Additional portfolios are also available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.119436
    Latitude
    41.376382

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    FAQs

    What type of property is this?
    Single family property - Fully occupied portfolio with strong cash flow and potential equity.
    Where is this single family property located?
    The property is located at 509 Lake Ave Elyria, OH.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: - High cash flow: Portfolio generates $4,070/month ($48,480 annually) with an 8.78% cap rate and a 12.37% cash-on-cash return.; - Significant equity potential: Estimated ARV near $500,000 offers over $150,000 in potential equity through resale.; - Professionally managed with opportunity to reduce operating costs: Currently managed at 13%, but new management can reduce costs to 5-8%.
    (440) 670-2300
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    509 Lake Ave Elyria, OH 44035
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    509 Lake Ave Elyria, OH 44035
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