Two-Story Walkup Apartment
For Sale
Contact for pricing
Pending
5001 Oberlin Ave, Lorain, OH 44053
Two-building walkup complex offers 46 units with exterior and interior corridors plus on-site outdoor parking.
Property Size32,904 SF
Lot Size1.74 Acres
Days on Market120
Property Features for 5001 Oberlin Ave
General Information
Standard status
Pending
Size
32,904 SF
Total Parking Spaces
75
Lot size
1.74 Acres
Property subtype
Multifamily
Occupancy
94%
Additional Details
Highway Access
Yes
Multifamily Units
46
Amenities
security cameras
laundry hookups
Building Details
Year Built
1966
Stories
2
Listing Agency:
Green Bridge Real Estate
(216) 452-9292
Listed By:
Matthew King · License #BRK-20090002834
Source:
Crexi
Added: Apr 12
Changed: Aug 8
Last Checked: Aug 9 at 10:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Green Bridge Real Estate
Investment Insights
Based on property information with market context.
Bruce Towers Apartments is a 2-story, walkup apartment complex built in 1966, comprising two buildings on one site. The 5003 Oberlin Ave building has stucco exterior corridor layout with 24 one-bedroom, one-bath units. The 5001 Oberlin Ave building has an all-brick, interior corridor layout with 6 one-bedroom, one-bath units and 16 two-bedroom, one-bath units for a total of 46 units. The property includes 75 +/- outdoor parking spaces.
The complex is currently 93.5% occupied (43/46). Recent improvements include replacement of flat roofs, gutters, and downspouts within the last five years, window upgrades to double-hung windows, carpeting replacement in interior hallways at the 5001 building, and installation of a Master Lock System with locks operating on a single system. Security cameras are on-site, unit thermostats were replaced, and 24 wall-mounted air conditioning units were added/installed. A new gas boiler was installed in 2018 at the 5003 building, with repairs made to the boiler at the 5001 building during the same period.
From an operating standpoint, the landlord pays water/sewer, gas, and electric, with electricity handling described as landlord-paid for 5003 and tenant-paid for 5001. Electrical service is submetered in the 5003 building only, and gas service is not submetered. Additional context includes 17 of the 43 occupied units (39%) being subsidized through Federal and State Section 8 voucher funding, and the property being located just footsteps from The Nord Center.
The complex is currently 93.5% occupied (43/46). Recent improvements include replacement of flat roofs, gutters, and downspouts within the last five years, window upgrades to double-hung windows, carpeting replacement in interior hallways at the 5001 building, and installation of a Master Lock System with locks operating on a single system. Security cameras are on-site, unit thermostats were replaced, and 24 wall-mounted air conditioning units were added/installed. A new gas boiler was installed in 2018 at the 5003 building, with repairs made to the boiler at the 5001 building during the same period.
From an operating standpoint, the landlord pays water/sewer, gas, and electric, with electricity handling described as landlord-paid for 5003 and tenant-paid for 5001. Electrical service is submetered in the 5003 building only, and gas service is not submetered. Additional context includes 17 of the 43 occupied units (39%) being subsidized through Federal and State Section 8 voucher funding, and the property being located just footsteps from The Nord Center.
Key Highlights
- Two‑building walkup apartment complex totaling 46 units (32,904 sq ft) on 1.74 acres at 5001 & 5003 Oberlin Ave, Lorain, OH 44053
- Unit mix: 30 1BD/1BA units (~525 sq ft) and 16 2BD/1BA units (~750 sq ft)
- 93.5% occupied (43/46) with 75+/- outdoor parking spaces
Property Analytics
Current Use
Lease Details
46
Residential units
93.5%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 44053, OH
20,735
Population
9,529
Households
2.2
Avg Household Size
44
Median Age
21%
College-Educated
91%
High-School Grad
10.8 sq mi
ZIP Area
1,920
Density / Sq Mi
$65,332
Median Household Income
$43,654
Median Earnings
$827
Median Rent
$189,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building walkup complex offers 46 units with exterior and interior corridors plus on-site outdoor parking.
Where is this apartment building located?
The property is located at 5001 Oberlin Ave Lorain, OH.
What are key features of this property?
This property features: Two‑building walkup apartment complex totaling 46 units (32,904 sq ft) on 1.74 acres at 5001 & 5003 Oberlin Ave, Lorain, OH 44053; Unit mix: 30 1BD/1BA units (~525 sq ft) and 16 2BD/1BA units (~750 sq ft); 93.5% occupied (43/46) with 75+/- outdoor parking spaces
