Renovated 8-Unit Apartment
For Sale
$675,000
Pending
1505 Herbert Drive, Lorain, OH 44053
CommercialSale, Lorain, OH
Property SizeContact for details
Lot Size0.44 Acres
Days on Market119
Property Features for 1505 Herbert Drive
General Information
Property type
Commercial Sale
Property subtype
Apartment
Subdivision
Ashwood Acres Sub #1
Elementary school district
Lorain CSD - 4709
Middle school district
Lorain CSD - 4709
High school district
Lorain CSD - 4709
Directions
North On Ashwood Off Cooper Foster To Herbert
Standard status
Pending
APN
02-02-005-112-014
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
ASHWOOD ACRES SUB #1 112.00 X 171.16 S/L 24
Tax Annual Amount
5644
Legal Description
ASHWOOD ACRES SUB #1 112.00 X 171.16 S/L 24
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Wall Unit(s), Ceiling Fan(s)
Water source
Public
Amenities
community washer/dryer
Building Details
Year built
1973
Listing Agency:
Real of Ohio
(330) 807-1303
Listed By:
Julie L Hogston · License #2016000243
(440) 829-9268
Added: Apr 27
Changed: Aug 19
Last Checked: Aug 23 at 6:06PM
MLS# 5204706
Copyright © 2026 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.
Investment Insights
Based on property information with market context.
This 8-suite apartment property contains eight one-bedroom, one-bath residences and is fully occupied. Interior improvements include flooring, kitchen countertops, backsplashes, select cabinetry, updated bathrooms, and fresh paint across various units. The roof has also been replaced, while electric ceiling heat avoids the need for boilers or furnaces. Wall unit cooling and ceiling fans are provided.
Built in 1973, the property includes rear parking for residents and a shared coin-operated washer and dryer. Public water and public sewer serve the building. The 0.44-acre property is located at 1505 Herbert Drive in Lorain, Ohio, and is reported at an 8.5% cap rate.
Built in 1973, the property includes rear parking for residents and a shared coin-operated washer and dryer. Public water and public sewer serve the building. The 0.44-acre property is located at 1505 Herbert Drive in Lorain, Ohio, and is reported at an 8.5% cap rate.
Key Highlights
- Eight fully occupied apartment suites, each with 1 bedroom and 1 bathroom
- 0.44‑acre property at 1505 Herbert Drive, Lorain, OH 44053
- Interior updates include flooring, countertops, backsplashes, cabinetry, bathrooms, and paint
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
378
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartments feature updated interiors and electric ceiling heat.
Where is this apartment building located?
The property is located at 1505 Herbert Drive Lorain, OH.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Eight fully occupied apartment suites, each with 1 bedroom and 1 bathroom; 0.44‑acre property at 1505 Herbert Drive, Lorain, OH 44053; Interior updates include flooring, countertops, backsplashes, cabinetry, bathrooms, and paint
