Renovated 8-Unit Apartment
For Sale
$675,000
Pending
1505 Herbert Drive Lorain, Lorain, OH 44053
Newly renovated, fully occupied 8-unit building with 1 bed/1 bath apartments and updated mechanical and interior features.
Property SizeContact for details
Days on Market60
Property Features for 1505 Herbert Drive Lorain
General Information
Standard status
Pending
Taxes and HOA fees
Annual Taxes
$5,644
Amenities
true
false
Public
0.44
Assessor
Additional Parking
1
Building Details
Year Built
1973
Buildings
1
Listed By:
Anita Reece
(330) 590-5379
Source:
Akroncantonhomesonline
Added: Jul 9
Changed: Sep 4
Last Checked: Sep 5 at 4:09AM
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 Anita Reece
Investment Insights
Based on property information with market context.
This newly renovated 8-suite apartment building is fully occupied. All units are configured as 1 bedroom and 1 bathroom, and are described as spacious. Several units have received updates including flooring, kitchen countertops and backsplash, and in some cases new cabinets, new bathrooms, and fresh paint. The roof has also been replaced.
The property includes electric heat in the ceilings, which eliminates the need to maintain boilers or furnaces. Tenants have access to a community coin-operated washer/dryer, which is reported to generate approximately $125 per month. The building is positioned among other buildings, with tenant parking available in the rear.
From a practical operations standpoint, the unit interiors and roof have been addressed recently, and the heating setup is electric-based. The building’s current occupancy and rent roll are noted in the provided materials.
The property includes electric heat in the ceilings, which eliminates the need to maintain boilers or furnaces. Tenants have access to a community coin-operated washer/dryer, which is reported to generate approximately $125 per month. The building is positioned among other buildings, with tenant parking available in the rear.
From a practical operations standpoint, the unit interiors and roof have been addressed recently, and the heating setup is electric-based. The building’s current occupancy and rent roll are noted in the provided materials.
Key Highlights
- Newly renovated, fully occupied 8‑unit apartment building with 1 bed/1 bath units
- Rent roll reported all at or near $850/month; building is described as having an excellent rent roll
- Roof replaced; many units updated with flooring, kitchen countertops and backsplash, some with new cabinets, new baths, and fresh paint
Property Analytics
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly renovated, fully occupied 8-unit building with 1 bed/1 bath apartments and updated mechanical and interior features.
Where is this apartment building located?
The property is located at 1505 Herbert Drive Lorain 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: Newly renovated, fully occupied 8‑unit apartment building with 1 bed/1 bath units; Rent roll reported all at or near $850/month; building is described as having an excellent rent roll; Roof replaced; many units updated with flooring, kitchen countertops and backsplash, some with new cabinets, new baths, and fresh paint
