Renovated 8-Unit Apartment
1505 Herbert Drive Lorain Lorain, OH 44053
1505 Herbert Drive Lorain, Lorain, OH, 44053
$699,000
For Sale
$699,000
Newly renovated, fully occupied 8-unit building with 1 bed/1 bath apartments and updated mechanical and interior features.
Days on Market14
Property Features for 1505 Herbert Drive Lorain
General Information
- Standard status
- Active
Building Details
- Year Built
- 1973
Listing agency
(330) 590-5379
Listed by
Anita Reece
(330) 590-5379
Source
Akroncantonhomesonline
Added: Jul 9 Updated: Jul 22 at 8:30AM Checked: Jul 22 at 8:30AM
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
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
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 $699,000.
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
