Fully Occupied 10-Unit Apartment
For Sale
$425,000
1888 E 28th St, Lorain, OH 44055
A fully occupied 10-unit property with one-bed, one-bath units, a coin laundry room, and a new silicone roof layer.
Property SizeContact for details
Days on Market149
Property Features for 1888 E 28th St
General Information
Standard status
Active
Occupancy
100%
Additional Details
Cap Rate
8.54%
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$3,303
Listing Agency:
Russell Real Estate Services
(440) 201-9850
Listed By:
Tal Tamir · License #2018001908
(216) 870-8687
Source:
Exprealty
Added: Apr 10
Changed: Aug 20
Last Checked: Sep 5 at 1:29PM
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 Russell Real Estate Services
Investment Insights
Based on property information with market context.
This fully occupied 10-unit apartment building offers all one-bedroom, one-bath layouts. Many updates are already in place, and a new silicone roof layer is scheduled to be installed prior to closing. The building includes a coin-operated laundry room and an unused storage area.
Current rental income is reflected in a $6,225 per month rent roll, or $74,700 in gross scheduled income, with existing rents ranging from $500 to $675. The owner also pays water, sewer, and gas via the on-site boiler, as reflected in the expense model.
At a $425,000 asking price, the underwriting in the remarks shows an 8.54% cap rate and 1.40x DSCR, with projected net cash flow of $871 per month under a conservative 5% vacancy assumption.
Current rental income is reflected in a $6,225 per month rent roll, or $74,700 in gross scheduled income, with existing rents ranging from $500 to $675. The owner also pays water, sewer, and gas via the on-site boiler, as reflected in the expense model.
At a $425,000 asking price, the underwriting in the remarks shows an 8.54% cap rate and 1.40x DSCR, with projected net cash flow of $871 per month under a conservative 5% vacancy assumption.
Key Highlights
- Fully occupied 10‑unit building with all units configured as 1‑bedroom / 1‑bath.
- Rent roll totals $6,225/month ($74,700 GSI), with current rents ranging $500–$675.
- Coin‑operated laundry room plus an unused storage area for additional income potential.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 44055, OH
19,331
Population
9,258
Households
2.1
Avg Household Size
36
Median Age
10%
College-Educated
82%
High-School Grad
6.3 sq mi
ZIP Area
3,068
Density / Sq Mi
$36,603
Median Household Income
$30,631
Median Earnings
$848
Median Rent
$95,700
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 - A fully occupied 10-unit property with one-bed, one-bath units, a coin laundry room, and a new silicone roof layer.
Where is this apartment building located?
The property is located at 1888 E 28th St Lorain, OH.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Fully occupied 10‑unit building with all units configured as 1‑bedroom / 1‑bath.; Rent roll totals $6,225/month ($74,700 GSI), with current rents ranging $500–$675.; Coin‑operated laundry room plus an unused storage area for additional income potential.
