Fully Occupied 10-Unit Apartment
1888 E 28th St Lorain, OH 44055
1888 E 28th St, Lorain, OH, 44055
$425,000
Pending
For Sale
$425,000
Pending
A fully occupied 10-unit property with one-bed, one-bath units, a coin laundry room, and a new silicone roof layer.
Days on Market104
Property Features for 1888 E 28th St
General Information
- Standard status
- Pending
Listing agency
Russell Real Estate Services
(216) 870-8687
Listed by
Tal Tamir · License #2018001908
(216) 870-8687
Source
Exprealty
Added: Apr 10 Updated: Jul 22 at 3:13AM Checked: Jul 22 at 3:13AM
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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
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FAQs
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.
