20-Unit Townhome Apartment
601 Abbe Road N, Elyria, OH 44035
For Sale
New
$1,900,000
Renovated residences feature in-unit laundry hookups, fenced patios, and private off-street parking.
Property Size18,360 SF
Days on Market7
Property Features for 601 Abbe Road N
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Occupancy
Site & Location
Highway Access
Road Access
Public Transit
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
laundry hookups
private fenced patio
Building Details
Building Size
Year Built
Listing Agency:
Keller Williams Citywide
Listed By:
James P Matheos · License #2015001911
(440) 847-9033
Source:
Asacoxhomes
Added: Nov 2
Changed: Nov 7
Last Checked: Nov 6 at 5:10AM
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 Keller Williams Citywide
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 20-unit apartment property is arranged in two-story townhomes, with 19 two-bedroom units and one three-bedroom unit. Each residence measures 918 square feet and includes 1.5 baths, an open main-floor living area, and bedrooms upstairs. Laundry hookups are provided in a dedicated room, and each home has a small fenced backyard with a sitting patio. Renovations completed across several units in 2024 and 2025 included flooring, paint, kitchens, bath fixtures, plumbing, and finish work. The metal roof was installed within the past seven years; the property was built in 1980.
A rear parking lot provides 26 spaces. The complex is directly across from Northwood School Campus Middle School and next to Elyria Fire Station #4. Lorain Community College is within 3 miles. A bus stop is located in front of the property on Abbe Road, with access to I-80 and Route 20 a few minutes away. Nearby destinations include retail, food, a park, and Abbe Road Mall.
The property is currently 95% occupied, with one unit undergoing turnover as of 10/31/2026.
A rear parking lot provides 26 spaces. The complex is directly across from Northwood School Campus Middle School and next to Elyria Fire Station #4. Lorain Community College is within 3 miles. A bus stop is located in front of the property on Abbe Road, with access to I-80 and Route 20 a few minutes away. Nearby destinations include retail, food, a park, and Abbe Road Mall.
The property is currently 95% occupied, with one unit undergoing turnover as of 10/31/2026.
Key Highlights
- 20 townhome‑style apartments: 19 two‑bedroom units and 1 three‑bedroom unit
- Each residence is 918 square feet, with 1.5 baths and laundry hookups
- Several units received renovations in 2024 and 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$157,044
Cap Rate
8.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,140,880
$3.1M
Cap Rate 7%
$2,243,486
$2.2M
Cap Rate 9%
$1,744,933
$1.7M
Market Conditions
NOI Build-Up for 18,360 SF
Gross rent
$297.4K $16.20/SF
− Vacancy
−$11.9K −$0.65/SF
EGI
$285.5K $15.55/SF
− OpEx
−$128.5K −$7.00/SF
NOI
$157.0K $8.55/SF
Area
Lorain County, OH
Vacancy
4.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,140,880
Cap Rate 7%
$2,243,486
Cap Rate 9%
$1,744,933
Alternative Uses
Best Use
Apartment 5plus
$2.24M
$1.96M – $2.62M
NOI $157,044 @ 7.0% cap · market cap 8.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.63M
$4.05M – $5.40M
NOI $323,870 @ 7.0% cap · market cap 17.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
20
Residential units
95%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 44035, OH
61,921
Population
29,637
Households
2.1
Avg Household Size
42
Median Age
17%
College-Educated
88%
High-School Grad
47.6 sq mi
ZIP Area
1,301
Density / Sq Mi
$54,362
Median Household Income
$38,493
Median Earnings
$871
Median Rent
$147,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated residences feature in-unit laundry hookups, fenced patios, and private off-street parking.
Where is this apartment building located?
The property is located at 601 Abbe Road N Elyria, OH.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 20 townhome‑style apartments: 19 two‑bedroom units and 1 three‑bedroom unit; Each residence is 918 square feet, with 1.5 baths and laundry hookups; Several units received renovations in 2024 and 2025
