Renovated Eight-Unit Multifamily
For Sale
Contact for pricing
Pending
7444 Lake Ave., Elyria, OH 44035
Eight residential units with recent apartment renovations and exterior upgrades, plus ample on-site parking.
Property SizeContact for details
Days on Market66
Property Features for 7444 Lake Ave.
General Information
Standard status
Pending
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
apartments
Occupancy
100%
Investment Type
Value Add
Additional Details
Highway Access
Yes
Multifamily Units
8
Building Details
Year Built
1920
Units
8
Tenancy
Multi
Listing Agency:
Phoenix9 Realty
Listed By:
Ruset Patrascu · License #BK3536517
Source:
Crexi
Added: Jul 2
Changed: Aug 8
Last Checked: Jul 24 at 4:58PM
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 Phoenix9 Realty
Investment Insights
Based on property information with market context.
This property offers eight residential units, including three one-bedroom units, four two-bedroom units, and one three-bedroom unit, providing a diversified unit mix. The current ownership has completed numerous improvements throughout the property, including renovated apartments, exterior upgrades, roof coating, plumbing and electrical improvements, and replacement of the main water lines and water meter.
An additional potential value-add opportunity exists through expansion of Apartment 6, where more than 200 square feet was added, creating the opportunity for an additional apartment or expanded living space, subject to buyer verification and local approvals. The property includes ample on-site parking and is described as conveniently located near shopping, restaurants, schools, healthcare facilities, and major transportation corridors.
The seller states that the current owner pays all utilities, offering future ownership the opportunity to evaluate utility reimbursement programs or operational efficiencies as part of their underwriting and due diligence.
An additional potential value-add opportunity exists through expansion of Apartment 6, where more than 200 square feet was added, creating the opportunity for an additional apartment or expanded living space, subject to buyer verification and local approvals. The property includes ample on-site parking and is described as conveniently located near shopping, restaurants, schools, healthcare facilities, and major transportation corridors.
The seller states that the current owner pays all utilities, offering future ownership the opportunity to evaluate utility reimbursement programs or operational efficiencies as part of their underwriting and due diligence.
Key Highlights
- 8 residential units built in 1920: 3 one‑bedroom, 4 two‑bedroom, and 1 three‑bedroom.
- Numerous improvements by current ownership, including renovated apartments and exterior upgrades.
- Roof coating completed, plus plumbing and electrical improvements.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
98
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight residential units with recent apartment renovations and exterior upgrades, plus ample on-site parking.
Where is this apartment building located?
The property is located at 7444 Lake Ave. Elyria, OH.
What is the asking price?
The asking price for this property is $349,999.
What are key features of this property?
This property features: 8 residential units built in 1920: 3 one‑bedroom, 4 two‑bedroom, and 1 three‑bedroom.; Numerous improvements by current ownership, including renovated apartments and exterior upgrades.; Roof coating completed, plus plumbing and electrical improvements.
