Renovated Eight-Unit Multifamily
7444 Lake Ave. Elyria, OH 44035
7444 Lake Ave., Elyria, OH, 44035
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For Sale
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Eight residential units with recent apartment renovations and exterior upgrades, plus ample on-site parking.
Days on Market21
Property Features for 7444 Lake Ave.
General Information
- Standard status
- Active
- Property subtype
- Multifamily
Building Details
- Year Built
- 1920
Listing agency
Phoenix9 Realty
Listed by
Ruset Patrascu · License #BK3536517
Source
Crexi
Added: Jul 2 Updated: Jul 21 at 7:57PM Checked: Jul 21 at 7:57PM
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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
Location Intelligence
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FAQs
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.
