20580 Lorain RdFairview Park, OH 44126

Property Details for 20580 Lorain Rd

Year built

1955

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 30-unit apartment building, known as Royal Oaks, presents a compelling investment opportunity in the desirable Fairview Park, Ohio market. Located at 20580 Lorain Rd, 44126, this Class C multifamily property boasts a strong 95% occupancy rate and a current Net Operating Income (NOI) of $181,483. Built in 1955 and extensively renovated in 2024, the property comprises two buildings and offers significant upside potential. Recent capital improvements include new roofs installed in November 2023 and the replacement of several windows, enhancing both aesthetics and functionality. Each unit is equipped with an in-suite washer and dryer, a highly desirable amenity. A select number of units feature tasteful remodeling with LVT flooring. The property benefits from a strong local demographic, with a five-mile population exceeding 233,000 and an average household income over $100,000 within the same radius. The projected NOI for 2025 is a substantial $280,000, showcasing the property's impressive growth trajectory. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a prime location with significant future income potential. The property's consistent high occupancy and recent renovations make it an attractive investment for both seasoned and emerging investors seeking strong returns in a stable market.

Location Insight

City

Fairview Park

County

Cuyahoga

State

Ohio

Latitude

41.4484

Longitude

-81.848

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