5510 Beavercrest Dr Lorain, OH 44053
- Apartment buildings
Current Use by Public Records
- Apartment buildings
Property Details for 5510 Beavercrest Dr
- Year built
- 1968
- Property type
- Apartment buildings
Description
Exceptional investment opportunity: Golf Crest Manor, a 10-unit apartment building in Lorain, Ohio (44053), is for sale at $875,000. This Class C multifamily property boasts a 7.83% pro-forma cap rate and a current 100% occupancy, generating a pro-forma NOI of $68,492. The building comprises four three-bedroom townhomes (1100 sq ft each) and six two-bedroom townhomes (975 sq ft each). Each unit features a first-floor half bath and a second-floor full bath. Built in 1968 and extensively renovated in 2023, the property underwent $250,000 in capital improvements. These upgrades include a complete renovation of six units ($180,000), new HVAC systems (condensers and furnaces), new hot water tanks, updated electrical and plumbing fixtures, built-in laundry closets, all new appliances, LVP flooring, new keyless entry front doors, a new flat roof ($40,000), and a resurfaced parking lot ($20,000). Located in the Amherst school district, near Fox Creek golf course and Mercy Health hospital, this property benefits from a desirable location and strong tenant demand. The price per unit is $87,500. This is a turnkey investment ready for immediate income generation.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lorain
- County
- Lorain
- State
- Ohio
- Longitude
- -82.2372
- Latitude
- 41.4338
