1163 Erie Ave Lorain, OH 44052
- Apartment buildings
- 26,000 SF
- 0.70 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1163 Erie Ave
- Year built
- 1955
- Lot size
- 0.70 lot acres
- Property size
- 26,000 SF
- Property type
- Apartment buildings
Description
Kayann Twenty-Two, located at 1163 E Erie Ave, Lorain, OH 44052, presents a compelling multifamily investment opportunity. This stabilized apartment building comprises 22 units – six one-bedroom, six two-bedroom, and ten studio apartments – within four, three-story buildings on a 0.7-acre lot. The property boasts a total of 26,000 square feet and features a 90% occupancy rate as of January 1, 2023. Significant renovations were completed in 2020 and 2021, exceeding $600,000 in improvements. The property's current net operating income (NOI) is $149,500, yielding a 7.5% cap rate. Pro forma NOI is projected at $178,000, resulting in a pro forma cap rate of 8.67%. The asking price is $1,725,000, translating to a price per unit of $78,409.09 and a price per square foot of $66.35. The property is zoned MF and includes one additional parking pad. This is a privately owned building, built in 1955, and is not subject to a ground lease. The property offers significant potential for increased returns through effective property management and rental growth in a strong job market.
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
- -82.1618
- Latitude
- 41.4745
