1163 Erie Ave Lorain, OH 44052

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.