185 Main St Orwell, OH 44076-9521

Property Details for 185 Main St

Year built

1982

Construction

WOOD

Lot size

0.62 lot acres

Property size

8,424 SF

Property type

Apartment buildings

APN

39-013-10-049-00

APU

390131004900

Description

This exceptional 60-unit apartment building, Orwell Village Apartments, presents a compelling investment opportunity in Orwell, Ohio. Located at 185 E Main St, 44076, this two-story property boasts a substantial 47,295 square feet and sits on over 5 acres, offering significant potential for future development. Built in 1979, the property features a diverse mix of studio, one-bedroom, two-bedroom, and three-bedroom units, catering to a broad range of tenants. The asking price is $3,500,000, representing a price per square foot of $74 and a strong 7.08% cap rate, with a current Net Operating Income (NOI) of $240,806. Recent capital expenditures include a complete parking lot resurfacing, upgraded electrical panels in each unit, and various minor renovations, demonstrating a commitment to property maintenance and value enhancement. The property includes additional revenue streams from on-site laundry facilities, parking, and garages. This well-maintained complex has been locally owned and self-managed for over 24 years, providing a history of stable occupancy and income. The property is offered free and clear, or with an attractive assumable loan, providing flexibility for potential buyers. Its convenient location, approximately one hour from Downtown Cleveland and within a 20-mile radius of major employers in the metropolitan statistical area, ensures strong tenant demand and long-term stability. This is a rare opportunity to acquire a well-established, cash-flowing multifamily asset with significant upside potential.

Location Insight

City

Orwell

County

Ashtabula

State

Ohio

Longitude

-80.8613

Latitude

41.5378

CBSA code

11780

CBSA name

ASHTABULA, OH MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments