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    Property profile & analytics

    1900 28th St, Unit 1 Lorain, OH 44055-1902

    • Apartment buildings
    • 3,256 SF
    • 0.14 lot acres
    OFF-MARKET
    Value Estimation
    $255,000
    Last Sale
    Dec 18, 2024
    $475,000
    Location Intelligence
    Property ID
    US66-1149820
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1900 28th St

    Year built
    1950
    Lot size
    0.14 lot acres
    Property size
    3,256 SF
    Property type
    Apartment buildings
    APN
    03-00-095-108-001
    APU
    300095108001

    Description

    This 14-unit apartment building in Lorain, Ohio, presents a compelling investment opportunity. Located at 1900 E 28th St, 44055, this Class B, stabilized multifamily property boasts 6,512 square feet on a 0.14-acre lot. Built in 1920, the building features twelve fully renovated studios, one one-bedroom unit, and one two-bedroom unit. Recent upgrades include new flooring, paint, and kitchen and bathroom improvements in twelve units, along with fresh vinyl flooring and paint in all common areas. The current net operating income (NOI) is $51,323, yielding a 9.81% cap rate. A pro-forma NOI of $61,089 projects an 11.68% cap rate, indicating significant upside potential. The property's boiler system provides heat, water, and sewer, with tenants responsible for electricity. An existing laundry room offers potential for additional income through the installation of coin-operated washers and dryers. Further income growth may be achieved by increasing rents and renovating the remaining two units. The asking price is $523,000. The current owner is willing to assist with a smooth transition. This turnkey property offers immediate cash flow and substantial long-term growth prospects.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $250,000

    • CAP approach

      CAP return
      Estimation
      6%
      $265,000
      6.5%
      $285,000
      7%
      $245,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $265,000
      Geo Method
      $230,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $315,000
      Retail
      $330,000
      Mixed-Use
      $270,000
      Hospitality
      $250,000
      Educational
      $265,000
      Residential Income
      $255,000
      Energy
      $265,000
      Income-Based Land
      $290,000
      Food Service
      $285,000

    Location Insight

    • Map
    • Local Demand
    City
    Lorain
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1318
    Latitude
    41.4453
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $7,837
    $44,860
    $54,891
    $99,751
    -
    $128,170
    $156,830
    $285,000

    Comparable in this City

    • Value Estimation
      $80,000
      2,542 SF

      2349 Elyria Ave

      APARTMENT HOUSE (5+ UNITS) • 2,542 SF
      2349 Elyria Ave, Lorain, OH 44055-1369
      View Details
    • Value Estimation
      $155,000
      1,960 SF

      3324 Broadway

      APARTMENT HOUSE (5+ UNITS) • 1,960 SF
      3324 Broadway, Lorain, OH 44055-1251
      View Details
    • Value Estimation
      $115,000
      2,408 SF

      2119 29th St, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 2,408 SF
      2119 29th St, Lorain, OH 44055-1958
      View Details
    • Value Estimation by Request
      8,608 SF

      1490 Lincoln Blvd, Unit 931

      APARTMENT HOUSE (5+ UNITS) • 8,608 SF
      1490 Lincoln Blvd, Lorain, OH 44055-3162
      View Details
    • Value Estimation
      $255,000
      5,486 SF

      4490 Elyria Ave

      APARTMENT HOUSE (5+ UNITS) • 5,486 SF
      4490 Elyria Ave, Lorain, OH 44055-2480
      View Details
    • Value Estimation
      $305,000
      4,400 SF

      2833 Seneca Ave, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 4,400 SF
      2833 Seneca Ave, Lorain, OH 44055-1866
      View Details

    Similar Nearby for Sale

    • $159,900
      Pending

      Turnkey Duplex Investment Opportunity

      Well-maintained duplex in Lorain, fully leased, generating $1,700 monthly.
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      Lorain Duplex with Income Potential

      Side-by-side duplex in good condition with income potential.
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      Well-maintained Lorain duplex with 6 bedrooms, 3 baths, and wheelchair access.
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    • $139,900
      1,500 SF

      Duplex Near Lake Erie

      Side-by-side duplex near Lake Erie with income potential.
      1771-1773 E 37Th St, Lorain, OH 44055
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    • $159,900
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      Turnkey Duplex Investment Opportunity

      Well-maintained duplex in Lorain, generating $1,700 monthly income.
      2323/2325 Homewood Dr, Lorain, OH 44055
      View Details
    • Contact for pricing
      0.17 Acres

      Land in Lorain, Ohio

      Land suitable for building or developing rental property.
      Apple Ave, Lorain, OH 44055
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      11,312 SF

      Former Rite Aid Retail Building

      Freestanding 11,312 SF building, high traffic, strong sales history.
      2853 Grove Ave, Lorain, OH 44055
      View Details
    • Contact for pricing
      1,264 SF

      Lorain-Elyria Retail Corridor Space

      Retail spaces available in Sheffield Center Plaza, Lorain, OH.
      120-400 Sheffield Ctr, Lorain, OH 44055
      View Details
    • Contact for pricing
      9,000 SF

      Retail Space in Sheffield Center

      Retail spaces available in Lorain-Elyria retail corridor.
      105 Sheffield Ctr, Lorain, OH 44055
      View Details
    • Contact for pricing
      20,765 SF

      Retail Space in Lorain, Ohio

      Save A Lot anchored shopping center on Route 57.
      2222 Fairless Dr, Lorain, OH 44055
      View Details
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    1900 28th St, Unit 1
    Lorain, OH 44055-1902
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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