1900 28th St 1 Lorain, OH 44055-1902

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.