334 Washington Ave, Unit 102F Elyria, OH 44035-5113
- Apartment buildings
- 3,708 SF
- 1.36 lot acres
Apr 12, 2022
Current Use by Public Records
- Mayfair Apartments / Apartment Building
- ClintPhone / Phone Repair Service
Property Details for 334 Washington Ave
- Year built
- 1965
- Lot size
- 1.36 lot acres
- Property size
- 3,708 SF
- Property type
- Apartment buildings
- APN
- 06-25-129-000-001
- APU
- 625129000001
Description
This exceptional 42-unit apartment building, located at 334 Washington Ave, Elyria, OH 44035, presents a compelling investment opportunity. Boasting 53,240 square feet of net rentable space, the property features a mix of 24 one-bedroom/one-bath and 18 two-bedroom/one-bath units, catering to a diverse tenant base. Recently renovated with modern finishes, all units command stable rental income, offering a reliable revenue stream with significant upside potential for rent increases. The property's durable brick exterior minimizes maintenance costs, further enhancing its appeal. Currently generating a NOI of $181,679 and a 6.01% cap rate, this turnkey investment is priced at $3,024,000 ($72,000 per unit and $57 per square foot). An experienced maintenance team is in place, ensuring smooth operations and high tenant satisfaction. Situated in a high-demand rental area of Elyria, Ohio, experiencing a booming rental market and increased growth, this property offers excellent potential for value appreciation. The property's strong operational efficiency, coupled with its strategic location and newly renovated units, makes it an ideal investment for discerning buyers seeking a stable and profitable asset in a thriving market. The building was constructed in 1973.
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
- Elyria
- County
- Lorain
- State
- Ohio
- Longitude
- -82.1076
- Latitude
- 41.373
- CBSA code
- 17460
- CBSA name
- CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA
