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    Property profile & analytics

    7444 Lk Ave Elyria, OH 44035-2568

    • Apartment buildings
    • 6,750 SF
    • 0.43 lot acres
    OFF-MARKET
    Value Estimation
    $330,000
    Last Sale
    Mar 16, 2023
    $300,000
    Location Intelligence
    Property ID
    US66-6194089
    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 7444 Lk Ave

    Year built
    1920
    Construction
    FRAME
    Lot size
    0.43 lot acres
    Property size
    6,750 SF
    Property type
    Apartment buildings
    APN
    06-24-036-104-049
    APU
    624036104049

    Description

    This exceptional 8-unit apartment complex presents a compelling investment opportunity in the desirable Elyria, OH market. Situated on a 0.45-acre lot at 7444 Lake Avenue, this property boasts 6,750 square feet of living space and is currently fully occupied, generating nearly $100,000 in annual gross income. Recent capital improvements significantly enhance the property's value and appeal. These include a complete exterior renovation featuring new paint, siding, windows, doors, and fencing, along with a resealed and patched parking area. The majority of units have been recently updated with new flooring, paint, and bathroom upgrades, contributing to high tenant satisfaction and retention rates. The property also benefits from recent electrical and plumbing improvements. The current utility setup, with separate meters for electricity and gas, allows for premium rent pricing, offsetting utility costs currently covered by the owner. This well-maintained property offers a strong potential for increased profitability, with the possibility of adding a 1,000 square foot unit to further boost income. Priced at $499,000, this investment is projected to deliver an impressive cap rate near 10% and solid double-digit cash-on-cash returns, making it a rare find in the current market. This is a turnkey opportunity for investors seeking immediate cash flow and significant long-term growth potential.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $325,000

    • CAP approach

      CAP return
      Estimation
      6%
      $330,000
      6.5%
      $330,000
      7%
      $305,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $385,000
      Geo Method
      $345,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $310,000
      Retail
      $320,000
      Mixed-Use
      $275,000
      Hospitality
      $375,000
      Educational
      $325,000
      Residential Income
      $350,000
      Energy
      $285,000
      Income-Based Land
      $335,000
      Food Service
      $325,000

    Location Insight

    • Map
    • Local Demand
    City
    Elyria
    County
    Lorain
    State
    Ohio
    Longitude
    -82.1304
    Latitude
    41.3899
    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
    $3,002
    $10,490
    $25,519
    $36,009
    -
    $29,970
    $72,910
    $102,880

    Comparable in this City

    • Value Estimation by Request
      3,080 SF

      6253 Lk Ave, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 3,080 SF
      6253 Lk Ave, Elyria, OH 44035-1056
      View Details
    • Value Estimation by Request
      8,356 SF

      240 4th St, Unit 203

      APARTMENT HOUSE (5+ UNITS) • 8,356 SF
      240 4th St, Elyria, OH 44035-5745
      View Details
    • Value Estimation by Request
      2,118 SF

      254 Washington Ave, Unit A2

      APARTMENT HOUSE (5+ UNITS) • 2,118 SF
      254 Washington Ave, Elyria, OH 44035-5158
      View Details
    • Value Estimation
      $1,250,000
      918 SF

      601 Abbe N Rd, Unit A2

      APARTMENT HOUSE (5+ UNITS) • 918 SF
      601 Abbe N Rd, Elyria, OH 44035-3052
      View Details
    • Value Estimation
      $1,210,000
      918 SF

      605 Abbe N Rd, Unit B1

      APARTMENT HOUSE (5+ UNITS) • 918 SF
      605 Abbe N Rd, Elyria, OH 44035-3053
      View Details
    • Value Estimation
      $1,230,000
      918 SF

      605 Abbe N Rd, Unit B3

      APARTMENT HOUSE (5+ UNITS) • 918 SF
      605 Abbe N Rd, Elyria, OH 44035-3053
      View Details

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    Similar Nearby for Lease

    • Contact for pricing
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      Retail property for lease with high traffic count.
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      Retail space with high visibility and multiple anchor tenants.
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      25,594 SF retail space in dominant shopping center.
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      View Details
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    7444 Lk Ave
    Elyria, OH 44035-2568
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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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