7444 Lk Ave, Elyria, OH 44035-2568
- Apartment buildings
- 6,750 SF
- 0.43 lot acres
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 type
- Apartment buildings
- APN
- 06-24-036-104-049
- APU
- 624036104049
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| May 15, 2023 | — | Stk Lake Ave LLC | — | Deed · related | $240k · First National Bank Of Pennsylvania |
| Mar 16, 2023 | $300,000 | Stk Lake Ave LLC | Janice Bryden | Limited Warranty Deed | — |
| Jul 24, 2019 | — | Janice Bryden | Apts Lake A 7444 Trust | Quit Claim Deed · related | — |
| Jan 31, 2012 | — | 7444 Lake Avenue Apts Trust | Araka LLC | Warranty Deed · related | — |
| Dec 5, 2006 | — | Araka LLC | Bryden,janice A | Quit Claim Deed · related | — |
| Aug 24, 2006 | $186,000 | Janice A Bryden | Donald R Vogelpohl | Warranty Deed | $144k · Silver Hill Financial LLC |
| Nov 4, 2002 | $140,000 | Donald R Vogelpohl | Slack,marjorie A | Grant Deed | $90k · National City Bank |
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 Estimations
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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
