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$699,000
Est. payment /mo
0.59 Acres Lot
UPDATED:
02/18/2025 08:31 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision 2 Black River
MLS Listing ID 5098818
HOA Y/N No
Year Built 1968
Annual Tax Amount $10,244
Tax Year 2024
Lot Size 0.590 Acres
Acres 0.59
Property Sub-Type Apartment
Property Description
Incredible opportunity to purchase 12 suites located right on Lake Erie! This property is perfect for the savvy investor looking to walk into a stabilized asset, but still with significant upside! Currently, 9 of the 12 units are occupied (one being occupied by a maintenance man that receives a discount on rent). This property is extremely attractive as it boasts (6) two bed, one bath units and (6) three bed, two bath units, meaning rent potential here is huge. The majority of units have already been updated with vinyl plank flooring, paint, and kitchen and bath updates. Two of the vacant units can quickly and easily be turned and leased for premium rents, while one of the vacant units needs a full rehab. Even as it sits, the rent roll currently grosses about $7,400 per month, but can easily be taken to $11,500+ per month with lease up and management / operational efficiencies! Reach out to listing agent for OM. **Please note offers must be approved by seller's lender, therefore should make offer contingent on lender approval**. Condos for sale (13 Units, 3960 W Erie Ave) also for sale by same owner.
Location
State OH
County Lorain
Interior
Heating Gas, Radiant
Fireplace No
Schools
School District Lorain Csd - 4709
Others
Tax ID 02-02-021-101-046
Special Listing Condition Standard
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Listed by Michael Orlando • Key Realty • mjorlando1994@gmail.com 216-956-1884