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$910,000
Est. payment /mo
492 Sqft Lot
UPDATED:
02/19/2025 12:11 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Subdivision Cambridge Harbour House Condo
MLS Listing ID 5100651
HOA Y/N No
Year Built 1967
Annual Tax Amount $832
Tax Year 2024
Lot Size 492 Sqft
Acres 0.0113
Property Sub-Type Other
Property Description
Incredible development opportunity for the savvy investor! This sale is comprised of (13) condos (13 out of 14 at the complex). Proximity to the Lake is second to none as these units essentially sit on the shore! All 13 condos are primed and ready for an investor to add their finishing touches and create significant equity as a long term hold, or flip for a profit. Each unit is a townhome style, 2 bedroom, 1.5 bath unit. All condos have had their exteriors renovated including vinyl siding, new Pella windows, gutters, soffits, paint and wiring. In addition, all units have updated HVAC systems including central air! The interiors of the condos need to be finished, but this allows a buyer to choose their finish level for each individual unit. Most units will need drywall, plumbing, paint, kitchens and bathrooms, but the canvas is ready! As a long term hold, these units can easily gross over $14,000 per month once fully rented! At a 7% cap rate upon stabilization, a buyer can expect an as stabilized value of over $1.4M! Apartments next door also for sale by same owner (12 units).
Location
State OH
County Lorain
Interior
Heating Forced Air
Cooling Central Air
Fireplace No
Exterior
Water Access Desc Public
Building
Sewer Public Sewer
Water Public
Schools
School District Lorain Csd - 4709
Others
Tax ID 02-02-020-701-014
Special Listing Condition Standard
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Listed by Michael Orlando • Key Realty • mjorlando1994@gmail.com 216-956-1884