601 Abbe Road N 605, Elyria, OH 44035

Property Description

Unique opportunity to own apartment complex in suburban Elyria! This complex has had several unit renovations in 2022 and 2023. New flooring, paint, some fixtures, plumbing, finish work. Each unit has its own laundry room with hookups. 1.5 baths each unit. Each unit has its own parcel id number as well which could open the door for other development/renovation opportunities. Newer metal roof in last 5-7 years. Townhome style floorplan. 19- 2 bed units with 1 - 3 bed unit . 99% occupancy at present and rent increases along with a flat water fee of $75.00 has been implemented on all incoming tenants. Diverse mix of both traditional and Section 8 residency, thus limiting some of the risk. Privacy fencing and ample 26 space parking lot exist. Lorain Community College within 3 miles. Highway access 3-4 miles. Nearby retail/food/park. Elementary School right across the street. Rents coming in are at $800.00/month with flat $75 monthly water fee.