2833 Seneca Avenue, Lorain, OH 44055

Property Description

Rare opportunity to purchase a mostly vacant, value-add apartment complex in the heart of Lorain! With an extremely attractive entry price point of $350,000 (only $23.33k per door), a savvy investor will have plenty of room to create significant equity and have an extremely well cash flowing property on the back end! Since the property is mostly vacant, a buyer can quickly turn the vacant units and lease them at their preferred rents. With 15 units, this property should easily gross over $8,500+ per month once filled! Investors can also take advantage of the very aggressive section 8 rents in the area to boost cash flow even more and have plenty of tenants to choose from as the local housing authority has over 1500 people on their waitlist. The property will need cosmetic rehab on most units as well as some required basement work per the city violation. All 15 apartments are studio apartments and should rent quickly once finished. The property has a boiler (newer) so the owner pays for gas and water/sewer/trash while tenants pay for their own electricity. In addition, there are a few garage spots (currently used for storage) and tons of additional street parking.