1888 E 28th StreetLorain, OH 44055

Description

Lorain sits on Lake Erie just 30 miles west of Cleveland, a commuter-accessible market where renters make up 45% of all households, county home values are up nearly 18% year-over-year, and a wave of economic activity including 1,800 new union jobs at Ford's Ohio Assembly Plant is tightening rental demand across the board. Against that backdrop, this fully occupied 10-unit building is a textbook buy-and-hold: all one-bedroom/one-bath units, many updates already complete, low property taxes, and a new silicone roof layer going on prior to closing. At $42,500 per door, the basis is hard to argue with. The rent roll sits at $6,225/month ($74,700 GSI) with current rents ranging $500-$675, meaningfully below a market where the dominant rental price band runs $700-$850. That gap represents $100-$200/unit of achievable upside on renewals with minimal to no upgrades. A coin-operated laundry room and unused storage area add additional income potential on top. The owner covers water, sewer, and gas via the on-site boiler, all reflected in the expense model. At $425K, the deal underwrites to an 8.54% cap rate, 1.40x DSCR, and $871/month net cash flow against a conservative 5% vacancy assumption. As rents roll to market, the 5-year model shows cash-on-cash climbing from 9.46% toward 14.5% with cumulative cash flow exceeding $66,000 over that window. Fully occupied, freshly roofed, clear value-add runway. This is Lorain at its most investable.

Property Information

Property type

Commercial Sale

Sub-type

Apartment

Year built

1925

Building area

8,692 Sq Ft

Lot size

0.29 acres

Days on market

174

MLS^® Listing#

5200241

Property Features

Heating

Hot Water · Steam

Parking

On Site · Paved

Roof

Flat

Financial Details

Annual taxes

$3,303Tax year 2025

Parcel number

03-00-095-101-022

Directions

Just east of Broadway, near E 28th & Globe, a few blocks south of Lake Erie.