Incredible opportunity to acquire a large, cash flowing portfolio in the west Cleveland submarket of Lorain! This portfolio consists of (92) livable units, (57) of which are single family rentals and (14) which are multifamily or multi-unit properties. At the ask price of $6,200,000, a buyer will acquire a stabilized portfolio at an 8.25% cap rate with TONS of room of value-add upside. The portfolio is nearly 100% occupied currently, with a rent roll bringing in over $70,000 per month. A savvy owner will take advantage of LMHA (Lorain County Metropolitan Housing Authority) rising rents and over time, significantly increase the gross rent roll upon lease trade outs and re-leasing to voucher holding tenants. In addition, there is significant opportunity to reduce owner paid utility expenses (with a focus on water/sewer) through installation of efficient fixtures, typically reducing annual water/sewer expense by 20%+. In doing so, an investor will achieve a scheduled rent roll of over $100,000 per month in income and reduction of expenses, significantly increasing the portfolio's value. The current owner has an office staff that does their property management and they would be willing to stay on if desired. Please reach out or see supplements for full Offering Memorandum.
- Price:
- $6,200,000
- Bedrooms:
- 0
- Full Baths:
- 0
- Square Footage:
- n/a
- Acreage:
- n/a
- Year Built:
- 1931
- MLS #:
- 4445383
- Street Address:
- 2914 Seneca Ave
- City:
- Lorain
- State:
- OH
- Postal Code:
- 44055
- County:
- Lorain
- Subdivision:
- Sheffield Land Co
- Listing Status:
- For Sale - Pending
Building
- Year Built:
- 1931
- Year Built Description:
- Actual Ybt
Listing
- Days On Market:
- 60
- On Market Date:
- 2023-03-17
- Originating Mls:
- Yes-Mls
- Terms:
- Cash, Conventional, Trade
Source
-
Listing Provided By: Tal Tamir brecksville@russellrealty.com (440) 526-9400 with Russell Real Estate Services
The listing information herein is provided through the MLS IDX database. Information is deemed reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program of NEOHREX.
