Attractive Two 2 Story Buildings With Great Potential For Business And Investment

Business Overview

Finally! A 20+ unit multifamily deal that makes sense! This 24-unit multifamily in Lorain consists of two parcels with two 2 story buildings. There are a total of 24 leasable units with a history of strong occupancy. Consisting of 4, 1-bed/1-bath and 20, 2-bed/1-bath apartments, the property has the potential to yield a proforma cap rate of 9%. Currently, the average rent for the 1-beds is $600 and for the 2-beds is $615 – and there is also still room to organically push rents. The property is located in the Lorain CSD and is close to the Light House Commons which offers convenience for current tenants and makes the property attractive to potential tenants. There is ample surface parking for tenants and guests and the property offers an additional 9 covered parking spaces. The units have the potential to be renovated to increase the current and future rental income. 16/22 of the units have been renovated already and can be organically increased to market rates. The final 6 units can be renovated to achieve additional rent premiums. Additionally, the property can realize reduced costs through the use of more efficient fixtures and toilets, which could lead to savings of 20%+ in water/sewer expanse. See supplements for the official Offering Memorandum with all the financial breakdowns.