509 Lake Avenue, Elyria, OH 44035

Local realty services provided by:ERA Real Solutions Realty
509 Lake Avenue,Lorain, OH 44035
$375,000
  • 4 Beds
  • 6 Baths
  • 4,601 sq. ft.
  • Multi-family
  • Active
Listed by: erin thomas
Office: keller williams living
MLS#:5148113
Source:OH_NORMLS

Price summary

  • Price:$375,000
  • Price per sq. ft.:$81.5

About this home

This fully occupied, professionally managed 3-property single-family portfolio in Lorain and Elyria is cash-flowing at an 8.78% cap rate, with a 12.37% cash-on-cash return and a 1.5 DSCR at 75% LTV. It generates $4,070/month ($48,480 annually) with a current NOI of $32,927. Tenants pay all utilities, and there are no Section 8 tenants. ARV is estimated near $500,000 based on single-family comps, offering over $150,000 in potential equity through resale. Recent updates include new hot water tanks and furnaces at 509 Lake and 1872 E 30th, a new roof and sewer line repairs at 509 Lake, full interior renovation at 1415 W 20th, and additional upgrades at 1872 E 30th. All major capital work has been completed and future maintenance is projected around 5%. Properties include 1872 E 30th St in Lorain (5 bed, 2 bath, leased through Dec 2026), 509 Lake Ave in Elyria (4 bed, 2 bath, month-to-month), and 1415 W 20th in Lorain (3 bed, 1.5 bath, leased through Feb 2027). Professionally managed at a

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Home facts

  • Year built:1930
  • Listing ID #:5148113
  • Added:147 day(s) ago
  • Updated:January 08, 2026 at 05:58 PM

Rooms and interior

  • Bedrooms:4
  • Total bathrooms:6
  • Full bathrooms:5
  • Half bathrooms:1
  • Living area:4,601 sq. ft.

Heating and cooling

  • Heating:Forced Air

Structure and exterior

  • Roof:Asphalt, Fiberglass
  • Year built:1930
  • Building area:4,601 sq. ft.
  • Lot area:0.21 Acres

Utilities

  • Water:Public
  • Sewer:Public Sewer

Finances and disclosures

  • Price:$375,000
  • Price per sq. ft.:$81.5
  • Tax amount:$3,981 (2024)
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