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 13% fee with repair expenses inflated by prior capital improvements—new management can reduce operating costs to 5–8%. Located near University Hospitals Elyria, Lorain County Community College, and Lake Erie, with over $67M in local infrastructure investment supporting long-term growth. Full due diligence package available. No showings until accepted offer. Seller prefers to sell as a package but may consider splitting. Additional portfolios also available.
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Home facts
- Year built:1930
- Listing ID #:5148113
- Added:51 day(s) ago
- Updated:October 03, 2025 at 08:45 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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