4828 Lorain Ave - Apartments FOR SALE


Cleveland, OH 44102- Detroit-Shoreway
$900,000 USD
216-525-1471
4828 Lorain Ave, Cleveland, OH for Sale
$900,000 USD
Apartments - FOR SALE
1/2
null | 7.74% Cap Rate

4828 Lorain Ave
Cleveland, OH 44102
Detroit-Shoreway


OVERVIEW

85.7% occupied mixed-use investment opportunity. First floor retail under a 5-year lease with liquor license in place. Units rehab completed in 2022, with new in-suite HVAC units, granite counter tops, tiled bathrooms and new stainless steel appliances. Mechanical, electrical and plumbing building systems are all new. Capital improvements include new windows throughout and roof replaced within the past 10 years. Shared laundry facilities in lower level. 15-year property tax abatement in place. Local developer has announced two new construction projects directly to the east and west of the site. Covered patio area and private fenced backyard for apartment residents. After-hours parking available across the street at Urban Community School.

FOR SALE DETAILS

PRICE

$900,000 USD

PRICE/SF

$119 USD /SF

# OF UNITS

6

PRICE/UNIT

$150,000

CAP RATE

7.74%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

LR

APN/PARCEL ID

002-34-137

ASK ABOUT THIS PROPERTY

Eric SchreibmanCushman & Wakefield | CRESCO Real EstateMore Info
216-525-1471

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Eric SchreibmanCushman & Wakefield | CRESCO Real EstateMore Info
216-525-1471

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.