1037 W 8th Street
Property Description
Excellent opportunity to add a fully occupied 4-unit property with large detached outbuilding/garage to your investment portfolio producing $3200 per month in rent! Located at 1037 W 8th St in Lorain, this property is within walking distance of Downtown Lorain, offering convenient access to restaurants, entertainment, the waterfront, Black River Landing, and all that the revitalized downtown district has to offer. All four units are currently occupied with month-to-month tenants, providing immediate rental income along with flexibility for a new owner. Current monthly rents are $700, $700, $700, and $1,100, for a total gross monthly rental income of $3,200. The property has benefited from several important updates, including a roof approximately 5 years old, furnaces approximately 8 years old, and individual hot water tanks for each unit that are approximately 3 years old. Interior improvements include updated flooring throughout all units, new LED lighting, and renovated common areas featuring refinished steps, refreshed walls, and additional updates that enhance the overall appearance of the property. With all units occupied, $38,400 in current annual gross rental income, major mechanical updates already completed, and a convenient location near Downtown Lorain and the Lake Erie waterfront, this 4-unit property offers an attractive opportunity for both experienced and first-time multifamily investors.
Broker Details
Russell Real Estate Services (440) 268-9491
MLS ID: 2010001088 State License Number: 2010001088
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $280,000 |
| Year Built: | 1904 |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 7 |
| Number of Bathrooms: | 4 |
ID: 3yd-NEOHREXOH-5245764
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