Hering Bldg | 1900 E 28 St
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Hering Bldg 1900 E 28 St
14 Unit Apartment Building $523,000 ($37,357/Unit) 11.57% Cap Rate Lorain, OH 44055
Investment Highlights
- Fully renovated / Fully occupied
- All common areas feature fresh vinyl flooring and paint
- Current owner is open to continuing management for a seamless transition
- 12 units have been completely upgraded - new flooring, paint, and kitchen / bathroom improvements
- Opportunity for additional income by adding coin operated washers / dryers to existing laundry room
Executive Summary
Incredible investment opportunity! This fully renovated, fully occupied 14-unit brick apartment building offers a turnkey cash flow property with potential for even more income. Twelve units have been completely upgraded with new flooring, paint, and kitchen and bathroom improvements, while all common areas feature fresh vinyl flooring and paint. The property includes 12 studios, a one-bedroom unit, and a two-bedroom unit. With boiler heat, the owner covers gas heating, water, and sewer, while tenants pay their own electric. The current owner, who self-manages, is open to continuing management for a seamless transition. Additional income opportunities include adding coin operated washers and dryers to the already existing laundry room, increasing rents, and renovating the remaining two units. This is a fantastic chance to step into a well-maintained, income-generating property with significant upside!
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts Under Contract
| Price | $523,000 | Apartment Style | Low Rise |
| Price Per Unit | $37,357 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 11.57% | Building Size | 6,518 SF |
| No. Units | 14 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1920 |
| Price | $523,000 |
| Price Per Unit | $37,357 |
| Sale Type | Investment |
| Cap Rate | 11.57% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 6,518 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1920 |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | 400 |
| 1+1 | 1 | - | 600 |
| 2+1 | 1 | - | - |
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PROPERTY TAXES
| Parcel Number | 03-00-095-108-001 | Total Assessment | $99,750 |
| Land Assessment | $44,860 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $54,891 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
03-00-095-108-001
Land Assessment
$44,860
Improvements Assessment
$54,891
Total Assessment
$99,750
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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Hering Bldg | 1900 E 28 St
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