4828 Lorain Ave
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4828 Lorain Ave
6 Unit Apartment Building $900,000 ($150,000/Unit) 7.74% Cap Rate Cleveland, OH 44102
Executive Summary
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.
Property Facts
| Price | $900,000 | Building Class | C |
| Price Per Unit | $150,000 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 7,570 SF |
| Cap Rate | 7.74% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2022 |
| Property Subtype | Apartment |
| Price | $900,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 7.74% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 7,570 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1920/2022 |
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Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 002-34-137 | Improvements Assessment | $30,770 |
| Land Assessment | $6,090 | Total Assessment | $36,860 |
PROPERTY TAXES
Parcel Number
002-34-137
Land Assessment
$6,090
Improvements Assessment
$30,770
Total Assessment
$36,860
zoning
| Zoning Code | LR |
| LR |
Contacts
-
Eric Schreibman -
Kirsten Paratore -
Rico Pietro -
Robby Martinelli -
Cushman & Wakefield | CRESCO Real Estate
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4828 Lorain Ave
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