7444 Lake Ave

Welcome to an exceptional investment opportunity: a rare 8-unit cash-flowing property located in the highly desirable area of Elyria, OH! This property has undergone a complete exterior upgrade, featuring new paint, siding, multiple new windows and doors, fencing, and a resealed and patched parking area. The majority of units have been cosmetically refreshed with new flooring, paint, and bathroom upgrades, enhancing tenant satisfaction and retention. Currently fully occupied, this property generates nearly $100,000 in annual gross income, with recent electrical and plumbing improvements already in place. There’s even the potential to add a 1,000 sq. ft. unit, further boosting income potential. While the owner currently covers utilities due to two electric and two gas meters, this setup allows for premium rent pricing to offset costs. Priced to deliver an impressive cap rate near 10% and solid double-digit cash-on-cash returns, this investment is a rare find in today’s market.