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1505-1525 Herbert Dr 8 Unit Apartment Building $992,727 CAD ($124,091 CAD/Unit) 9.24% Cap Rate Lorain, OH 44053
Executive Summary
This newly renovated 8 suite apartment building is fully occupied with an excellent rent roll, all at or near $850/month. Each unit is a 1 bed, 1 bath and all are quite spacious! Most units have had flooring, kitchen countertops and backsplash updates, some new cabinets, new baths and fresh paint. The roof was just replaced, as well. A huge money saver maintenance-wise, these units have electric heat in the ceilings, so no boilers or furnaces to worry about and there is 1 community washer/dryer that is coin operated, generating roughly $125/month. These apartment buildings are tucked in amongst other buildings like it and there is plenty of parking for tenants in the rear of the building. This building is a dream for a landlord and at a 8.5% cap rate, a great income earner.
Property Facts
| Price | $992,727 CAD | Apartment Style | Garden |
| Price Per Unit | $124,091 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.89 AC |
| Cap Rate | 9.24% | Building Size | 5,852 SF |
| Gross Rent Multiplier | 11.6 | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1973/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.56/1,000 SF |
| Price | $992,727 CAD |
| Price Per Unit | $124,091 CAD |
| Sale Type | Investment |
| Cap Rate | 9.24% |
| Gross Rent Multiplier | 11.6 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.89 AC |
| Building Size | 5,852 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1973/2023 |
| Parking Ratio | 2.56/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Ceiling Fans
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $1,207 CAD | 675 - 700 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $588,991 CAD | |
| Land Assessment | $147,616 CAD | Total Assessment | $736,607 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$147,616 CAD
Improvements Assessment
$588,991 CAD
Total Assessment
$736,607 CAD
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1505-1525 Herbert Dr
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