Log In/Sign Up
Your email has been sent.
Seneca Studios 2833 Seneca Ave 15 Unit Apartment Building $965,228 CAD ($64,349 CAD/Unit) Lorain, OH 44055
Investment Highlights
- Strong In-Place Cash Flow—15 fully rented studio units generating approximately $10,500/month in gross rental income with operational upside potentia
- Affordable Workforce Housing Demand — Efficient studio layout and attainable rental rates position the property well within the growing Lorain rental
- Well-Maintained Multifamily Asset — Solid 3-story building in good condition with stable tenancy and limited immediate capital improvement needs.
Executive Summary
Located at 2833 Seneca Ave, this 15-unit multifamily property presents a compelling value-add investment opportunity with significant upside through lease-up. The asset consists entirely of studio apartments, all in good condition, with 8 units currently occupied and 7 vacant, offering investors the opportunity to increase cash flow by bringing the remaining units online.
The property is currently producing approximately $5,600 in monthly rental income, with a projected gross monthly income of $10,500 at full occupancy, based on market rents of approximately $700 per unit. This provides immediate value-add potential without the need for major renovations.
Estimated operating expenses remain efficient, including a 10% management fee, making the asset well-positioned for strong cash flow upon stabilization. Whether you're looking to expand an existing multifamily portfolio or execute a straightforward lease-up strategy, 2833 Seneca Ave offers an attractive combination of current income, operational simplicity, and long-term appreciation potential.
The property is currently producing approximately $5,600 in monthly rental income, with a projected gross monthly income of $10,500 at full occupancy, based on market rents of approximately $700 per unit. This provides immediate value-add potential without the need for major renovations.
Estimated operating expenses remain efficient, including a 10% management fee, making the asset well-positioned for strong cash flow upon stabilization. Whether you're looking to expand an existing multifamily portfolio or execute a straightforward lease-up strategy, 2833 Seneca Ave offers an attractive combination of current income, operational simplicity, and long-term appreciation potential.
Property Facts
| Price | $965,228 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $64,349 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| No. Units | 15 | Building Size | 10,000 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1900 |
| Price | $965,228 CAD |
| Price Per Unit | $64,349 CAD |
| Sale Type | Investment |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 10,000 SF |
| No. Stories | 3 |
| Year Built | 1900 |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 03-00-095-108-027 | Improvements Assessment | $82,983 CAD |
| Land Assessment | $7,613 CAD | Total Assessment | $90,596 CAD |
Property Taxes
Parcel Number
03-00-095-108-027
Land Assessment
$7,613 CAD
Improvements Assessment
$82,983 CAD
Total Assessment
$90,596 CAD
1 of 2
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
We Invest
Seneca Studios | 2833 Seneca Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.