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4828 Lorain Ave 6 Unit Apartment Building $1,231,056 CAD ($205,176 CAD/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 | $1,231,056 CAD | Building Class | C |
| Price Per Unit | $205,176 CAD | 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 | ||
| Zoning | LR | ||
| Price | $1,231,056 CAD |
| Price Per Unit | $205,176 CAD |
| 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 |
| Zoning | LR |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 002-34-137 | Improvements Assessment | $203,871 CAD |
| Land Assessment | $15,296 CAD | Total Assessment | $219,167 CAD |
Property Taxes
Parcel Number
002-34-137
Land Assessment
$15,296 CAD
Improvements Assessment
$203,871 CAD
Total Assessment
$219,167 CAD
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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