Description
Excellent opportunity to add a cash-flowing multifamily asset to your investment portfolio. This well-maintained brick four-unit building features three occupied units and one vacant unit, offering immediate income with additional upside through lease-up or rent growth. Current rents include Unit 1 at $850/month (lease expires 4/30/2027), Unit 2 at $775/month (lease expires 4/30/2027), and Unit 3 at $880/month through the Lorain Metropolitan Housing Authority ($582 subsidy plus $298 tenant portion) with lease expiring 8/31/2026. Unit 4 at $1100/month (lease expires 10/31/2026 then converts to month to month) The property features a durable brick exterior and numerous updates, including a new boiler system, helping reduce future capital expenditures. Conveniently located near shopping, dining, schools, and major highways, this property offers stable tenancy and strong rental demand. Whether you're a seasoned investor looking for a performing asset or seeking to expand your multifamily portfolio, 428 West Ave presents a compelling opportunity with immediate income and value-add potential.
Details
| MLS # | 5209212 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1900 |
| Days On Site | 68 |
| Listing Provided By | Keller Williams Greater Metropolitan | Kquawan Brown |
Features
| Bed(s) | 4 |
|---|---|
| Bath(s) | 4 Total |
| SQ Feet | 4,800 |
| Garage | 1 |
| Basement | Y |
| Story(s) | 2 |
| Building(s) | 1 |
| Acreage | 0.19 |
Parking
| Garage Yes / No | Yes |
|---|---|
| Parking Features | Attached, Driveway, Garage |
Taxes
| Tax Annual Amount | 3395 |
|---|
Area Information
| State | OH |
|---|---|
| County | Lorain |
| City | Elyria |
| Zip Code | 44035 |
| Community Name | Heman Elys Town |
| Listing VS Median (in Heman Elys Town) | |
Price: $294,900 low | high Med: $294,900 sqft: 4,800 low | high Med: 4,800 $ / sqft: $61 low | high Med: $61 On site: 68 low | high Med: 68 | |
Market Activity 44035
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Learn More About This Property
| State | OH |
|---|---|
| County | Lorain |
| City | Elyria |
| Zip Code | 44035 |
| Community Name | Heman Elys Town |
| Listing VS Median (in Heman Elys Town) | |
Price: $294,900 low | high Med: $294,900 sqft: 4,800 low | high Med: 4,800 $ / sqft: $61 low | high Med: $61 On site: 68 low | high Med: 68 | |