$425,000
About this home
Lorain sits on Lake Erie just 30 miles west of Cleveland, a commuter-accessible market where renters make up 45% of all households, county home values are up nearly 18% year-over-year, and a wave of economic activity including 1,800 new union jobs at Ford's Ohio Assembly Plant is tightening rental demand across the board. Against that backdrop, this fully occupied 10-unit building is a textbook buy-and-hold: all one-bedroom/one-bath units, many updates already complete, low property taxes, and a new silicone roof layer going on prior to closing. At $42,500 per door, the basis is hard to argue with. The rent roll sits at $6,225/month ($74,700 GSI) with current rents ranging $500-$675, meaningfully below a market where the dominant rental price band runs $700-$850. That gap represents $100-$200/unit of achievable upside on renewals with minimal to no upgrades. A coin-operated laundry room and unused storage area add additional income potential on top. The owner covers water, sewer, and gas via the on-site boiler, all reflected in the expense model. At $425K, the deal underwrites to an 8.54% cap rate, 1.40x DSCR, and $871/month net cash flow against a conservative 5% vacancy assumption. As rents roll to market, the 5-year model shows cash-on-cash climbing from 9.46% toward 14.5% with cumulative cash flow exceeding $66,000 over that window. Fully occupied, freshly roofed, clear value-add runway. This is Lorain at its most investable.
Property details
- MLS #
- 5200241
- Property type
- Apartment
- Subdivision
- Sheffield Land & Improv C
- Status
- Active
- Days on market
- 57
- On market date
- April 9, 2026
- Stories
- N/A
- Total bathrooms
- N/A
- Garage spaces
- N/A
- Parking spaces
- N/A
- Lot size
- 0.29 acres
Location
Get directions →Nearby schools
Within 10 miles. School directory data from the National Center for Education Statistics (NCES), accessed via the Urban Institute Education Data API. Local Score is calculated by INNOVATE Real Estate; where a state rating is shown, it comes from that state's own official school report card (e.g. NC Dept. of Public Instruction, SC Report Card).
- Enrollment
- 290
- Student:teacher ratio
- 18.1:1
- District
- Lorain City
- Enrollment
- 455
- Student:teacher ratio
- 15.7:1
- District
- Lorain City
- Enrollment
- 402
- Student:teacher ratio
- 13.0:1
- District
- Clearview Local
Walkability
Blended score for Lorain's center, calculated by INNOVATE Real Estate from two sources: the EPA's National Walkability Index (street network, transit, land-use mix) and Google Places amenity data (what's actually reachable on foot from this point). 60% EPA National Walkability Index + 40% nearby-amenity density (Google Places).
Market position
How this listing compares to current activity in Lorain, from live MLS data.
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Data source: Listing information provided by NOWDD via Trestle/CoreLogic. Last updated July 7, 2026.
Information herein deemed reliable but not guaranteed; all measurements, school assignments, HOA fees, taxes, and feature lists are approximate and should be independently verified. Equal Housing Opportunity.