The property features a two-story exterior with light gray siding and white trim

The property features a spacious yard with a well-maintained lawn and a brown privacy fence

The property features a spacious rear yard with a vibrant green lawn, enclosed by a privacy fence

The property features a front porch with white railings and steps, and a mature tree in the front yard

This property features a gray exterior with white trim, a welcoming porch, and a gravel driveway

+45 more

The property features a well-maintained lawn and a detached structure in the rear

Living area featuring wood-look flooring, light grey walls, and a ceiling fan with light fixture

Living area featuring hardwood flooring, a ceiling-mounted light fixture, and an exterior door with glass panels

Living area featuring wood-look flooring and a ceiling fan

This room features light blue paneled walls and a drop ceiling

The property features light grey paneled walls and light wood flooring

Kitchen area featuring wood-look flooring and a white refrigerator

The property features a kitchen with light blue walls, wood flooring, and white upper cabinetry

Bathroom featuring a white vanity with double doors, a mirror, and a toilet

Kitchen area featuring hardwood style flooring, a white oven/range, and a window with a curtain

The property features a spacious yard with a green lawn

The property features a two-story exterior with light-colored siding, a front porch, and a spacious grassy yard

The property features an extensive lawn area and a rear porch with railings

The property features a spacious yard with a grass lawn, a rear exterior staircase, and two covered porches

The property features light-colored horizontal siding, a covered front porch with dark railings and steps, and an exterior staircase at the rear

This property features light-colored siding and a covered front porch with dark-stained railings

The property features an extensive green lawn surrounding the structure, with a covered porch and deck at the entrance

The room features wood flooring, painted walls, and a window with a radiator below

Room featuring wood-look flooring, painted walls, and a window providing natural light

This room features rich wood flooring and two windows with white trim

The bathroom features wood-look flooring, a white bathtub, and a white toilet

The kitchen features wood-look flooring, white base cabinetry with a double basin sink, and a window with white trim

The bathroom features wood-look flooring, a white vanity with a single sink, a toilet, and a white bathtub with a chrome faucet

The property features a two-story home with light-colored siding, a dark roof, and a covered front porch with decorative black railings

Detached two-car garage with light-colored siding and a gable roof

This property features a two-story home with light-colored siding and a covered front porch with decorative black railings and columns

This property features a well-maintained lawn and a paved walkway leading to the entrance

The property features a two-story white exterior with a covered front porch and a paved driveway

This room features gray plank flooring, white walls, and a window providing natural light

Utility area featuring a water heater and a light fixture

Bathroom featuring a vanity with a sink, a toilet, and a bathtub with a shower

The kitchen features white cabinetry, a double basin sink, and a window providing natural light

Living area with light-toned flooring and white walls

The room features light gray wood-style flooring, white walls, and white trim

This room features a window providing natural light, grey tone flooring, and white walls

The property features light-toned walls, wood-style flooring, a window, and white trim

This utility space features a water heater, a window for natural light, and grey walls with white trim

This room features a window with white trim, gray walls, and wood-look flooring

Bathroom featuring a white vanity with a sink and chrome faucet, a mirrored medicine cabinet, and a bathtub with a showerhead

The room features light gray walls, wood-style flooring, and a ceiling light fixture

This room features a window providing natural light, a ceiling-mounted light fixture, and dark wood-style flooring

This room features light blue walls, two windows with white trim, and gray plank flooring

50 photos

$210,000

122 Elbe Street

Elyria, OH 44035

Listed by Tal Tamir · Russell Real Estate Services

Bedrooms

N/A

Bathrooms

N/A

Living area

N/A

Year built

1900

About this home

A rare opportunity to acquire a 19-unit, 12-property scattered-site portfolio across Elyria and Lorain at $1,525,000, just 25 miles west of Cleveland. Fully occupied, the portfolio delivers $169,684 in NOI at a 9.98% cap rate, $66,377 in annual net cash flow, and a 15.02% cash-on-cash return on a $442,000 total investment. The seller is actively leasing the 2 remaining vacant units at rents consistent with the in-place portfolio, making this a stabilization-in-progress buy rather than a speculative one. The income is built on a foundation of heavy Section 8 participation across a market with deep voucher infrastructure. The Lorain Metropolitan Housing Authority manages over 3,100 active Housing Choice Vouchers, paying landlords an average of $1,075 per month, and Lorain County ranks 13th highest in Ohio by Fair Market Rent with the 2-bedroom FMR at $1,208. In-place rents across the portfolio range from $725 to $1,600, all at or below FMR, with predominantly tenant-pays-electric lease structures keeping operating costs lean. The demand fundamentals across both markets are structural. Elyria and Lorain together represent over 118,000 residents with renter-occupied rates of 39.9% and 44.2% respectively, supported by a Lorain County employment base of 150,000 jobs that grew 1.55% year-over-year. Median home values in the $140,000 to $154,000 range continue to push a significant share of the workforce into long-term rental demand. For the investor building a cash-flow-first, Section 8-anchored portfolio in a market that still prices like it is underappreciated, this offering is worth a close look.

Property details

MLS #: 5201644
Property type: Apartment
Subdivision: N/A
Status: Active
Days on market: 121
On market date: April 15, 2026
Stories: 2
Garage spaces: N/A
Lot size: 0.33 acres

Location

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Nearby schools

Within 10 miles · public school directory data (NCES)

Elementary

Ely Elementary School

1.45 mi away · Grades 0-4

Nearest school -- attendance-zone data not available here

3.0

Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating

Enrollment: 432
Student:teacher ratio: 18.0:1
District: Elyria City Schools

Middle

Westwood Middle School

1.79 mi away · Grades 5-8

Nearest school -- attendance-zone data not available here

5.0

Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating

Enrollment: 355
Student:teacher ratio: 10.8:1
District: Elyria City Schools

High

Elyria High School

1.11 mi away · Grades 9-12

Nearest school -- attendance-zone data not available here

3.0

Local Score (student-teacher ratio only (preliminary -- will incorporate state test-score data once available)) -- not an official state rating

Enrollment: 1,667
Student:teacher ratio: 16.2:1
District: Elyria City Schools

Mortgage calculator

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Interest rate

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Est. monthly payment

$1,415/mo

$42,000 down

$168,000 loan

Principal & interest$1,090

Property tax (est.)$175

Home insurance (est.)$150

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Data source: Listing information provided by NOWDD via Trestle/CoreLogic. Last updated 6 days ago.

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.