OH > Lorain > Nichols
Lorain, OH 44035,509 Lake AVE
$375,000
Est. payment /mo
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4 Beds
6 Baths
4,601 SqFt
Active

509 Lake AVE Lorain, OH 44035

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Lorrie Raymond

Lorrie Raymond

+1(740) 381-7793

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

Square Footage 4,601 sqft

Price per Sqft $81

Subdivision Nichols

MLS Listing ID 5148113

Bedrooms 4

Full Baths 5

Half Baths 1

HOA Y/N No

Abv Grd Liv Area 4,601

Year Built 1930

Annual Tax Amount $3,981

Tax Year 2024

Lot Size 9,147 Sqft

Acres 0.21

Property Sub-Type Triplex

Stories Two

Story Two

Property Description

This fully occupied, professionally managed 3-property single-family portfolio in Lorain and Elyria is cash-flowing at an 8.78% cap rate, with a 12.37% cash-on-cash return and a 1.5 DSCR at 75% LTV. It generates $4,070/month ($48,480 annually) with a current NOI of $32,927. Tenants pay all utilities, and there are no Section 8 tenants. ARV is estimated near $500,000 based on single-family comps, offering over $150,000 in potential equity through resale. Recent updates include new hot water tanks and furnaces at 509 Lake and 1872 E 30th, a new roof and sewer line repairs at 509 Lake, full interior renovation at 1415 W 20th, and additional upgrades at 1872 E 30th. All major capital work has been completed and future maintenance is projected around 5%. Properties include 1872 E 30th St in Lorain (5 bed, 2 bath, leased through Dec 2026), 509 Lake Ave in Elyria (4 bed, 2 bath, month-to-month), and 1415 W 20th in Lorain (3 bed, 1.5 bath, leased through Feb 2027). Professionally managed at a 13% fee with repair expenses inflated by prior capital improvements—new management can reduce operating costs to 5–8%. Located near University Hospitals Elyria, Lorain County Community College, and Lake Erie, with over $67M in local infrastructure investment supporting long-term growth. Full due diligence package available. No showings until accepted offer. Seller prefers to sell as a package but may consider splitting. Additional portfolios also available.

Location

State OH

County Lorain

Rooms

Basement Unfinished

Interior

Heating Forced Air

Cooling None

Fireplace No

Exterior

Parking Features Driveway

Garage Spaces 1.0

Garage Description 1.0

Water Access Desc Public

Roof Type Asphalt,Fiberglass

Private Pool No

Building

Sewer Public Sewer

Water Public

Level or Stories Two

Schools

School District Lorain Csd - 4709

Others

Tax ID 06-24-062-101-001

Listed by Erin Thomas • Keller Williams Living • Erinthomas@kwcommercial.com, 440-670-2300

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Lorrie Raymond

Lorrie Raymond

OH/REALTOR®, Steubenville manager, WV/Salesperson | License ID: SAL.2018004006, WVS230302470

+1(740) 381-7793

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