Commercial Real Estate for Sale at 4004 W Erie Avenue in Lorain, OH for $699,000

Listing data updated February 18, 2025 - 8:22pm
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4004 W Erie Avenue | Lorain

$699,000 | 0.0 Sq. Ft.

Incredible opportunity to purchase 12 suites located right on Lake Erie! This property is perfect for the savvy investor looking to walk into a stabilized asset, but still with significant upside! Currently, 9 of the 12 units are occupied (one being occupied by a maintenance man that receives a discount on rent). This property is extremely attractive as it boasts (6) two bed, one bath units and (6) three bed, two bath units, meaning rent potential here is huge. The majority of units have already been updated with vinyl plank flooring, paint, and kitchen and bath updates. Two of the vacant units can quickly and easily be turned and leased for premium rents, while one of the vacant units needs a full rehab. Even as it sits, the rent roll currently grosses about $7,400 per month, but can easily be taken to $11,500+ per month with lease up and management / operational efficiencies! Reach out to listing agent for OM. **Please note offers must be approved by seller's lender, therefore should make offer contingent on lender approval**. Condos for sale (13 Units, 3960 W Erie Ave) also for sale by same owner. MLSNow 5098818

Directions to property: West on W Erie Ave

MLS Listing ID: 
MLSNow 5098818
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Status (Local): 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$699,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Apartment
Primary Market Area: 
Lorain
Address: 
4004 W Erie Avenue, Lorain, OH 44053
County: 
Lorain
Latitude: 
41.4508490
Longitude: 
-82.2193260
Directions: 
West on W Erie Ave
Public Remarks: 
Incredible opportunity to purchase 12 suites located right on Lake Erie! This property is perfect for the savvy investor looking to walk into a stabilized asset, but still with significant upside! Currently, 9 of the 12 units are occupied (one being occupied by a maintenance man that receives a discount on rent). This property is extremely attractive as it boasts (6) two bed, one bath units and (6) three bed, two bath units, meaning rent potential here is huge. The majority of units have already been updated with vinyl plank flooring, paint, and kitchen and bath updates. Two of the vacant units can quickly and easily be turned and leased for premium rents, while one of the vacant units needs a full rehab. Even as it sits, the rent roll currently grosses about $7,400 per month, but can easily be taken to $11,500+ per month with lease up and management / operational efficiencies! Reach out to listing agent for OM. **Please note offers must be approved by seller's lender, therefore should make offer contingent on lender approval**. Condos for sale (13 Units, 3960 W Erie Ave) also for sale by same owner.
Community Information
School District: 
Lorain CSD - 4709
Subdivision: 
2 Black River
Building Details
Details about the building on a property.
Year Built: 
1968
Living Area: 
0.0
Room Details
Details about the rooms in the building.
Total Bedrooms: 
0
Total Bathrooms: 
0
Total Full-Bathrooms: 
0
Total Half-Bathrooms: 
0
Total One-Quarter-Bathrooms: 
0
Total Three-Quarter-Bathrooms: 
0
Utilities
Information about utilities available on the property.
Heating System: 
Gas,Radiant
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.59
Lot Size (Area): 
0.59
Public Record
Parcel Number: 
02-02-021-101-046
Annual Tax: 
$10,244.26
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Agent Name: 
Michael Orlando
Listing Office Name: 
Key Realty

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