428 West Avenue, Elyria, OH 44035
- $299,900
- 4
- BD
- 4
- BA
- 4,800
- SqFt
- List Price
- $299,900
- Status
- ACTIVE
- Stories
- 2
- MLS#
- 5209212
- Year Built
- 1900
- Bedrooms
- 4
- Bathrooms
- 4
- Living Area
- 4,800
- Region
- Elyria
- Township
- Elyria
- Subdivision / Building
- Heman Elys Town
Property 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 is currently vacant, providing an opportunity for an owner-occupant or an investor to increase cash flow. 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.
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Additional Information
- Taxes
- $3,395
- Acres
- 0.19
- Sewer
- Public Sewer
- Roof
- Asphalt
- Water
- Public
- Garage Spaces
- 1
- Heating
- Hot Water, Steam
- Cooling
- None
- School District
- Elyria CSD - 4706
Mortgage Calculator
Listing Courtesy of: Kquawan Brown, kquawanbrown@kw.com With Keller Williams Greater Metropolitan
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