3009-3015 Pearl Avenue, Lorain, OH 44055

Property Description

Great investment opportunity! This investment property offers an appealing combination of 12 residential apartments and 2 commercial storefronts. A significant number of these units have recently undergone updates, boasting modern vinyl flooring and fresh paint. Currently, 4 apartments and 1 storefront stand vacant, presenting immediate upside potential. The large storefront is rent-ready and comes with hardwood floors, a comprehensive kitchen, and a full bathroom. The property presents a diverse unit mix that includes four 1-bedroom, four 2-bedroom, and four 3-bedroom apartments. With an existing monthly revenue of $6,115 and a proforma nearly $11,000, this property promises a lucrative investment opportunity. Furthermore, each unit is equipped with its own hot water tanks and furnaces, with tenants covering their own gas and electric bills. Of the vacant units, one is already on the market for rent, another needs minimal refurbishments, while two others await renovation.