44
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$294,900
Est. payment /mo
4 Beds
4 Baths
4,800 SqFt
Price Dropped by $5K
428 West AVE Elyria, OH 44035
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Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 4,800 sqft
Price per Sqft $61
Subdivision Heman Elys Town
MLS Listing ID 5209212
Bedrooms 4
Full Baths 4
HOA Y/N No
Abv Grd Liv Area 3,118
Year Built 1900
Annual Tax Amount $3,395
Tax Year 2025
Lot Size 8,276 Sqft
Acres 0.19
Property Sub-Type Quadruplex
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 at $1100/month (lease expires 10/31/2026 then converts to month to month)
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.
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 at $1100/month (lease expires 10/31/2026 then converts to month to month)
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.
Location
State OH
County Lorain
Rooms
Basement Unfinished
Interior
Heating Hot Water, Steam
Cooling None
Fireplace No
Exterior
Parking Features Attached, Driveway, Garage
Garage Spaces 1.0
Garage Description 1.0
Water Access Desc Public
Roof Type Asphalt
Private Pool No
Building
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District Elyria Csd - 4706
Others
Tax ID 06-26-045-000-003
Special Listing Condition Standard
Listed by Kquawan Brown • Keller Williams Greater Metropolitan • kquawanbrown@kw.com, 216-272-4616
NEARBY SCHOOL & BUSINESS
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