20
See all 20 photos
$249,900
Est. payment /mo
4,791 Sqft Lot
New
2914-2916 Seneca AVE Lorain, OH 44055
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Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision Sheffield Land Co
MLS Listing ID 5154999
HOA Y/N No
Year Built 1931
Annual Tax Amount $4,829
Tax Year 2024
Lot Size 4,791 Sqft
Acres 0.11
Property Sub-Type Apartment
Stories Two
Story Two
Property Description
Exceptional value-add opportunity in Lorain with this 5-unit multifamily property plus a stand-alone efficiency unit, located at 2914–2916 Seneca Ave. All units are separately metered for gas and electric, with tenants paying their own utilities, keeping operating costs low for the owner.
The property has seen approximately $38,000 in recent renovations completed by the previous owner, including updates to unit interiors and building systems. Two units are rent-ready, while one unit needs light finishing (bathroom drywall and cleaning). The remaining three units are already occupied, offering immediate income.
Current rents include $998 for Unit E, $415 for Unit C (well below market, with room for increase), and $700 for the stand-alone efficiency unit. All main building units are 1-bedroom layouts, with several offering a bonus room that adds to their rental appeal.
Additional features include a basement with sump pumps, water heaters, and furnaces, as well as an unused garage space with the potential to be converted into an additional income-producing unit.
This is a prime opportunity for an investor to complete minor improvements, lease up the remaining units, and realize strong cash flow and long-term ROI.
The property has seen approximately $38,000 in recent renovations completed by the previous owner, including updates to unit interiors and building systems. Two units are rent-ready, while one unit needs light finishing (bathroom drywall and cleaning). The remaining three units are already occupied, offering immediate income.
Current rents include $998 for Unit E, $415 for Unit C (well below market, with room for increase), and $700 for the stand-alone efficiency unit. All main building units are 1-bedroom layouts, with several offering a bonus room that adds to their rental appeal.
Additional features include a basement with sump pumps, water heaters, and furnaces, as well as an unused garage space with the potential to be converted into an additional income-producing unit.
This is a prime opportunity for an investor to complete minor improvements, lease up the remaining units, and realize strong cash flow and long-term ROI.
Location
State OH
County Lorain
Interior
Heating Gas
Fireplace No
Exterior
Parking Features Asphalt, Parking Lot
Water Access Desc Public
Roof Type Flat
Present Use Commercial
Building
Foundation Basement
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
School District Lorain Csd - 4709
Others
Tax ID 03-00-095-102-018
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
Listed by Oliver Moreau • Progressive Urban Real Estate Co • omoreau@progressiveurban.com, 216-536-8535
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