Commercial Real Estate for Sale at 3960 W Erie Avenue in Lorain, OH for $910,000

Listing data updated February 19, 2025 - 12:42am
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3960 W Erie Avenue | Lorain

$910,000 | 0.0 Sq. Ft.

Incredible development opportunity for the savvy investor! This sale is comprised of (13) condos (13 out of 14 at the complex). Proximity to the Lake is second to none as these units essentially sit on the shore! All 13 condos are primed and ready for an investor to add their finishing touches and create significant equity as a long term hold, or flip for a profit. Each unit is a townhome style, 2 bedroom, 1.5 bath unit. All condos have had their exteriors renovated including vinyl siding, new Pella windows, gutters, soffits, paint and wiring. In addition, all units have updated HVAC systems including central air! The interiors of the condos need to be finished, but this allows a buyer to choose their finish level for each individual unit. Most units will need drywall, plumbing, paint, kitchens and bathrooms, but the canvas is ready! As a long term hold, these units can easily gross over $14,000 per month once fully rented! At a 7% cap rate upon stabilization, a buyer can expect an as stabilized value of over $1.4M! Apartments next door also for sale by same owner (12 units). MLSNow 5100651

Directions to property: West on West Erie from Lorain

MLS Listing ID: 
MLSNow 5100651
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: 
$910,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Other
Primary Market Area: 
Lorain
Address: 
3960 W Erie Avenue, Lorain, OH 44053
County: 
Lorain
Latitude: 
41.4508250
Longitude: 
-82.2191070
Directions: 
West on West Erie from Lorain
Public Remarks: 
Incredible development opportunity for the savvy investor! This sale is comprised of (13) condos (13 out of 14 at the complex). Proximity to the Lake is second to none as these units essentially sit on the shore! All 13 condos are primed and ready for an investor to add their finishing touches and create significant equity as a long term hold, or flip for a profit. Each unit is a townhome style, 2 bedroom, 1.5 bath unit. All condos have had their exteriors renovated including vinyl siding, new Pella windows, gutters, soffits, paint and wiring. In addition, all units have updated HVAC systems including central air! The interiors of the condos need to be finished, but this allows a buyer to choose their finish level for each individual unit. Most units will need drywall, plumbing, paint, kitchens and bathrooms, but the canvas is ready! As a long term hold, these units can easily gross over $14,000 per month once fully rented! At a 7% cap rate upon stabilization, a buyer can expect an as stabilized value of over $1.4M! Apartments next door also for sale by same owner (12 units).
Community Information
School District: 
Lorain CSD - 4709
Subdivision: 
Cambridge Harbour House Condo
Building Details
Details about the building on a property.
Year Built: 
1967
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: 
Forced Air
Cooling System: 
Central Air
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.01
Lot Size (Area): 
0.01
Public Record
Parcel Number: 
02-02-020-701-014
Annual Tax: 
$832.94
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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