USAOHElyria122 Elbe St
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122 Elbe St, Elyria, OH

Condo

For Sale

Listed price in listed location currency (USD).
$1,700,000

000

MLS® 5201644

  • Key Facts
  • Description
  • Map

Key Facts

Type Apartment
Levels Commercial Sale
Size -
Garage 
HOA Fees 
Taxes $15,358
Days Active 0
Approx. Age 1900
MLS® Number 5201644

Property Address: 122 Elbe St, Elyria, OH, 44035-4888

Average square foot calculated using Size range provided by listing agent.

Description

A rare opportunity to acquire a 19-unit, 12-property scattered-site portfolio across Elyria and Lorain at $1, 700, 000, just 25 miles west of Cleveland. Fully occupied, the portfolio delivers $164, 867 in NOI at a 9.7% cap rate, $60, 340 in annual net cash flow, and a 13.69% cash-on-cash return on a $442, 000 total investment. The seller is actively leasing the 2 remaining vacant units at rents consistent with the in-place portfolio, making this a stabilization-in-progress buy rather than a speculative one. The income is built on a foundation of heavy Section 8 participation across a market with deep voucher infrastructure. The Lorain Metropolitan Housing Authority manages over 3, 100 active Housing Choice Vouchers, paying landlords an average of $1, 075 per month, and Lorain County ranks 13th highest in Ohio by Fair Market Rent with the 2-bedroom FMR at $1, 208. In-place rents across the portfolio range from $725 to $1, 600, all at or below FMR, with predominantly tenant-pays-electric lease structures keeping operating costs lean. The demand fundamentals across both markets are structural. Elyria and Lorain together represent over 118, 000 residents with renter-occupied rates of 39.9% and 44.2% respectively, supported by a Lorain County employment base of 150, 000 jobs that grew 1.55% year-over-year. Median home values in the $140, 000 to $154, 000 range continue to push a significant share of the workforce into long-term rental demand. For the investor building a cash-flow-first, Section 8-anchored portfolio in a market that still prices like it is underappreciated, this offering is worth a close look.
MLS® Number5201644
Locker
Ensuite Laundry
Balcony
Furnished
Laundry Level
Exposure
Exterior
Garage
Approx. Age1900
Stories
Pets

Included in Maintenance Fee

Heat
Hydro
Water
Building Insurance
Condo Taxes
Cable TV
Central Air
Parking Maintenance

Utilities

Heat
A/C
Heating Fuel

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Apr 17, 2026List Date
$1,700,000List Price
May 24, 2023End Date
$1,050,000Sold Price

Sold

Apr 1, 2026List Date
$1,105,000List Price
  • Commute

Commute

Starting Address
Destination Address
122 Elbe St, Elyria, OH

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