USAOHLorainSheffield Land & Improv C1888 E 28Th St
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$420,000

For Sale

12 days ago

1888 E 28Th St, Lorain, OH

Condo

MLS® 5200241

0 Bed

0 Bath

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  • Key Facts
  • Description
  • Map

Key Facts

Type Apartment
Levels Commercial Sale
Size -
Garage 
HOA Fees 
Taxes $3,303
Days Active 11
Approx. Age 1925
MLS® Number 5200241

Property Address: 1888 E 28th St, Lorain, OH, 44055-1870

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

Description

Lorain sits on Lake Erie just 30 miles west of Cleveland, a commuter-accessible market where renters make up 45% of all households, county home values are up nearly 18% year-over-year, and a wave of economic activity including 1, 800 new union jobs at Ford's Ohio Assembly Plant is tightening rental demand across the board. Against that backdrop, this fully occupied 10-unit building is a textbook buy-and-hold: all one-bedroom/one-bath units, many updates already complete, low property taxes, and a new silicone roof layer going on prior to closing. At $42, 500 per door, the basis is hard to argue with. The rent roll sits at $6, 225/month ($74, 700 GSI) with current rents ranging $500-$675, meaningfully below a market where the dominant rental price band runs $700-$850. That gap represents $100-$200/unit of achievable upside on renewals with minimal to no upgrades. A coin-operated laundry room and unused storage area add additional income potential on top. The owner covers water, sewer, and gas via the on-site boiler, all reflected in the expense model. At $420K, the deal underwrites to an 8.7% cap rate, 1.40x DSCR, and $871/month net cash flow against a conservative 5% vacancy assumption. As rents roll to market, the 5-year model shows cash-on-cash climbing from 9.46% toward 14.5% with cumulative cash flow exceeding $66, 000 over that window. Fully occupied, freshly roofed, clear value-add runway. This is Lorain at its most investable.
MLS® Number5200241
Locker
Ensuite Laundry
Balcony
Furnished
Laundry Level
Exposure
Exterior
Garage
Approx. Age1925
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 10, 2026List Date
$420,000List Price
  • Commute

Commute

Starting Address
Destination Address
1888 E 28Th St, Lorain, OH

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