Description
Great investment opportunity with this fully renovated mixed-use property at 12224 Lorain Avenue! The building features a street-level storefront and three walk-up apartments: two 3-bedroom units and one 2-bedroom unit. The storefront and all three apartments have been remodeled. Improvements include a new flat roof, new windows, separate new furnaces, all new kitchens and baths, flooring, and lighting fixtures. The property also offers a full basement, washer and dryer, a two-car garage, additional rear parking, and a storage room with a new garage-style door. One of the 3 bedrooms is currently rented for $1500. The other units are vacant and ready to be leased. Nothing to do or improve; everything has been done and is ready! PRO FORMA RENTS: Storefront: $1,500–$2,000/month; two 3-bedroom apartments: $1,500/month each; 2-bedroom apartment: $1,350–$1,400/month. Total projected gross rent: $5,850–$6,400/month ($70,200–$76,800/year). Expenses estimated at $21000/year. Pro forma rents are estimates and are not guaranteed. 2025 PROPERTY TAXES: $7,754/year. Owner pays all utilities.
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0.11ACRES
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01/2 BATHS
Description
Great investment opportunity with this fully renovated mixed-use property at 12224 Lorain Avenue! The building features a street-level storefront and three walk-up apartments: two 3-bedroom units and one 2-bedroom unit. The storefront and all three apartments have been remodeled. Improvements include a new flat roof, new windows, separate new furnaces, all new kitchens and baths, flooring, and lighting fixtures. The property also offers a full basement, washer and dryer, a two-car garage, additional rear parking, and a storage room with a new garage-style door. One of the 3 bedrooms is currently rented for $1500. The other units are vacant and ready to be leased. Nothing to do or improve; everything has been done and is ready! PRO FORMA RENTS: Storefront: $1,500–$2,000/month; two 3-bedroom apartments: $1,500/month each; 2-bedroom apartment: $1,350–$1,400/month. Total projected gross rent: $5,850–$6,400/month ($70,200–$76,800/year). Expenses estimated at $21000/year. Pro forma rents are estimates and are not guaranteed. 2025 PROPERTY TAXES: $7,754/year. Owner pays all utilities.