2914-2916 Seneca Avenue | Lorain
Exceptional value-add opportunity in Lorain with this 5-unit multifamily property plus a stand-alone efficiency unit, located at 2914\u20132916 Seneca Ave. All units are separately metered for gas and electric, with tenants paying their own utilities, keeping operating costs low for the owner.\r\n\r\nThe 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.\r\n\r\nCurrent 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.\r\n\r\nAdditional 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.\r\n\r\nThis 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. MLSNow 5154999 Directions to property: About 35 minutes west of downtown Cleveland via I-90 W to OH-611 W, then south on Seneca Ave.
Information deemed reliable but not guaranteed. Zid Realty & Associates is a member of the National Association of REALTORS® Equal Housing Opportunity