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1833 E 31st Street

Lorain, OH 44055
  • $2,200,000
  • STATUS: Active
  • ON SITE: 36 Days
  • MLS #: 4361279
UPDATED: 21 min ago
$2,200,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1965
County:
Area:

School Ratings & Info

Listing courtesy of Russell Real Estate Services.
Listing information © 2022 YES-MLS.

Description

The Lowell Apartments is a 36-unit apartment complex that consists of 3 beautiful brick buildings that have been impeccably maintained and updated with modern finishes by the current owner. Unit mix consisting of (12) 2-bed/1-bath and (24) 1-bed/1-bath apartments. This property has a Housing Assistance Payment (HAP) contract directly with The United States Department of Housing and Urban Development. This isn't just a few Section 8 units with a local municipal organization like CMHA or LMHA, THIS IS HUD and because of that, has many benefits that come along with it. Benefits include: being well insulated against market cycles, annual reviews for automatic rent increases and tenant placements focus on low income housing so it's easy to maintain full occupancy with an extensive waiting list ready to fill any vacancies that may come up. It's important to note that there is a transfer process with HUD, and HUD experience is preferred but not required. Low-risk investment in this current unpredictable market cycle as rent is paid monthly by the Federal Government. The property comes with a large and spacious parking lot situated behind the buildings that is in great condition. In close to multiple shopping centers, parks, less than 25 minutes to to 3 different colleges including Lorain Community College, Cuyahoga Community College & Oberlin College and is has easy freeway access making this property attractive to tenants. See supplements for OM.

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Listing information © 2022 YES-MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Jose Medina and Associates | Keller Williams Legacy Group Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2022-05-26T17:09:23.237.
www.mystarkcountyhome.com/homes/127854397
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1833 E 31st Street Lorain, OH 44055

  • Price: $2,200,000
  • Status: Active
  • On Site: 36 Days
  • Updated: 21 min ago
  • MLS #: 4361279
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1965
Built
Neighborhood:
Sheffield Land Companys 01 S
County:
Lorain
Area:
Lorain
Property Description
The Lowell Apartments is a 36-unit apartment complex that consists of 3 beautiful brick buildings that have been impeccably maintained and updated with modern finishes by the current owner. Unit mix consisting of (12) 2-bed/1-bath and (24) 1-bed/1-bath apartments. This property has a Housing Assistance Payment (HAP) contract directly with The United States Department of Housing and Urban Development. This isn't just a few Section 8 units with a local municipal organization like CMHA or LMHA, THIS IS HUD and because of that, has many benefits that come along with it. Benefits include: being well insulated against market cycles, annual reviews for automatic rent increases and tenant placements focus on low income housing so it's easy to maintain full occupancy with an extensive waiting list ready to fill any vacancies that may come up. It's important to note that there is a transfer process with HUD, and HUD experience is preferred but not required. Low-risk investment in this current unpredictable market cycle as rent is paid monthly by the Federal Government. The property comes with a large and spacious parking lot situated behind the buildings that is in great condition. In close to multiple shopping centers, parks, less than 25 minutes to to 3 different colleges including Lorain Community College, Cuyahoga Community College & Oberlin College and is has easy freeway access making this property attractive to tenants. See supplements for OM.
Interior Features

Basement YN No Building Area Total 0

Property Features

Lease Considered YN No Listing Terms CashConventionalTrade Net Operating Income 231261 Property Sub Type Apartment Township Lorain City Twp Year Built Details Actual Ybt

Listing information © 2022 YES-MLS.
Listing provided courtesy of Russell Real Estate Services.
Listing information © 2022 YES-MLS. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of YES-MLS. Real estate listings held by brokerage firms other than Jose Medina and Associates | Keller Williams Legacy Group Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Information Deemed Reliable But Not Guaranteed. The photos may be altered, edited, enhanced or virtually staged. Data last updated 2022-05-26T17:09:23.237.
 
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Jose Medina and Associates | Keller Williams Legacy Group Realty
1401 South Main St. Suite 101
North Canton OH, 44720
Listing courtesy of Russell Real Estate Services.
Listing information © 2022 YES-MLS.