2914-2916 Seneca Avenue, Lorain, OH 44055

Property Description

Exceptional value-add opportunity in Lorain with this 5-unit multifamily property plus a stand-alone efficiency unit, located at 2914–2916 Seneca Ave. All units are separately metered for gas and electric, with tenants paying their own utilities, keeping operating costs low for the owner. The 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. Current 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. Additional 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. This 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.

Listing Status:

Active

Listing Office:

Progressive Urban Real Estate Co : 216-619-9696

Listing Agent:

Oliver Moreau : 216-536-8535

MLS ID:

5154999

Interior

• Heating: Gas

Exterior

• Parking: AsphaltParking Lot

Construction

• Roofing: Flat
• General: 2Basement

Location

• Originating MLS: NOWDD_NORM
• School District: Lorain CSD - 4709
• County: Lorain

Lot

• Zoning: SHEFFIELD LAND CO 1ST ADD 50 X 10303-00-095-102-018
• Current Use: Commercial

Utilities

• Water: Public
• Sewer: Public Sewer

Financial

• Source: NOWDD_NORM

This listing courtesy of Oliver Moreau, Progressive Urban Real Estate Co