Kayann Apartments sits on just under one acre along the shores of Lake Erie in Lorain, OH. Once a powerhouse of auto and steel manufacturing, Lorain has transitioned to a service-focused economy with both healthcare and retail driving current growth. With this transition came changes in housing, and now close to 45% of households are renter-occupied. This is great news for apartment owners and even better news for a favorable location like Kayann Apartments that is close to schools, parks, personal services and is in one of the city’s safest neighborhoods.
Operational Upside: Hands-on investors to easily outperform current absentee ownership/third party mgmt.
Value Add: Primed for Rental Increase with Loss to Lease Currently at 13%
Investment Indicator: With proper execution, achieve and adjusted cash on cash return of 29.28% and a five year IRR of 32.86%
Strong Rental Market: 45% of Households Renter-Occupied
Excellent Location: Close to Schools, Parks, Personal Services and is in one of the city's safest neighborhoods
- Property Type
Office
- Year Built
1955
- Total Acres
0.34
- Number of Floors
2
- Property ID
1954821
