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Commercial Real Estate for Sale at 1505 Herbert Drive in Lorain, OH for $699,000

Listing data last changed 04/28/2026 - 4:07am
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1505 Herbert Drive | Lorain

$699,000 | 0.0 Sq. Ft.

This newly renovated 8 suite apartment building is fully occupied with an excellent rent roll, all at or near $850/month. Each unit is a 1 bed, 1 bath and all are quite spacious! Most units have had flooring, kitchen countertops and backsplash updates, some new cabinets, new baths and fresh paint. The roof was just replaced, as well. A huge money saver maintenance-wise, these units have electric heat in the ceilings, so no boilers or furnaces to worry about and there is 1 community washer/dryer that is coin operated, generating roughly $125/month. These apartment buildings are tucked in amongst other buildings like it and there is plenty of parking for tenants in the rear of the building. This building is a dream for a landlord and at a 10% cap rate, a great income earner. MLSNow 5204706 Directions to property: North On Ashwood Off Cooper Foster To Herbert

MLS Listing ID: 
MLSNow 5204706
Listing Category: 
Purchase
Listing Status
Status of the Listing.
Listing Status: 
Active
Listing Pricing
Pricing information for this listing.
List Price: 
$699,000
Basic Property Information
Fields containing basic information about the property.
Property Type: 
Commercial
Property Sub Type: 
Apartment
Primary Market Area: 
Lorain
Address: 
1505 Herbert Drive, Lorain, OH 44053
County: 
Lorain
Latitude: 
41.4193370
Longitude: 
-82.1921270
Directions: 
North On Ashwood Off Cooper Foster To Herbert
Public Remarks: 
This newly renovated 8 suite apartment building is fully occupied with an excellent rent roll, all at or near $850/month. Each unit is a 1 bed, 1 bath and all are quite spacious! Most units have had flooring, kitchen countertops and backsplash updates, some new cabinets, new baths and fresh paint. The roof was just replaced, as well. A huge money saver maintenance-wise, these units have electric heat in the ceilings, so no boilers or furnaces to worry about and there is 1 community washer/dryer that is coin operated, generating roughly $125/month. These apartment buildings are tucked in amongst other buildings like it and there is plenty of parking for tenants in the rear of the building. This building is a dream for a landlord and at a 10% cap rate, a great income earner.
Community Information
School District: 
Lorain CSD - 4709
Subdivision: 
Ashwood Acres Sub #1
Building Details
Details about the building on a property.
Year Built: 
1973
Living Area: 
0.0
Room Details
Details about the rooms in the building.
Total Bedrooms: 
0
Total Bathrooms: 
0
Total Full-Bathrooms: 
0
Total Half-Bathrooms: 
0
Total One-Quarter-Bathrooms: 
0
Total Three-Quarter-Bathrooms: 
0
Utilities
Information about utilities available on the property.
Heating System: 
Electric
Cooling System: 
Ceiling Fan(s),Wall Unit(s)
Water Source: 
Public
Sewer: 
Public Sewer
Lot/Land Details
Details about the lots and land features included on the property.
Acres: 
0.44
Lot Size (Area): 
0.44
Lot Features
Parking Type: 
Additional Parking
Public Record
Parcel Number: 
02-02-005-112-014
Annual Tax: 
$5,644.18
Contract Details
Details about the listing contract.
Possession: 
Delivery Of Deed
Disclosures: 
Principal is Real Estate Licensed
Listing Participants
Participants (agents, offices, etc.) in the transaction.
Listing Office Name: 
Real of Ohio

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