122 Elbe Street, Elyria, OH 44035 For Sale

A rare opportunity to acquire a 19-unit, 12-property scattered-site portfolio across Elyria and Lorain at $1,600,000, just 25 miles west of Cleveland. The portfolio delivers $124,858 in NOI at a 7.8% cap rate, with $36,932 in annual net cash flow and a 9.93% cash-on-cash return on $371,800 cash to close. Proforma lifts that to $148,856 in NOI, a 9.3% cap, and a 16.39% cash-on-cash return as the final two units stabilize at rents consistent with the in-place portfolio. This is a stabilization-in-progress buy rather than a speculative one.

The income is built on a foundation of heavy Section 8 participation across a market with deep voucher infrastructure. The Lorain Metropolitan Housing Authority manages over 3,100 active Housing Choice Vouchers, paying landlords an average of $1,075 per month, and Lorain County ranks 13th highest in Ohio by Fair Market Rent with the 2-bedroom FMR at $1,208. In-place rents across the portfolio range from $725 to $1,600, all at or below FMR, with predominantly tenant-pays-electric lease structures keeping operating costs lean.

The demand fundamentals across both markets are structural. Elyria and Lorain together represent over 118,000 residents with renter-occupied rates of 39.9% and 44.2% respectively, supported by a Lorain County employment base of 150,000 jobs that grew 1.55% year-over-year. Median home values in the $140,000 to $154,000 range continue to push a significant share of the workforce into long-term rental demand. For the investor building a cash-flow-first, Section 8-anchored portfolio in a market that still prices like it is underappreciated, this offering is worth a close look.