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Lorain sits on Lake Erie just 30 miles west of Cleveland, a commuter-accessible market where renters make up 45% of all households, county home values are up nearly 18% year-over-year, and a wave of economic activity including 1,800 new union jobs at Ford's Ohio Assembly Plant is tightening rental demand across the board. Against that backdrop, this fully occupied 10-unit building is a textbook buy-and-hold: all one-bedroom/one-bath units, many updates already complete, low property taxes, and a new silicone roof layer going on prior to closing. At $42,500 per door, the basis is hard to argue with. The rent roll sits at $6,225/month ($74,700 GSI) with current rents ranging $500-$675, meaningfully below a market where the dominant rental price band runs $700-$850. That gap represents $100-$200/unit of achievable upside on renewals with minimal to no upgrades. A coin-operated laundry room and unused storage area add additional income potential on top. The owner covers water, sewer, and gas via the on-site boiler, all reflected in the expense model. At $425K, the deal underwrites to an 8.54% cap rate, 1.40x DSCR, and $871/month net cash flow against a conservative 5% vacancy assumption. As rents roll to market, the 5-year model shows cash-on-cash climbing from 9.46% toward 14.5% with cumulative cash flow exceeding $66,000 over that window. Fully occupied, freshly roofed, clear value-add runway. This is Lorain at its most investable.

  • Year Built
    1925
  • Parking Features
    Paved, On Site
  • Heating
    Hot Water, Steam

  • Acres
    0.29


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Frequently Asked Questions

How do I schedule a tour of 1888 E 28th St?

We can make that happen quickly. Click Tour This Home and we'll connect you directly with our vetted local partner to schedule your visit to 1888 E 28th St.

They know commercial sales in the area well and can give you the guidance you need to buy with confidence.

How do I get more information about 1888 E 28th St?

Click Ask a Question to talk with our team. You already know it is a N/A bed, N/A bath, listed for $425,000. We can talk through recent upgrades, potential seller motivation, how this apartment compares to others in Lorain, and can even get you in to see the property quickly.

How much is the monthly mortgage payment for 1888 E 28th St?

With a 20% down payment and a 30-year fixed loan at an illustrative 6.75% rate, the ez Mortgage Calculator estimates the monthly payment for 1888 E 28th St at around $2,580. This includes estimated property taxes and insurance.

Want to see how this changes with different down payments or interest rates? Jump to the calculator to run the numbers and fine-tune your plan.

How do I get pre-approved to buy 1888 E 28th St?

Stand out in a competitive market by getting pre-approved today. Our quick and private pre-approval process helps you understand your true buying power—no credit pull required to explore all of your options.

Or, let us connect you with our preferred local lender in Lorain County. They will give you all of your available financing options, based on your specific situation and what is available to you.

Can I negotiate the asking price for 1888 E 28th St?

In most cases, yes. Whether 1888 E 28th St is priced competitively or not, your best offer depends on your personal situation, the seller's timeline, and recent activity in Lorain's market. Our preferred local partner will help you craft a strategy—factoring in comparable properties that have sold, timing, and deal structure—to make a smart, strong offer. Click here to ask about negotiation opportunities.

How do I make an offer on 1888 E 28th St?

We can handle that for you. Our preferred local agent specializes in commercial sales in Lorain and can guide you through every step of the offer process.

You need an expert who is looking out for your best interests. From market valuation to contingencies and timing, they'll help you present a compelling offer that fits your goals. Click Ask a Question to get started today.

What is the price per square foot for this home?

This home is listed at $425,000 with 8,692 sqft of space—that comes out to approximately $49 per square foot.

How long has this property been on the market?

1888 E 28th St was listed on April 10, 2026, which means it's been on the market for 212 days.

Want to keep tabs on it? Click the ♥ to favorite this home and get notified of price drops or changes.

When was this house built?

This home was built in 1925, making it approximately 101 years old.

What is the lot size of this property?

1888 E 28th St sits on a 0.29-acre lot, which is 12,632 square feet.

What are the property taxes for 1888 E 28th St?

The most recent public record shows annual property taxes for 1888 E 28th St were approximately $3,303. This may change with reassessment or exemptions. Our local partner can verify current tax amounts and help you estimate future costs based on your situation.

Is 1888 E 28th St still available for sale?

This home is pending sale, which means the seller has accepted an offer. You can favorite it to track status or ask our expert to help you find similar homes in this area. We'll also let you know if this property comes back on the market.

Source: ez Home Search, MLS Data

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Listing information provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed by the MLS. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Copyright 2026, MLS Now. All rights reserved.

Last Updated: November 08, 2026 at 01:52PM | Source: MLS Now | MLS#: 5200241