428 West Avenue, Elyria, OH 44035
Heman Elys Town · Lorain County
Key Facts
Description
Excellent opportunity to add a cash-flowing multifamily asset to your investment portfolio. This well-maintained brick four-unit building features three occupied units and one vacant unit, offering immediate income with additional upside through lease-up or rent growth. Current rents include Unit 1 at $850/month (lease expires 4/30/2027), Unit 2 at $775/month (lease expires 4/30/2027), and Unit 3 at $880/month through the Lorain Metropolitan Housing Authority ($582 subsidy plus $298 tenant portion) with lease expiring 8/31/2026. Unit 4 is currently vacant, providing an opportunity for an owner-occupant or an investor to increase cash flow. The property features a durable brick exterior and numerous updates, including a new boiler system, helping reduce future capital expenditures. Conveniently located near shopping, dining, schools, and major highways, this property offers stable tenancy and strong rental demand. Whether you're a seasoned investor looking for a performing asset or seeking to expand your multifamily portfolio, 428 West Ave presents a compelling opportunity with immediate income and value-add potential.
Property Information
Property Type
Residential Income
Sub-Type
Quadruplex
Year Built
1900
Living Area
4,800 sq ft
Lot Size
0.19 acres
Garage Spaces
1
Days on Market
41
MLS® Listing#
5209212
Property Features
Cooling
Heating
Basement
Parking
Construction
Roof
Sewer
Water Source
Financial Details
Annual Taxes
$3,395
Tax year 2025
Parcel Number
06-26-045-000-003
Directions
Broad St to West Ave
Affordability Calculator
$59,980
Estimated monthly payment
$1,596/mo
Principal $239,920 · Est. interest $334,710 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Elyria, OH
- 50
- Median Days on Market
- 1,492
- Median Sq Ft
- $132
- Median Price / Sq Ft
- 108
- Active Listings
- Its price per sq ft is 53% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Elyria, OH.
Location
Points of Interest in Elyria, OH
Showing the Elyria area map.
Nearby Schools
Elyria High School
Secondary · 0.1 mi away
St Mary School Elyria
School · 0.2 mi away
Roosevelt Elementary School
Elementary · 0.3 mi away
Franklin Elementary School
Secondary · 0.5 mi away
Hamilton Elementary School
Elementary · 0.6 mi away
Eastern Heights Middle School
Elementary · 1.1 mi away
Ely Stadium
School · 1.1 mi away
Ely Elementary School
Elementary · 1.2 mi away
Horizon Education Centers
School · 1.2 mi away
Kid's Center
Elementary · 1.3 mi away
Elyria City School District
Secondary · 1.3 mi away
Northwood Middle School
Elementary · 1.5 mi away
Elyria Catholic High School
Secondary · 1.6 mi away
Elyria Community Middle School
School · 1.6 mi away
Elyria City School District
Elementary · 1.6 mi away
Elyria Christian Academy
School · 1.7 mi away
Murray Ridge School
School · 1.8 mi away
St. Jude School
Secondary · 1.8 mi away
Elyria Community Elementary School
Elementary · 2.1 mi away
Childtime
School · 2.5 mi away
Commute Calculator
Nearby Homes
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Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 122 Elbe Street, Elyria, OH | $210,000 | 4 | 4 | — |
| 323 Denison Avenue, Elyria, OH | $210,000 | 3 | 2 | 1,492 |
| 109 Monticello Circle, Elyria, OH | $218,000 | 3 | 2 | 1,644 |
| 542 Georgetown Avenue, Elyria, OH | $222,999 | 3 | 2 | — |
| 513 Henry Street, Elyria, OH | $223,000 | 3 | 2 | — |
| 246 Hilliard Road, Elyria, OH | $224,000 | 4 | 2 | 2,348 |
Moving Cost Estimate
EXIT Agents in Elyria
Listing Courtesy: Keller Williams Greater Metropolitan - kquawanbrown@kw.com, 216-272-4616
Last Updated: 2026-05-12