166 Mentor Ave - Apartments FOR SALE


Painesville, OH 44077
$1,534,000 USD
440-413-2534
166 Mentor Ave, Painesville, OH for Sale
$1,534,000 USD
Apartments - FOR SALE
1/9
null | 7.53% Cap Rate

166 Mentor Ave
Painesville, OH 44077


HIGHLIGHTS

  • 100% Occupied, thirteen unit Garden Style Apartments
  • All units individually metered
  • On-site coin laundry machines
  • Positioned in Painesville hisotric core, seconds from downtown Painesville

OVERVIEW

Exceptional opportunity to acquire a 13-unit multifamily portfolio in one of Lake County’s fastest-improving rental markets. Located at 166-188 Mentor Avenue, this well-positioned asset generates approximately $147,000 in annual gross rental income, providing investors with immediate cash flow and significant long-term appreciation potential. Situated just minutes from Historic Downtown Painesville, the property benefits from the city’s ongoing transformation and public/private investment initiatives. Downtown Painesville has experienced substantial revitalization through new mixed-use redevelopment, streetscape improvements, infrastructure upgrades, public gathering spaces, and continued investment in local restaurants, retail, and entertainment. The recently completed amphitheater, Victoria Place redevelopment, and continued downtown beautification projects are helping position Painesville as one of Northeast Ohio’s emerging communities for both residents and investors. Residents enjoy convenient access to Downtown Painesville, Lake Erie, Mentor’s retail corridor, Route 2, SR-44, and numerous major employers throughout Lake County. The property’s central location continues to attract a strong tenant base seeking affordable housing with easy access to employment, shopping, dining, and recreation. Whether you’re looking to expand an existing portfolio or acquire a stabilized cash-flowing investment in a market with continued upside, this property offers an outstanding combination of current income, proven occupancy, and future appreciation potential fueled by the ongoing revitalization of Downtown Painesville

FOR SALE DETAILS

PRICE

$1,534,000 USD

PRICE/SF

$109 USD /SF

# OF UNITS

13

PRICE/UNIT

$118,000

CAP RATE

7.53%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Avenue Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1984

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.57 AC

LAND SF

24,829 SF

ZONING

R2

APN/PARCEL ID

15-D-001-0-00-080-0

ASK ABOUT THIS PROPERTY

Chandler JekutisKW CommercialMore Info
440-413-2534

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Chandler JekutisKW CommercialMore Info
440-413-2534

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.