Mentor Paige Place Apartments presents a rare opportunity to acquire a fully leased seven-unit multifamily property with immediate cash flow and multiple value-add opportunities.
Located in the heart of Painesville, Ohio, the property consists of six one-bedroom apartments and one two-bedroom apartment, generating a monthly rent roll of approximately $8,470 with an annualized NOI of $65,429.
Beyond the existing income stream, investors have the opportunity to increase value through below-market rents, the addition of an eighth apartment within the existing building, and development of the approximately 0.3-acre parcel included with the sale.
Located within walking distance of Lake Erie College and Downtown Painesville, the property benefits from strong tenant demand, low market vacancy, and continued rental growth.