205 Mentor Ave - Apartments FOR SALE


Painesville, OH 44077
$695,000 USD
440-591-1170
205 Mentor Ave, Painesville, OH for Sale
$695,000 USD
Apartments - FOR SALE
1/11
null | 9.41% Cap Rate

205 Mentor Ave
Painesville, OH 44077


HIGHLIGHTS

  • 100% occupied 7-unit apartment building
  • Attractive 9.4% cap rate based on actual trailing six-month NOI
  • Offered at just $99,286 per unit
  • Approximately 0.3-acre development site included
  • Opportunity to construct an additional apartment building
  • Potential to add an 8th apartment within the existing structure

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$695,000 USD

PRICE/SF

$55 USD /SF

# OF UNITS

7

PRICE/UNIT

$99,286

CAP RATE

9.41%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mentor Paige Place Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1910

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.65 AC

LAND SF

28,314 SF

ZONING

R-3

APN/PARCEL ID

15-C-003-0-00-024

ASK ABOUT THIS PROPERTY

Dean AugustGuggenheim Commercial Real Estate GroupMore Info
440-591-1170

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Dean AugustGuggenheim Commercial Real Estate GroupMore Info
440-591-1170

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