7-Unit Multifamily Investment with 9.4% Cap Rate & ±0.3 AC Development Site Mentor Paige Place is a well kept 7-unit apartment building on Mentor Avenue in Painesville, the Lake County seat and one of the tightest small rental markets in Northeast Ohio. All seven apartments are leased: six 1BRs averaging $1,083 in rent and one 2BR at $1,200. Trailing six months (Jan-Jun 2026) delivered $32,714 in cash NOI, annualized to $65,429. The 9.4% cap is in place today, and the next owner has three separate paths to build on it: bring the current seven units to market rent, build out the third floor to add an 8th apartment, and put a new apartment building on the ±0.3 acres of land fronting Mentor Avenue. Investment highlights - The building is 100% leased and produces $8,470 in monthly rent roll income. H1 2026 delivered a real $32,714 NOI, the 9.4% cap is earned, not proforma. - In place average rent is $1,100/unit, roughly $139/unit below the Painesville market average of $1,239. Bringing all seven units to market adds ~$11,700 in annual rent. - The parcel includes a graded ±0.3 acre development site with frontage on Mentor Avenue, ready for a new apartment building. - The third floor can be built out to add an 8th unit, capturing additional rent without acquiring new footprint or working through a new zoning approval. - Painesville vacancy sits at 4.7%. CoStar projects rents continuing upward through 2028 as demand outpaces new supply. - Walkable to Lake Erie College and downtown Painesville, the same tenant catchment that keeps small east side multifamily consistently occupied.