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Mentor Paige Place Apartments 205 Mentor Ave Immeuble residentiel 7 lots 598 437 € (85 491 €/Lot) Taux de capitalisation 9,41 % Painesville, OH 44077
Certaines informations ont été traduites automatiquement.
Informations principales sur l'investissement
- 100% occupied 7-unit apartment building
- Offered at just $99,286 per unit
- Opportunity to construct an additional apartment building
- Attractive 9.4% cap rate based on actual trailing six-month NOI
- Approximately 0.3-acre development site included
- Potential to add an 8th apartment within the existing structure
Résumé analytique
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.
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.
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- Offering Memorandum
Bilan financier (Réel - 2025) |
Annuel | Annuel par m² |
|---|---|---|
| Revenu de location brut |
76 679 €
|
65,71 €
|
| Autres revenus |
12 100 €
|
10,37 €
|
| Perte due à la vacance |
-
|
-
|
| Revenu brut effectif |
88 780 €
|
76,08 €
|
| Taxes |
7 520 €
|
6,44 €
|
| Frais d’exploitation |
24 922 €
|
21,36 €
|
| Total des frais |
32 441 €
|
27,80 €
|
| Résultat net d’exploitation |
56 338 €
|
48,28 €
|
Bilan financier (Réel - 2025)
| Revenu de location brut | |
|---|---|
| Annuel | 76 679 € |
| Annuel par m² | 65,71 € |
| Autres revenus | |
|---|---|
| Annuel | 12 100 € |
| Annuel par m² | 10,37 € |
| Perte due à la vacance | |
|---|---|
| Annuel | - |
| Annuel par m² | - |
| Revenu brut effectif | |
|---|---|
| Annuel | 88 780 € |
| Annuel par m² | 76,08 € |
| Taxes | |
|---|---|
| Annuel | 7 520 € |
| Annuel par m² | 6,44 € |
| Frais d’exploitation | |
|---|---|
| Annuel | 24 922 € |
| Annuel par m² | 21,36 € |
| Total des frais | |
|---|---|
| Annuel | 32 441 € |
| Annuel par m² | 27,80 € |
| Résultat net d’exploitation | |
|---|---|
| Annuel | 56 338 € |
| Annuel par m² | 48,28 € |
Informations sur l’immeuble
| Prix | 598 437 € | Classe d’immeuble | B |
| Prix par lot | 85 491 € | Surface du lot | 0,26 ha |
| Type de vente | Investissement | Surface de l’immeuble | 1 167 m² |
| Taux de capitalisation | 9,41 % | Occupation moyenne | 100% |
| Nb de lots | 7 | Nb d’étages | 2 |
| Type de bien | Immeuble residentiel | Année de construction | 1910 |
| Sous-type de bien | Appartement | Ratio de stationnement | 0,09/1 000 m² |
| Style d’appartement | De faible hauteur | Zone de développement économique [USA] |
Oui
|
| Zonage | R-3 | ||
| Prix | 598 437 € |
| Prix par lot | 85 491 € |
| Type de vente | Investissement |
| Taux de capitalisation | 9,41 % |
| Nb de lots | 7 |
| Type de bien | Immeuble residentiel |
| Sous-type de bien | Appartement |
| Style d’appartement | De faible hauteur |
| Classe d’immeuble | B |
| Surface du lot | 0,26 ha |
| Surface de l’immeuble | 1 167 m² |
| Occupation moyenne | 100% |
| Nb d’étages | 2 |
| Année de construction | 1910 |
| Ratio de stationnement | 0,09/1 000 m² |
| Zone de développement économique [USA] |
Oui |
| Zonage | R-3 |
Lot informations sur la combinaison
| Description | Nb de lots | Moy. loyer/mois | m² |
|---|---|---|---|
| 1+1 | 6 | 904,11 € | 53 - 56 |
| 2+1 | 1 | 1 033 € | 93 |
1 1
Assez praticable à pied
50/100
Exceptionnellement adapté aux voitures
100/100
Transports en commun limités
30/100
Assez praticable en vélo
30/100
1 sur 13
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Mentor Paige Place Apartments | 205 Mentor Ave
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