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    Painesville Investment Property with Income Potential Title is generated by Realmo AI

    134 Pearl Street, Painesville, OH 44077

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    For Sale
    $334,900

    Other - Painesville, OH

    Type:Quadruplex
    Property size:
    4,628 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $72/SF
    Added:
    May 21, 2026
    Days on Market:
    2
    Last Refresh:
    May 22 at 1:06 pm

    Property Features for 134 Pearl Street

    General Information

    Property type
    Other
    Property subtype
    Quadruplex
    Bedrooms
    9
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Driveway, Garage
    Appliances
    Range, Refrigerator
    Standard status
    Active
    APN
    15-B-005-0-00-062-0
    Size
    4,628 SF
    Lot size
    0.16 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Multi Units, Wall Unit(s)

    Building Details

    Year built
    1910
    Floors in Building
    2
    Roof type
    Asphalt, Fiberglass
    Architectural style
    Other

    We can help!

    Listing Contact
    Adam T Zimmerman

    Listing agent Adam T Zimmerman

    Listing office Engel & Völkers Cleveland 30659 Pinetree Road, Pepper Pike, OH

    Listing date May 21, 2026

    MLS# 5211515 Listing URL

    Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Cash flowing 4‑unit investment property with potential to generate approximately $4,000/month in rental income.
    • Flexibility of owner‑occupancy with one vacant unit currently available.
    • Convenient location near major routes, Lake Erie College, schools, shopping, and restaurants.
    • Recent updates including Rhino Shield coating on all exterior siding (2024).
    • Mix of unit sizes: one 3‑bed/1‑bath, two 2‑bed/1‑bath, and one 1‑bed/1‑bath.
    • Updated appliances and fixtures in select units (2024‑2026).

    Overview

    This 4-unit investment property in Painesville offers the potential to generate approximately $4,000 per month in rental income, along with the flexibility of owner-occupancy due to one currently vacant unit. The property is conveniently located near OH-2, OH-44, US-20, Lake Erie College, schools, shopping, restaurants, and local attractions. The unit mix includes one 3-bed/1-bath unit, two 2-bed/1-bath units, and one 1-bed/1-bath unit. Three of the units are currently occupied. Recent updates include some windows replaced in 2024, a new refrigerator in Unit 134 (2025), updated electric fixtures in Units 134 & 136 (2026), a new bathtub in Unit 134 (2026), and Rhino Shield coating applied to all exterior siding in 2024. The property is situated on a 0.1584-acre lot and has a total size of 4628 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Painesville
    County
    Lake
    State
    Ohio
    Longitude
    -81.2387869
    Latitude
    41.7205775

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    FAQs

    What type of property is this?
    Quadplex - Cash-flowing 4-unit property with owner-occupancy option and convenient location.
    Where is this quadplex located?
    The property is located at 134 Pearl Street Painesville, OH.
    What is the asking price?
    The asking price for this property is $334,900.
    What are key features of this property?
    This property features: Cash flowing 4‑unit investment property with potential to generate approximately $4,000/month in rental income.; Flexibility of owner‑occupancy with one vacant unit currently available.; Convenient location near major routes, Lake Erie College, schools, shopping, and restaurants.
    (216) 513-2728
    We can help!
    Listing Contact
    Adam T Zimmerman
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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