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    Two Cottages Near Geneva-on-the-Lake Title is generated by Realmo AI

    4970 & 4966 Presidential Avenue, Geneva on the Lake, OH 44041

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    Pending
    $175,000

    MULTI_FAMILY - Geneva on the Lake, OH

    Property size:
    1,108 SF
    Lot size:
    0.09 Acres
    Added:
    May 19, 2026
    Days on Market:
    6
    Last Refresh:
    May 24 at 6:06 pm

    Property Features for 4970 & 4966 Presidential Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    2
    Rooms
    Bedroom 6, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 2, Bedroom 4
    Interior features
    EatInKitchen
    Appliances
    Range, Refrigerator
    Standard status
    Pending
    APN
    210320006500
    Size
    1,108 SF
    Lot size
    0.09 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    158 LOG CABIN ALLOT
    Tax Annual Amount
    811

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Space Heater
    Cooling system
    Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1941
    Floors in Building
    1
    Building materials
    WoodSiding
    Roof type
    Metal

    We can help!

    Listing Contact
    Jennifer L Allen

    Listing agent Jennifer L Allen License #2003014671

    Listing office Keller Williams Greater Cleveland Northeast 7400 Center Street, Mentor, OH

    Listing date May 19, 2026

    MLS# 5211273 Listing URL

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

    HighLights

    • Two cottages totaling 6 bedrooms and 2 full bathrooms, ideal for large groups or rental income.
    • Prime location near the Geneva on the Lake main strip.
    • Newer metal roofs on both cottages.
    • Public water and sewer connections.
    • Screened‑in front porches for outdoor enjoyment.
    • Low‑maintenance lots.

    Overview

    Located near the main strip of Geneva-on-the-Lake, this property features two cottages. The first cottage, located at 4970 Presidential Avenue, has 704 square feet of living space and includes 4 bedrooms, a spacious living room, an eat-in kitchen, and a full bathroom. It is situated on the corner of Lake Rd and Presidential. The second cottage, located at 4966 Presidential Avenue, offers 404 square feet of living space with 2 bedrooms, a living room, an eat-in kitchen, and a full bathroom. The property has smaller lots intended for minimal yard maintenance, but also includes an area to enjoy. Both cottages have newer metal roofs and screened-in front porches. Public water and sewer are connected. The utilities at 4970 Presidential feed to the second home at 4966 Presidential. The total property size is 1108 square feet on a 0.09-acre lot.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $105.5K
    NOI $9,496 @ 9.00% cap · cautious / downside scenario
    Moderate
    $135.7K
    NOI $9,496 @ 7.00% cap · market / base-case scenario
    Aggressive
    $189.9K
    NOI $9,496 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $18.3k $16.56
    − Vacancy −$1.1k −$0.98
    EGI $17.3k $15.58
    − OpEx −$7.8k −$7.01
    NOI $9.5k $8.57
    1,108 SF · lease $16.56/SF/yr · vacancy 5.90% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $135.7K
    $118.7K – $158.3K (±1% cap)
    NOI $9,496 @ 7.0% cap · market cap 5.43%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $206.5K
    $180.7K – $240.9K (±1% cap)
    NOI $14,453 @ 7.0% cap · market cap 8.26%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Map

    City
    Geneva on the Lake
    County
    Ashtabula
    State
    Ohio
    Longitude
    -80.946218
    Latitude
    41.859874

    FAQs

    What type of property is this?
    Single family property - Two cottages with 6 bedrooms near Geneva-on-the-Lake main strip.
    Where is this single family property located?
    The property is located at 4970 & 4966 Presidential Avenue Geneva on the Lake, OH.
    What is the asking price?
    The asking price for this property is $175,000.
    What are key features of this property?
    This property features: Two cottages totaling 6 bedrooms and 2 full bathrooms, ideal for large groups or rental income.; Prime location near the Geneva on the Lake main strip.; Newer metal roofs on both cottages.
    (440) 796-4833
    We can help!
    Listing Contact
    Jennifer L Allen
    Real Estate License ID: 2003014671
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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.

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