Grandfathered Duplex with
For Sale
$299,900
540 Mentor Avenue, Painesville, OH 44077
Other - Painesville, OH
Property Size2,484 SF
Lot Size0.28 Acres
Price / SF$120.73
Days on Market118
Property Features for 540 Mentor Avenue
General Information
Property type
Other
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
Parking features
Garage
Interior features
Ceiling Fan(s), Chandelier, Crown Molding, Eat-in Kitchen, Recessed Lighting, Storage
Exterior features
Balcony
Appliances
Dryer, Range, Refrigerator
Directions
Corner of Mentor Ave (US-20) and Hayes St. Driveway is on Hayes St.
Standard status
Active
APN
15-C-018-0-00-018-0
Size
2,484 SF
Lot size
0.28 Acres
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1880
Floors in Building
2
Roof type
Asphalt, Fiberglass
Architectural style
Other
Listing Agency:
Engel & Völkers Cleveland
(440) 568-0400
Listed By:
Adam T Zimmerman
(216) 513-2728
Added: Jun 12
Changed: Jul 15
Last Checked: Oct 7 at 1:06PM
MLS# 5162031
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.
Investment Insights
Based on property information with market context.
This sizable duplex is configured with two separate units that is currently being used as a single-family property, while remaining grandfathered as a duplex. Central heating and cooling and updated electrical panels are in place, with hardwood floors on the main level. The first-floor unit features two bedrooms, a living room, dining room, kitchen, full bath, laundry room, and a side porch. The second-floor unit includes four bedrooms, a kitchen, full bath, and a balcony. A detached two-car garage and a full basement provide additional storage.
The property is located in Painesville, convenient to Lake Erie College and near OH-44 and OH-2, with shopping, restaurants, and local attractions nearby.
Updates completed in 2024–2025 include replacement of the washer/dryer, first-floor dishwasher and gas range, second-floor refrigerator, carpet on the staircase and one second-floor bedroom, painting in the first-floor bath, re-staining and painting of the porch, powerwashing the exterior, and cleaning gutters. All appliances are included.
The property is located in Painesville, convenient to Lake Erie College and near OH-44 and OH-2, with shopping, restaurants, and local attractions nearby.
Updates completed in 2024–2025 include replacement of the washer/dryer, first-floor dishwasher and gas range, second-floor refrigerator, carpet on the staircase and one second-floor bedroom, painting in the first-floor bath, re-staining and painting of the porch, powerwashing the exterior, and cleaning gutters. All appliances are included.
Key Highlights
- Sizable duplex, grandfathered as a duplex (currently used as single‑family); steps to Lake Erie College and near OH‑44 and OH‑2
- Two separate units: 1st‑floor 2BD with living, dining, kitchen, full bath, laundry room, and side porch; 2nd‑floor 4BD with kitchen, full bath, and balcony
- Central forced‑air natural gas heat and central air cooling; updated electrical panels
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,938
Cap Rate
8.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$538,760
$538.8K
Cap Rate 7%
$384,829
$384.8K
Cap Rate 9%
$299,311
$299.3K
Market Conditions
NOI Build-Up for 2,484 SF
Gross rent
$40.2K $16.20/SF
− Vacancy
−$1.8K −$0.71/SF
EGI
$38.5K $15.49/SF
− OpEx
−$11.5K −$4.65/SF
NOI
$26.9K $10.84/SF
Area
Lake County, OH
Vacancy
4.37%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$538,760
Cap Rate 7%
$384,829
Cap Rate 9%
$299,311
Alternative Uses
Best Use
Multifamily LT 5
$384.8K
$336.7K – $449.0K
NOI $26,938 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$341.9K
$299.1K – $398.8K
NOI $23,930 @ 7.0% cap · market cap 7.98%
Theoretical Best
Office A
$573.7K
$502.0K – $669.3K
NOI $40,160 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
424
Businesses Nearby
Explore this area
Business Placement
Demographics for 44077, OH
58,253
Population
24,928
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
60.5 sq mi
ZIP Area
963
Density / Sq Mi
$80,692
Median Household Income
$45,315
Median Earnings
$972
Median Rent
$217,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Sizable duplex layout with central HVAC, updated electrical, hardwood floors, and a detached two-car garage.
Where is this duplex located?
The property is located at 540 Mentor Avenue Painesville, OH.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Sizable duplex, grandfathered as a duplex (currently used as single‑family); steps to Lake Erie College and near OH‑44 and OH‑2; Two separate units: 1st‑floor 2BD with living, dining, kitchen, full bath, laundry room, and side porch; 2nd‑floor 4BD with kitchen, full bath, and balcony; Central forced‑air natural gas heat and central air cooling; updated electrical panels
