Multi-Tenant Flex Space with Paved
For Sale
$1,150,000
546 Hoyt Street, Painesville, OH 44077
COMMERCIAL - Painesville, OH
Property Size26,720 SF
Lot Size1.61 Acres
Price / SF$43.04
Days on Market17
Property Features for 546 Hoyt Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Elementary school district
Painesville City LSD - 4305
Middle school district
Painesville City LSD - 4305
High school district
Painesville City LSD - 4305
Directions
Situated in Painesville's industrial corridor, offering easy access to SR-2, I-90, and major transportation routes.
Standard status
Active
APN
15-B-010-0-00-017-0
Lot size
1.61 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15392
Utilities
Heating system
Natural Gas
Building Details
Year built
1973
Number of units
22
Roof type
Asphalt
Listing Agency:
Keller Williams Greater Cleveland Northeast · Keller Williams Realty
(440) 255-5500
Listed By:
Rick Osborne · License #2010001710
(440) 299-5190
Added: Jul 24
Changed: Aug 4
Last Checked: Aug 9 at 7:06PM
MLS# 5230089
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.
Investment Insights
Based on property information with market context.
This multi-tenant flex space investment totals 26,720 SF across 21 flexible units. The property is 71% occupied, with tenants operating on long-term, month-to-month terms. Set up to support stabilization and leasing of available space, the building is paired with 23,400+ SF of paved lot area for parking.
Constructed in 1973, the property is heated with natural gas and features an asphalt roof. Roof has been redone approximately 20 years ago. The site sits on 1.61 acres and provides easy access to SR-2 and I-90.
With its flexible unit configuration and existing tenant base, the property is positioned for investors looking to manage occupancy and lease-up within an established corridor.
Constructed in 1973, the property is heated with natural gas and features an asphalt roof. Roof has been redone approximately 20 years ago. The site sits on 1.61 acres and provides easy access to SR-2 and I-90.
With its flexible unit configuration and existing tenant base, the property is positioned for investors looking to manage occupancy and lease-up within an established corridor.
Key Highlights
- 26,720 SF multi‑tenant flex space across 21 flexible units
- 71% occupied with long‑term, month‑to‑month tenants
- 23,400+ SF paved lot for parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$102,848
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.94%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,056,960
$2.1M
Cap Rate 7%
$1,469,257
$1.5M
Cap Rate 9%
$1,142,756
$1.1M
Market Conditions
NOI Build-Up for 26,720 SF
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.
Gross rent
$152.6K $5.71/SF
− Vacancy
−$5.6K −$0.21/SF
EGI
$146.9K $5.50/SF
− OpEx
−$44.1K −$1.65/SF
NOI
$102.8K $3.85/SF
Area
Lake County, OH
Vacancy
3.70%
Lease Rate
$5.71 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,056,960
Cap Rate 7%
$1,469,257
Cap Rate 9%
$1,142,756
Alternative Uses
Best Use
Warehouse
$1.78M
$1.56M – $2.08M
NOI $124,887 @ 7.0% cap · market cap 10.86%
Second Best
Industrial
$1.47M
$1.29M – $1.71M
NOI $102,848 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$6.17M
$5.40M – $7.20M
NOI $431,994 @ 7.0% cap · market cap 37.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
71%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
238
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant flex asset with 21 flexible units and 71% occupancy, natural gas heat, and asphalt roof.
Where is this flex space located?
The property is located at 546 Hoyt Street Painesville, OH.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 26,720 SF multi‑tenant flex space across 21 flexible units; 71% occupied with long‑term, month‑to‑month tenants; 23,400+ SF paved lot for parking
