Renovated Two-Unit
For Sale
$249,900
58 Adelaide Avenue, Painesville, OH 44077
Painesville Twp, OH
Property Size1,584 SF
Price / SF$157.77
Days on Market65
Property Features for 58 Adelaide Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4
Subdivision
Wg Mccall
Standard status
Active
Size
1,584 SF
Building Details
Year built
1920
Listing Agency:
Engel & Volkers Cleveland · Engel & Völkers
(440) 568-0400
Listed By:
Adam T Zimmerman
Added: Jun 19
Changed: Aug 20
Last Checked: Aug 22 at 3:06AM
MLS# 5220292
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 1,584-square-foot duplex contains two occupied units: a three-bedroom lower residence and a one-bedroom upper residence, each with a full bathroom. Both units include in-suite laundry, stainless steel appliances, updated flooring, and fresh paint. Kitchen appliances and washers and dryers convey with the property.
Major improvements completed in 2024 and 2024/2025 include a replaced roof and siding, along with renovations to both kitchens and bathrooms. The property was built in 1920 and is located in Painesville Township within the Riverside School District. Access to OH-2, OH-44, and US-20 provides connections through the area, while Lake Erie College, Headlands Beach, Fairport Harbor Lakefront parks, shopping, and restaurants are nearby.
Major improvements completed in 2024 and 2024/2025 include a replaced roof and siding, along with renovations to both kitchens and bathrooms. The property was built in 1920 and is located in Painesville Township within the Riverside School District. Access to OH-2, OH-44, and US-20 provides connections through the area, while Lake Erie College, Headlands Beach, Fairport Harbor Lakefront parks, shopping, and restaurants are nearby.
Key Highlights
- Two occupied units: 3‑bedroom lower unit and 1‑bedroom upper unit
- 1,584 square feet; built in 1920
- Roof and siding replaced in 2024
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
$17,178
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
6.87%
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%
$343,560
$343.6K
Cap Rate 7%
$245,400
$245.4K
Cap Rate 9%
$190,867
$190.9K
Market Conditions
NOI Build-Up for 1,584 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
$25.7K $16.20/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$24.5K $15.49/SF
− OpEx
−$7.4K −$4.65/SF
NOI
$17.2K $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 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%
$343,560
Cap Rate 7%
$245,400
Cap Rate 9%
$190,867
Alternative Uses
Best Use
Multifamily LT 5
$245.4K
$214.7K – $286.3K
NOI $17,178 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$218.0K
$190.7K – $254.3K
NOI $15,259 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$365.8K
$320.1K – $426.8K
NOI $25,609 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
129
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Occupied rental property with refreshed interiors, private laundry, and stainless steel kitchen appliances in each unit.
Where is this duplex located?
The property is located at 58 Adelaide Avenue Painesville, OH.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two occupied units: 3‑bedroom lower unit and 1‑bedroom upper unit; 1,584 square feet; built in 1920; Roof and siding replaced in 2024
