Renovated Two-Unit
For Sale
$225,000
58 Adelaide Avenue, Painesville, OH 44077
Painesville Twp, OH
Property Size1,584 SF
Price / SF$142.05
Days on Market83
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 1, Bedroom 4, Bedroom 2
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
(216) 513-2728
Added: Jul 17
Changed: Sep 23
Last Checked: Oct 7 at 1:06PM
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 / Yr
$17,178
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
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
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 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 7.63%
Second Best
Apartment 5plus
$218.0K
$190.7K – $254.3K
NOI $15,259 @ 7.0% cap · market cap 6.78%
Theoretical Best
Office A
$365.8K
$320.1K – $426.8K
NOI $25,609 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 - 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 $225,000.
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
