Renovated Duplex with In-Suite
For Sale
$225,000
58 Adelaide Ave, Painesville, OH 44077
Two occupied units offer updated interiors, stainless steel appliances, and private laundry in a residential income property.
Property Size1,584 SF
Price / SF$142.05
Days on Market28
Property Features for 58 Adelaide Ave
General Information
Standard status
Active
Size
1,584 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$26,400
Highway Access
Yes
Amenities
in-suite laundry
Building Details
Year Built
1920
Listing Agency:
Engel & Völkers Distinct
Listed By:
Adam T Zimmerman
(216) 513-2728
Source:
Theacclaimedrealty
Added: Sep 10
Changed: Oct 1
Last Checked: Oct 5 at 10:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Engel & Völkers Distinct
Investment Insights
Based on property information with market context.
This 1,584-square-foot duplex, built in 1920, contains two occupied units with a practical one-bedroom and three-bedroom configuration. Each unit includes a full bath, in-suite laundry, stainless steel appliances, updated flooring, fresh paint, and renovated kitchen and bath areas. The property includes all kitchen appliances and both washers and dryers.
Major improvements completed in 2024 and 2024/2025 include a replacement roof and siding, along with updates to both units. The property is in Painesville Township within the Riverside School District, with access to OH-2, OH-44, and US-20. Lake Erie College, Headlands Beach, Fairport Harbor Lakefront parks, shopping, and restaurants are also nearby.
Major improvements completed in 2024 and 2024/2025 include a replacement roof and siding, along with updates to both units. The property is in Painesville Township within the Riverside School District, with access to OH-2, OH-44, and US-20. Lake Erie College, Headlands Beach, Fairport Harbor Lakefront parks, shopping, and restaurants are also nearby.
Key Highlights
- Two‑unit duplex with one 3‑bedroom unit and one 1‑bedroom unit
- Both units are currently occupied
- 1,584 SF property built in 1920
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 - Two occupied units offer updated interiors, stainless steel appliances, and private laundry in a residential income property.
Where is this duplex located?
The property is located at 58 Adelaide Ave 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‑unit duplex with one 3‑bedroom unit and one 1‑bedroom unit; Both units are currently occupied; 1,584 SF property built in 1920
