Two-Tenant Retail
For Sale
Contact for pricing
Pending
1640 Mentor Ave, Painesville, OH 44077
Well-located retail building with two leased suites and substantial parking along Mentor Avenue and Clairmont Drive.
Property Size3,154 SF
Lot Size0.34 Acres
Days on Market53
Property Features for 1640 Mentor Ave
General Information
Standard status
Pending
Size
3,154 SF
Total Parking Spaces
27
Lot size
0.34 Acres
Property subtype
Retail
Zoning
B-3 Commercial
Investment Type
Stabilized
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Anchor Retail
(440) 364-5626
Listed By:
Allison Giomuso · License #SAL 2015005765
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 8 at 12:29PM
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 Anchor Retail
Investment Insights
Based on property information with market context.
This two-tenant retail building totals 3,154 SF and is arranged to accommodate separate retail users. The property includes Master Pizza (1,800 SF) and Electronics Flip (1,354 SF), and both tenants recently renewed their leases. The site is set on 0.34 acres and provides 27 parking spaces to support customer access and day-to-day operations.
The property fronts Mentor Ave and also has frontage on Clairmont Dr, with 65 feet on Mentor Ave and 73 feet on Clairmont Dr. It is zoned B-3 Commercial and is described as having no local income tax.
For buyers looking for retail income, this asset offers a straightforward, two-suite setup with current, renewed tenants already in place. The configuration and on-site parking are conducive to a range of neighborhood and convenience-oriented retail users that benefit from direct drive-up access along these primary frontages.
The property fronts Mentor Ave and also has frontage on Clairmont Dr, with 65 feet on Mentor Ave and 73 feet on Clairmont Dr. It is zoned B-3 Commercial and is described as having no local income tax.
For buyers looking for retail income, this asset offers a straightforward, two-suite setup with current, renewed tenants already in place. The configuration and on-site parking are conducive to a range of neighborhood and convenience-oriented retail users that benefit from direct drive-up access along these primary frontages.
Key Highlights
- Two‑tenant retail building totaling 3,154 SF in Painesville Township, OH at 1640 Mentor Ave
- Master Pizza suite is 1,800 SF and recently renewed its lease
- Electronics Flip suite is 1,354 SF and recently renewed its lease
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
$29,572
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
6.57%
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%
$591,440
$591.4K
Cap Rate 7%
$422,457
$422.5K
Cap Rate 9%
$328,578
$328.6K
Market Conditions
NOI Build-Up for 3,154 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
$44.3K $14.04/SF
− Vacancy
−$2.0K −$0.65/SF
EGI
$42.2K $13.39/SF
− OpEx
−$12.7K −$4.02/SF
NOI
$29.6K $9.38/SF
Area
Lake County, OH
Vacancy
4.60%
Lease Rate
$14.04 /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%
$591,440
Cap Rate 7%
$422,457
Cap Rate 9%
$328,578
Alternative Uses
Best Use
Retail
$422.5K
$369.7K – $492.9K
NOI $29,572 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$728.5K
$637.4K – $849.9K
NOI $50,992 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
938
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 Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Well-located retail building with two leased suites and substantial parking along Mentor Avenue and Clairmont Drive.
Where is this retail space located?
The property is located at 1640 Mentor Ave Painesville, OH.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑tenant retail building totaling 3,154 SF in Painesville Township, OH at 1640 Mentor Ave; Master Pizza suite is 1,800 SF and recently renewed its lease; Electronics Flip suite is 1,354 SF and recently renewed its lease
