Seven-Unit Apartment
For Sale
Contact for pricing
205 Mentor Ave, Painesville, OH 44077
All seven units are leased in a seven-unit apartment building with expansion potential including a third-floor addition.
Days on Market12
Property Features for 205 Mentor Ave
General Information
Standard status
Active
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$65,429
Units
Unit Mix
6 x 1BR, 1 x 2BR
Multifamily Units
7
Additional Details
Cap Rate
9.4%
Road Access
Yes
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Guggenheim Commercial Real Estate Group
(216) 765-8000
Listed By:
Dean August · License #SAL2022004944
Source:
Crexi
Added: Jul 22
Changed: Jul 30
Last Checked: Aug 2 at 11:23AM
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 Guggenheim Commercial Real Estate Group
Investment Insights
Based on property information with market context.
This seven-unit apartment building offers an immediately leased operating base with all apartments currently rented. The mix includes six 1BR units and one 2BR unit. The property is presented with a current 9.4% cap rate.
Future growth is centered on three build-out paths: bringing the existing seven units to market rent, building out the third floor to add an additional apartment, and developing a separate ±0.3-acre site that fronts Mentor Avenue.
For buyers looking for value-driving options, the combination of in-place occupancy and on-site expansion/development capacity provides multiple ways to increase income potential while maintaining a small-multifamily platform.
Future growth is centered on three build-out paths: bringing the existing seven units to market rent, building out the third floor to add an additional apartment, and developing a separate ±0.3-acre site that fronts Mentor Avenue.
For buyers looking for value-driving options, the combination of in-place occupancy and on-site expansion/development capacity provides multiple ways to increase income potential while maintaining a small-multifamily platform.
Key Highlights
- All seven units leased: six 1BRs and one 2BR
- Current 9.4% cap rate
- Mentor Avenue development site: ±0.3 acres fronting the property
Property Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
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 Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - All seven units are leased in a seven-unit apartment building with expansion potential including a third-floor addition.
Where is this apartment building located?
The property is located at 205 Mentor Ave Painesville, OH.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: All seven units leased: six 1BRs and one 2BR; Current 9.4% cap rate; Mentor Avenue development site: ±0.3 acres fronting the property
