Updated Duplex with Detached
For Sale
$299,900
540 Mentor Ave, Painesville, OH 44077
Grandfathered duplex with separate living areas, central HVAC, basement storage, and recent improvements.
Property Size2,484 SF
Price / SF$120.73
Days on Market48
Property Features for 540 Mentor Ave
General Information
Standard status
Active
Size
2,484 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
central heating and cooling
hardwood floors
side porch
balcony
full basement
Building Details
Year Built
1880
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Engel & Völkers Distinct
(216) 513-2728
Listed By:
Adam T Zimmerman
Source:
Theacclaimedrealty
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 30 at 8:45PM
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 2,484-square-foot duplex, built in 1880, is currently operated as a single-family residence while retaining its grandfathered duplex status. The first-floor layout includes two bedrooms, a living room, dining room, kitchen, full bathroom, laundry room, and side porch. The upper unit offers four bedrooms, a kitchen, full bathroom, and balcony. Central heating and cooling, updated electrical panels, hardwood flooring on the main level, and a full basement add practical functionality. A detached two-car garage is also included, and appliances convey with the property.
Located at 540 Mentor Ave in Painesville, the property is steps from Lake Erie College and near OH-44, OH-2, shopping, restaurants, and local attractions. It has remained consistently rented under current ownership. Improvements completed during 2024-2025 include replacement laundry equipment, select kitchen appliances, new carpet in designated areas, bathroom painting, porch restoration, exterior power washing, and gutter cleaning.
Located at 540 Mentor Ave in Painesville, the property is steps from Lake Erie College and near OH-44, OH-2, shopping, restaurants, and local attractions. It has remained consistently rented under current ownership. Improvements completed during 2024-2025 include replacement laundry equipment, select kitchen appliances, new carpet in designated areas, bathroom painting, porch restoration, exterior power washing, and gutter cleaning.
Key Highlights
- Grandfathered duplex currently used as a single‑family property
- 2,484 SF building constructed in 1880
- First‑floor unit has 2 bedrooms; second‑floor unit has 4 bedrooms
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
$26,938
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
8.98%
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%
$538,760
$538.8K
Cap Rate 7%
$384,829
$384.8K
Cap Rate 9%
$299,311
$299.3K
Market Conditions
NOI Build-Up for 2,484 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
$40.2K $16.20/SF
− Vacancy
−$1.8K −$0.71/SF
EGI
$38.5K $15.49/SF
− OpEx
−$11.5K −$4.65/SF
NOI
$26.9K $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%
$538,760
Cap Rate 7%
$384,829
Cap Rate 9%
$299,311
Alternative Uses
Best Use
Multifamily LT 5
$384.8K
$336.7K – $449.0K
NOI $26,938 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$341.9K
$299.1K – $398.8K
NOI $23,930 @ 7.0% cap · market cap 7.98%
Theoretical Best
Office A
$573.7K
$502.0K – $669.3K
NOI $40,160 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
424
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 - Grandfathered duplex with separate living areas, central HVAC, basement storage, and recent improvements.
Where is this duplex located?
The property is located at 540 Mentor Ave Painesville, OH.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Grandfathered duplex currently used as a single‑family property; 2,484 SF building constructed in 1880; First‑floor unit has 2 bedrooms; second‑floor unit has 4 bedrooms
