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 Market371
Property Features for 540 Mentor Ave
General Information
Standard status
Active
Size
2,484 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,453
Amenities
central heating and cooling
hardwood floors
side porch
balcony
full basement
Building Details
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Engel & Völkers Distinct
(440) 568-0400
Listed By:
Adam T Zimmerman
(216) 513-2728
Source:
Exprealty
Added: Oct 10, 2025
Changed: Oct 6
Last Checked: Oct 14 at 11:22PM
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 / Yr
$26,938
Cap Rate
8.98%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
