Grandfathered Duplex with
540 Mentor Avenue Painesville, OH 44077
540 Mentor Avenue, Painesville, OH, 44077
$299,900
For Sale
$299,900
Other - Painesville, OH
Property Size2,484 SF
Lot Size0.28 Acres
Price / SF$120.73
Days on Market38
Property Features for 540 Mentor Avenue
General Information
- Property type
- Other
- Property subtype
- Duplex
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Parking features
- Garage
- Interior features
- Ceiling Fan(s), Chandelier, Crown Molding, Eat-in Kitchen, Recessed Lighting, Storage
- Exterior features
- Balcony
- Appliances
- Dryer, Range, Refrigerator
- Standard status
- Active
- APN
- 15-C-018-0-00-018-0
- Size
- 2,484 SF
- Lot size
- 0.28 Acres
Utilities
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Ceiling Fan(s), Central Air
Building Details
- Year built
- 1880
- Floors in Building
- 2
- Roof type
- Asphalt, Fiberglass
- Architectural style
- Other
Listing Agency
Engel & Völkers Cleveland
(440) 568-0400
30659 Pinetree Road, Pepper Pike, OH
Listed by
Adam T Zimmerman
(216) 513-2728
Added: Jun 12 Checked: Jul 19 at 8:06 am
MLS# 5162031
Listing URL
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This sizable duplex is configured with two separate units that is currently being used as a single-family property, while remaining grandfathered as a duplex. Central heating and cooling and updated electrical panels are in place, with hardwood floors on the main level. The first-floor unit features two bedrooms, a living room, dining room, kitchen, full bath, laundry room, and a side porch. The second-floor unit includes four bedrooms, a kitchen, full bath, and a balcony. A detached two-car garage and a full basement provide additional storage.
The property is located in Painesville, convenient to Lake Erie College and near OH-44 and OH-2, with shopping, restaurants, and local attractions nearby.
Updates completed in 2024–2025 include replacement of the washer/dryer, first-floor dishwasher and gas range, second-floor refrigerator, carpet on the staircase and one second-floor bedroom, painting in the first-floor bath, re-staining and painting of the porch, powerwashing the exterior, and cleaning gutters. All appliances are included.
The property is located in Painesville, convenient to Lake Erie College and near OH-44 and OH-2, with shopping, restaurants, and local attractions nearby.
Updates completed in 2024–2025 include replacement of the washer/dryer, first-floor dishwasher and gas range, second-floor refrigerator, carpet on the staircase and one second-floor bedroom, painting in the first-floor bath, re-staining and painting of the porch, powerwashing the exterior, and cleaning gutters. All appliances are included.
Key Highlights
- Sizable duplex, grandfathered as a duplex (currently used as single‑family); steps to Lake Erie College and near OH‑44 and OH‑2
- Two separate units: 1st‑floor 2BD with living, dining, kitchen, full bath, laundry room, and side porch; 2nd‑floor 4BD with kitchen, full bath, and balcony
- Central forced‑air natural gas heat and central air cooling; updated electrical panels
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.2k | $16.20 |
| − Vacancy | −$1.8k | −$0.71 |
| EGI | $38.5k | $15.49 |
| − OpEx | −$11.5k | −$4.65 |
| NOI | $26.9k | $10.84 |
2,484 SF · lease $16.20/SF/yr · vacancy 4.37% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Sizable duplex layout with central HVAC, updated electrical, hardwood floors, and a detached two-car garage.
Where is this duplex located?
The property is located at 540 Mentor Avenue 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: Sizable duplex, grandfathered as a duplex (currently used as single‑family); steps to Lake Erie College and near OH‑44 and OH‑2; Two separate units: 1st‑floor 2BD with living, dining, kitchen, full bath, laundry room, and side porch; 2nd‑floor 4BD with kitchen, full bath, and balcony; Central forced‑air natural gas heat and central air cooling; updated electrical panels
