Multi-Tenant Flex
New
For Sale
$1,150,000
546 Hoyt Street, Painesville, OH 44077
Flexible industrial property with multiple units, paved parking, and access to SR-2 and I-90.
Property Size26,720 SF
Lot Size1.61 Acres
Price / SF$43.04
Days on Market4
Property Features for 546 Hoyt Street
General Information
Standard status
Active
Size
26,720 SF
Lot size
1.61 Acres
Property subtype
IND-FLEX
Occupancy
71%
Additional Details
Highway Access
Yes
Building Details
Building Size
26,720 SF
Tenancy
Multi
Listing Agency:
Keller Williams Realty Greater Cleveland Northeast
(440) 299-5190
Listed By:
Rick Osborne Jr. · License #2010001710
(440) 299-5190
Source:
Realnex
Added: Jul 28
Changed: Jul 31
Last Checked: Jul 31 at 8:16AM
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 Keller Williams Realty Greater Cleveland Northeast
Investment Insights
Based on property information with market context.
This multi-tenant flex property contains 26,720 SF across 21 flexible units on 1.61 acres. The asset is 71% occupied, with a tenant base consisting primarily of long-term, month-to-month occupants. Existing rents are identified as below-market, and the property includes vacant space for additional leasing activity.
A 23,400+ SF paved lot provides on-site parking. The property is located at 546 Hoyt Street in Painesville, with access to SR-2 and I-90. Its multi-unit configuration supports a range of industrial and flex-space occupants, while the existing tenant mix provides diversified occupancy across the property.
A 23,400+ SF paved lot provides on-site parking. The property is located at 546 Hoyt Street in Painesville, with access to SR-2 and I-90. Its multi-unit configuration supports a range of industrial and flex-space occupants, while the existing tenant mix provides diversified occupancy across the property.
Key Highlights
- 26,720 SF multi‑tenant flex property across 21 flexible units
- 71% occupied with primarily long‑term, month‑to‑month tenants
- Existing rents identified as below‑market
Financial Insights For Industrial
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 | $152.6k | $5.71 |
| − Vacancy | −$5.6k | −$0.21 |
| EGI | $146.9k | $5.50 |
| − OpEx | −$44.1k | −$1.65 |
| NOI | $102.8k | $3.85 |
26,720 SF · lease $5.71/SF/yr · vacancy 3.70% · expense 30.00%
Alternative Uses
Best Use
Warehouse
$1.78M
$1.56M – $2.08M
NOI $124,887 @ 7.0% cap · market cap 10.86%
Second Best
Industrial
$1.47M
$1.29M – $1.71M
NOI $102,848 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$6.17M
$5.40M – $7.20M
NOI $431,994 @ 7.0% cap · market cap 37.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
71%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
238
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible industrial property with multiple units, paved parking, and access to SR-2 and I-90.
Where is this flex space located?
The property is located at 546 Hoyt Street Painesville, OH.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 26,720 SF multi‑tenant flex property across 21 flexible units; 71% occupied with primarily long‑term, month‑to‑month tenants; Existing rents identified as below‑market
