Multi-Unit Industrial Flex
546 Hoyt Street Painesville, OH 44077
New
For Sale
$1,150,000
COMMERCIAL - Painesville, OH
Property Size26,720 SF
Lot Size1.61 Acres
Price / SF$43.04
Days on Market6
Property Features for 546 Hoyt Street
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
APN
15-B-010-0-00-017-0
Lot size
1.61 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15392
Utilities
Heating system
Natural Gas
Building Details
Year built
1973
Number of units
22
Roof type
Asphalt
Listing Agency:
Keller Williams Greater Cleveland Northeast
(440) 255-5500
Listed By:
Rick Osborne · License #2010001710
(440) 299-5190
Added: Jul 24
Changed: Jul 28
Last Checked: Jul 29 at 3:06AM
MLS# 5230089
Copyright © 2026 MLS Now. 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 multi-tenant industrial flex property contains 26,720 SF across 21 flexible units. The property sits on 1.61 acres and includes a 23,400+ SF paved lot for parking. The listing notes roof replacement approximately 20 years ago.
The asset is located at 546 Hoyt Street in Painesville, Ohio, with easy access to SR-2 and I-90.
As of the listing, the property is 71% occupied and features primarily long-term, month-to-month tenants. It is offered as a value-add investment opportunity with the stated goal of stabilizing the asset and leasing remaining vacancy.
The asset is located at 546 Hoyt Street in Painesville, Ohio, with easy access to SR-2 and I-90.
As of the listing, the property is 71% occupied and features primarily long-term, month-to-month tenants. It is offered as a value-add investment opportunity with the stated goal of stabilizing the asset and leasing remaining vacancy.
Key Highlights
- 26,720 SF multi‑tenant industrial property with 21 flexible units
- 71% occupied with a diversified tenant base of long‑term, month‑to‑month tenants
- Situated on 1.61 acres with a 23,400+ SF paved lot for parking
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
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant industrial flex property with paved parking and 21 flexible units totaling 26,720 SF on 1.61 acres.
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 industrial property with 21 flexible units; 71% occupied with a diversified tenant base of long‑term, month‑to‑month tenants; Situated on 1.61 acres with a 23,400+ SF paved lot for parking
