Renovated
For Sale
$249,900
58 Adelaide Avenue, Painesville, OH 44077
Updated two-unit property with separate laundry, stainless appliances, and refreshed interior finishes.
Property Size1,584 SF
Days on Market74
Property Features for 58 Adelaide Avenue
General Information
Standard status
Active
Size
1,584 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$26,400
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,754
Amenities
in-suite laundry
stainless steel appliances
Building Details
Building Size
1,584 SF
Year Built
1920
Year Renovated
2025
Buildings
1
Stories
2
Listing Agency:
Engel & Völkers Distinct
(216) 513-2728
Listed By:
Adam T Zimmerman
(216) 513-2728
Source:
Carolgoffrealestate
Added: Jun 19
Changed: Aug 30
Last Checked: Aug 30 at 9:39PM
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.
Built in 1920, this duplex contains two occupied units with distinct layouts. The lower residence offers three bedrooms and one full bathroom, while the upper residence includes one bedroom and one full bathroom. Each unit has in-suite laundry, stainless steel appliances, updated kitchens and baths, new flooring, and fresh paint. Washers, dryers, and all kitchen appliances are included.
The property is located near OH-2, OH-44, and US-20, with access to Lake Erie College, Headlands Beach, Fairport Harbor Lakefront parks, shopping, restaurants, and other local attractions. It is also within the Riverside School District. Roof and siding replacement was completed in 2024, with additional unit renovations completed during 2024 and 2025.
The property is located near OH-2, OH-44, and US-20, with access to Lake Erie College, Headlands Beach, Fairport Harbor Lakefront parks, shopping, restaurants, and other local attractions. It is also within the Riverside School District. Roof and siding replacement was completed in 2024, with additional unit renovations completed during 2024 and 2025.
Key Highlights
- Two occupied units: a 3‑bedroom lower unit and a 1‑bedroom upper unit
- Each unit includes in‑suite laundry and stainless steel kitchen appliances
- Kitchens, bathrooms, flooring, paint, and appliances updated during 2024/2025
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
$17,178
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
6.87%
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%
$343,560
$343.6K
Cap Rate 7%
$245,400
$245.4K
Cap Rate 9%
$190,867
$190.9K
Market Conditions
NOI Build-Up for 1,584 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
$25.7K $16.20/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$24.5K $15.49/SF
− OpEx
−$7.4K −$4.65/SF
NOI
$17.2K $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%
$343,560
Cap Rate 7%
$245,400
Cap Rate 9%
$190,867
Alternative Uses
Best Use
Multifamily LT 5
$245.4K
$214.7K – $286.3K
NOI $17,178 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$218.0K
$190.7K – $254.3K
NOI $15,259 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$365.8K
$320.1K – $426.8K
NOI $25,609 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
129
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 - Updated two-unit property with separate laundry, stainless appliances, and refreshed interior finishes.
Where is this duplex located?
The property is located at 58 Adelaide Avenue Painesville, OH.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two occupied units: a 3‑bedroom lower unit and a 1‑bedroom upper unit; Each unit includes in‑suite laundry and stainless steel kitchen appliances; Kitchens, bathrooms, flooring, paint, and appliances updated during 2024/2025
