Renovated Two-Unit
58 Adelaide Avenue Painesville, OH 44077
58 Adelaide Avenue, Painesville, OH, 44077
$249,900
For Sale
$249,900
Other - Painesville Twp, OH
Property Size1,584 SF
Lot Size0.16 Acres
Price / SF$157.77
Days on Market29
Property Features for 58 Adelaide Avenue
General Information
- Property type
- Other
- Property subtype
- Duplex
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
- Parking features
- Driveway
- Appliances
- Dryer, Range, Refrigerator
- Standard status
- Active
- APN
- 11-B-065-C-00-004-0
- Size
- 1,584 SF
- Lot size
- 0.16 Acres
Utilities
- Heating system
- Forced Air, Natural Gas
- Cooling system
- None (Cooling)
Building Details
- Year built
- 1920
- Floors in Building
- 2
- Roof type
- Metal
- 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 19 Checked: Jul 17 at 10:06 pm
MLS# 5220292
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 completely renovated two-unit duplex is currently configured as a lower unit with three bedrooms and a full bath, and an upper unit with one bedroom and a full bath. Both units include in-suite laundry and updated finishes, with stainless steel appliances, new flooring, and new paint. Recent improvements include a replaced roof and siding in 2024, along with updated kitchens, baths, flooring, paint, and appliances completed across 2024 and 2025. All kitchen appliances and washers/dryers are included.
The property is located in Painesville Township in the Riverside School District. It is described as being convenient to major routes including OH-2, OH-44, and US-20, and to nearby destinations such as Lake Erie College and Headlands Beach and Fairport Harbor Lakefront parks, plus shopping and restaurants.
As an income-focused residential investment, it is presented as fully equipped for day-to-day tenancy with both units currently occupied.
The property is located in Painesville Township in the Riverside School District. It is described as being convenient to major routes including OH-2, OH-44, and US-20, and to nearby destinations such as Lake Erie College and Headlands Beach and Fairport Harbor Lakefront parks, plus shopping and restaurants.
As an income-focused residential investment, it is presented as fully equipped for day-to-day tenancy with both units currently occupied.
Key Highlights
- Completely renovated 2‑unit investment property in Painesville Township, Riverside School District
- Currently generating $2,200/month in rental income, with potential to generate $2,500+ per month
- Lower unit: 3 bedrooms and a full bath; upper unit: 1 bedroom and a full bath
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 | $25.7k | $16.20 |
| − Vacancy | −$1.1k | −$0.71 |
| EGI | $24.5k | $15.49 |
| − OpEx | −$7.4k | −$4.65 |
| NOI | $17.2k | $10.84 |
1,584 SF · lease $16.20/SF/yr · vacancy 4.37% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Completely renovated duplex with two occupied units, each offering in-suite laundry and updated kitchens and baths.
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: Completely renovated 2‑unit investment property in Painesville Township, Riverside School District; Currently generating $2,200/month in rental income, with potential to generate $2,500+ per month; Lower unit: 3 bedrooms and a full bath; upper unit: 1 bedroom and a full bath
