Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    391 Washington St Painesville, OH 44077-3309
    Back to Search
    Property profile & analytics

    391 Washington St, Painesville, OH 44077-3309

    View on Map
    • Schools
    • 14,460 SF
    • 26.82 lot acres
    Off-Market
    Property ID
    US66-2537934
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $640,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Schools

    Property Details for 391 Washington St

    Year built
    1956
    Lot size
    26.82 lot acres
    Zone code
    R-1
    Property type
    Schools
    APN
    15-C-014-0-00-013-0
    APU
    15C0140000130

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 30, 2022 — Jacob Poyar Properties LLC — Deed · related $199k · Dominion Financial Services LLC
    Dec 4, 2019 — Lake Erie College — Grant Deed · related $32.2M · Us Bk
    Dec 17, 2014 — Lake Erie College — Grant Deed · related $23.1M · Fifth Third Bk
    Mar 9, 2009 — Lake Erie College Lake Erie College Quit Claim Deed · related —
    — — Lake Erie College — Loan Modification · related $23.1M · Fifth Third Bk
    — — Lake Erie College — Deed Of Trust · related $15.7M · Fifth Third Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COLLEGE, UNIVERSITY, VOCATIONAL SCHOOL - PRIVATE
      $590,000
      Current use
      AUTO REPAIR, GARAGE
      $795,000
      Change: +35% Conversion: Difficult
      OFFICE BUILDING
      $775,000
      Change: +32% Conversion: Difficult
      RETAIL STORES
      $760,000
      Change: +30% Conversion: Difficult
      MEDICAL BUILDING
      $710,000
      Change: +21% Conversion: Difficult
      WAREHOUSE, STORAGE
      $515,000
      Change: -13% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Painesville
    County
    Lake
    State
    Ohio
    Longitude
    -81.2521
    Latitude
    41.716
    CBSA code
    17460
    CBSA name
    CLEVELAND-ELYRIA-MENTOR, OH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $4,700
    $495,050
    $3,374,370
    $3,869,420
    -
    $1,414,420
    $9,641,070
    $11,055,490

    Comparable in this City

    • Value Estimation by Request
      10,956 SF

      10229 Prouty Rd

      COLLEGE, UNIVERSITY, VOC SCHOOL
      10229 Prouty Rd, Concord Township, OH 44077-2109
      View Details
    • Value Estimation
      $650,000
      39,054 SF

      1800 Mentor Ave

      COLLEGE, UNIVERSITY, VOC SCHOOL
      1800 Mentor Ave, Painesville, OH 44077-1412
      View Details
    • Value Estimation by Request
      19,894 SF

      1083 Mentor Ave

      COLLEGE, UNIVERSITY, VOC SCHOOL
      1083 Mentor Ave, Painesville, OH 44077-1829
      View Details
    • Value Estimation
      $845,000
      53,057 SF

      8031 Morley Rd

      COLLEGE, UNIVERSITY, VOC SCHOOL
      8031 Morley Rd, Painesville, OH 44077
      View Details
    • Value Estimation by Request
      19,722 SF

      Hale Rd

      COLLEGE, UNIVERSITY, VOC SCHOOL
      Hale Rd, Painesville, OH 44077
      View Details
    • Value Estimation by Request
      0.41 Acres

      56 Hale Rd

      COLLEGE, UNIVERSITY, VOC SCHOOL
      56 Hale Rd, Painesville, OH 44077-4870
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      21,046 SF

      Industrial Facility For Sale

      Industrial facility or redevelopment site available for purchase.
      466 W Jackson St, Painesville, OH 44077
      View Details
    • $449,000

      Painesville Commercial Building Opportunity

      5,991 SF commercial building on 0.71 acres in Painesville.
      1778 Mentor Ave, Painesville, OH 44077
      View Details
    • Contact for pricing
      4,308 SF

      Historic Mixed-Use Building in Painesville

      Historic mixed-use building in downtown Painesville, Ohio, ready for renovation.
      367 North State St, Painesville, OH 44077
      View Details
    • Contact for pricing
      0.09 Acres

      Painesville Twp Buildable Lot

      Buildable lot for Colonial or Ranch home with utilities available.
      Bellevue Ave, Painesville, OH 44077
      View Details
    • $50,000
      0.18 Acres

      Residential Land in Painesville, OH

      Residential land for sale in a desirable new development.
      12 Blue Heron Ct, Painesville, OH 44077
      View Details
    • Contact for pricing
      0.09 Acres

      Painesville Twp Buildable Corner Lot

      Buildable corner lot with utilities available in Painesville Twp, OH.
      Fremont Ave, Painesville, OH 44077
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      82,328 SF

      Historic Painesville Tower Retail Space

      Newly renovated retail space in historic downtown Painesville.
      30 S Park Pl, Painesville, OH 44077
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space Near Interstate 90

      Retail spaces available in new development near Interstate 90.
      7861 Crile Rd, Painesville, OH 44077
      View Details
    • Contact for pricing

      3601 Lane Rd, Painesville, OH 44077

      Warehouses
      3601 Lane Rd, Painesville, OH 44077
      View Details
    • Contact for pricing

      Office Space For Rent

      Office space available in a desirable location with utilities included.
      7466 Auburn Rd, Painesville, OH 44077
      View Details
    • Contact for pricing

      Retail Space with Drive-Thru

      Retail space available with drive-thru in Painesville, OH.
      1623 Mentor Ave, Painesville, OH 44077
      View Details
    • Contact for pricing
      6,921 SF

      Class A Office Building

      Class A office building with suites available for rent.
      56 Liberty St, Painesville, OH 44077
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    391 Washington St
    Painesville, OH 44077-3309
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    391 Washington St, Painesville, OH, 44077
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!