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Property profile & analytics
OFF-MARKET
Estimated value
$640,000
Schools
391 Washington St Painesville, OH 44077-3309
Individually Owned
17-yr Hold
Free & Clear
Property ID
US66-2537934
Property profile
Verified
Property type
Schools
Use group
COLLEGE, UNIVERSITY, VOC SCHOOL
Year built
1956
Total area
14,460 SF
Lot
26.82 ac (1,168,323 SF)
Zoning code
R-1
APN
15-C-014-0-00-013-0
UPID
US66-2537934
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$640k
Owner & transaction history
Lake Erie College · 17 yrs held
Lake Erie College
since 2009
6 recorded transactions
Zoning & alternative use
R-1 · Painesville, OH
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$795,000
+34.9%
Office building
$775,000
+32.3%
Retail stores
$760,000
+29.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Painesville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Painesville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$640k
Range $576k – $704k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$44 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$4,700
Tax year 2023
Assessed value
$3,869,420
Assessed 2023
Previous assessed
$3,869,420
+0.0% YoY
Effective rate
0.12%
On assessed value
Assessed land
$495,050
Assessed improvement
$3,374,370
Land market value
$1,414,420
Improvement market value
$9,641,070
Total market value
$11,055,490
Applied tax rate
15.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Schools
Use group
COLLEGE, UNIVERSITY, VOC SCHOOL
Status
Off-Market
Year built
1956
Heating
FORCED AIR
Buildings
12
Stories
1
Total area
14,460 SF
Lot
26.82 ac (1,168,323 SF)
Zoning code
R-1
APN
15-C-014-0-00-013-0
UPID
US66-2537934
Jurisdiction
LAKE
Zoning & alternative use
R-1 · Painesville, OH
Zoning R-1 · permitted uses
R-1 · Painesville, OH
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Painesville. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COLLEGE, UNIVERSITY, VOCATIONAL SCHOOL - PRIVATE Current
Est. value
$590,000
AUTO REPAIR, GARAGE
Est. value
$795,000
OFFICE BUILDING
Est. value
$775,000
RETAIL STORES
Est. value
$760,000
MEDICAL BUILDING
Est. value
$710,000
WAREHOUSE, STORAGE
Est. value
$515,000
COLLEGE, UNIVERSITY, VOCATIONAL SCHOOL - PRIVATE Current
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
MEDICAL BUILDING
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1956
Heating
FORCED AIR
Stories
1
Buildings
12
Lot
26.82 ac
Current owner
From public records · entity-resolved
Lake Erie College
Individual
Free & Clear · 17 yrs held
Mailing address
391 W WASHINGTON ST, PAINESVILLE, OH 44077-3309
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2009
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 30, 2022
—
Jacob Poyar Properties LLC
—
Deed
related
$198,750 · Dominion Financial Services LLC
Dec 4, 2019
—
Lake Erie College
—
Grant Deed
related
$32,175,000 · Us Bk
Dec 17, 2014
—
Lake Erie College
—
Grant Deed
related
$23,070,000 · Fifth Third Bk
Mar 9, 2009
—
Lake Erie College
Lake Erie College
Quit Claim Deed
related
—
—
—
Lake Erie College
—
Loan Modification
related
$23,070,000 · Fifth Third Bk
—
—
Lake Erie College
—
Deed Of Trust
related
$15,746,774 · Fifth Third Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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