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Mentor Paige Place Apartments 205 Mentor Ave 7 Unit Apartment Building $980,520 CAD ($140,074 CAD/Unit) 9.41% Cap Rate Painesville, OH 44077
Investment Highlights
- 100% occupied 7-unit apartment building
- Offered at just $99,286 per unit
- Opportunity to construct an additional apartment building
- Attractive 9.4% cap rate based on actual trailing six-month NOI
- Approximately 0.3-acre development site included
- Potential to add an 8th apartment within the existing structure
Executive Summary
Mentor Paige Place Apartments presents a rare opportunity to acquire a fully leased seven-unit multifamily property with immediate cash flow and multiple value-add opportunities.
Located in the heart of Painesville, Ohio, the property consists of six one-bedroom apartments and one two-bedroom apartment, generating a monthly rent roll of approximately $8,470 with an annualized NOI of $65,429.
Beyond the existing income stream, investors have the opportunity to increase value through below-market rents, the addition of an eighth apartment within the existing building, and development of the approximately 0.3-acre parcel included with the sale.
Located within walking distance of Lake Erie College and Downtown Painesville, the property benefits from strong tenant demand, low market vacancy, and continued rental growth.
Located in the heart of Painesville, Ohio, the property consists of six one-bedroom apartments and one two-bedroom apartment, generating a monthly rent roll of approximately $8,470 with an annualized NOI of $65,429.
Beyond the existing income stream, investors have the opportunity to increase value through below-market rents, the addition of an eighth apartment within the existing building, and development of the approximately 0.3-acre parcel included with the sale.
Located within walking distance of Lake Erie College and Downtown Painesville, the property benefits from strong tenant demand, low market vacancy, and continued rental growth.
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$125,636
|
$10.00
|
| Other Income |
$19,826
|
$1.58
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$145,463
|
$11.58
|
| Taxes |
$12,321
|
$0.98
|
| Operating Expenses |
$40,833
|
$3.25
|
| Total Expenses |
$53,154
|
$4.23
|
| Net Operating Income |
$92,309
|
$7.35
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $125,636 |
| Annual Per SF | $10.00 |
| Other Income (CAD) | |
|---|---|
| Annual | $19,826 |
| Annual Per SF | $1.58 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $145,463 |
| Annual Per SF | $11.58 |
| Taxes (CAD) | |
|---|---|
| Annual | $12,321 |
| Annual Per SF | $0.98 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $40,833 |
| Annual Per SF | $3.25 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $53,154 |
| Annual Per SF | $4.23 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $92,309 |
| Annual Per SF | $7.35 |
Property Facts
| Price | $980,520 CAD | Building Class | B |
| Price Per Unit | $140,074 CAD | Lot Size | 0.65 AC |
| Sale Type | Investment | Building Size | 12,560 SF |
| Cap Rate | 9.41% | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1910 |
| Property Subtype | Apartment | Parking Ratio | 0.95/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | R-3 | ||
| Price | $980,520 CAD |
| Price Per Unit | $140,074 CAD |
| Sale Type | Investment |
| Cap Rate | 9.41% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.65 AC |
| Building Size | 12,560 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1910 |
| Parking Ratio | 0.95/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,481 CAD | 570 - 600 |
| 2+1 | 1 | $1,693 CAD | 1,000 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
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Mentor Paige Place Apartments | 205 Mentor Ave
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