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Mentor Paige Place Apartments 205 Mentor Ave 7 Unité Immeuble d’appartements 969 734 $ CAD (138 533 $ CAD/Unité) 9,41% Taux de capitalisation Painesville, OH 44077
Certaines informations ont été traduites automatiquement.
Faits saillants de l'investissement
- 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
Résumé de l'annonce
7-Unit Multifamily Investment with 9.4% Cap Rate & ±0.3 AC Development Site
Mentor Paige Place is a well kept 7-unit apartment building on Mentor Avenue in Painesville, the Lake County seat and one of the tightest small rental markets in Northeast Ohio. All seven apartments are leased: six 1BRs averaging $1,083 in rent and one 2BR at $1,200. Trailing six months (Jan-Jun 2026) delivered $32,714 in cash NOI, annualized to $65,429.
The 9.4% cap is in place today, and the next owner has three separate paths to build on it: bring the current seven units to market rent, build out the third floor to add an 8th apartment, and put a new apartment building on the ±0.3 acres of land fronting Mentor Avenue.
Investment highlights
- The building is 100% leased and produces $8,470 in monthly rent roll income. H1 2026 delivered a real $32,714 NOI, the 9.4% cap is earned, not proforma.
- In place average rent is $1,100/unit, roughly $139/unit below the Painesville market average of $1,239. Bringing all seven units to market adds ~$11,700 in annual rent.
- The parcel includes a graded ±0.3 acre development site with frontage on Mentor Avenue, ready for a new apartment building.
- The third floor can be built out to add an 8th unit, capturing additional rent without acquiring new footprint or working through a new zoning approval.
- Painesville vacancy sits at 4.7%. CoStar projects rents continuing upward through 2028 as demand outpaces new supply.
- Walkable to Lake Erie College and downtown Painesville, the same tenant catchment that keeps small east side multifamily consistently occupied.
Mentor Paige Place is a well kept 7-unit apartment building on Mentor Avenue in Painesville, the Lake County seat and one of the tightest small rental markets in Northeast Ohio. All seven apartments are leased: six 1BRs averaging $1,083 in rent and one 2BR at $1,200. Trailing six months (Jan-Jun 2026) delivered $32,714 in cash NOI, annualized to $65,429.
The 9.4% cap is in place today, and the next owner has three separate paths to build on it: bring the current seven units to market rent, build out the third floor to add an 8th apartment, and put a new apartment building on the ±0.3 acres of land fronting Mentor Avenue.
Investment highlights
- The building is 100% leased and produces $8,470 in monthly rent roll income. H1 2026 delivered a real $32,714 NOI, the 9.4% cap is earned, not proforma.
- In place average rent is $1,100/unit, roughly $139/unit below the Painesville market average of $1,239. Bringing all seven units to market adds ~$11,700 in annual rent.
- The parcel includes a graded ±0.3 acre development site with frontage on Mentor Avenue, ready for a new apartment building.
- The third floor can be built out to add an 8th unit, capturing additional rent without acquiring new footprint or working through a new zoning approval.
- Painesville vacancy sits at 4.7%. CoStar projects rents continuing upward through 2028 as demand outpaces new supply.
- Walkable to Lake Erie College and downtown Painesville, the same tenant catchment that keeps small east side multifamily consistently occupied.
Salle de données Cliquez ici pour accéder à
- Offering Memorandum
Bilan financier (Réel - 2025) |
Annuel (CAD) | Annuel par pi² (CAD) |
|---|---|---|
| Revenu de location brut |
124 254 $
|
9,89 $
|
| Autres revenus |
19 608 $
|
1,56 $
|
| Perte due à l’inoccupation |
-
|
-
|
| Revenu brut effectif |
143 862 $
|
11,45 $
|
| Taxes |
12 185 $
|
0,97 $
|
| Dépenses d’exploitation |
40 384 $
|
3,22 $
|
| Total des dépenses |
52 569 $
|
4,19 $
|
| Revenu net d’exploitation |
91 293 $
|
7,27 $
|
Bilan financier (Réel - 2025)
| Revenu de location brut (CAD) | |
|---|---|
| Annuel | 124 254 $ |
| Annuel par pi² | 9,89 $ |
| Autres revenus (CAD) | |
|---|---|
| Annuel | 19 608 $ |
| Annuel par pi² | 1,56 $ |
| Perte due à l’inoccupation (CAD) | |
|---|---|
| Annuel | - |
| Annuel par pi² | - |
| Revenu brut effectif (CAD) | |
|---|---|
| Annuel | 143 862 $ |
| Annuel par pi² | 11,45 $ |
| Taxes (CAD) | |
|---|---|
| Annuel | 12 185 $ |
| Annuel par pi² | 0,97 $ |
| Dépenses d’exploitation (CAD) | |
|---|---|
| Annuel | 40 384 $ |
| Annuel par pi² | 3,22 $ |
| Total des dépenses (CAD) | |
|---|---|
| Annuel | 52 569 $ |
| Annuel par pi² | 4,19 $ |
| Revenu net d’exploitation (CAD) | |
|---|---|
| Annuel | 91 293 $ |
| Annuel par pi² | 7,27 $ |
Faits sur la propriété
| Prix | 969 734 $ CAD | Classe d’immeuble | B |
| Prix par unité | 138 533 $ CAD | Taille du lot | 0,65 AC |
| Type de vente | Investissement | Taille du bâtiment | 12 560 pi² |
| Taux de capitalisation | 9,41% | Occupation moyenne | 100% |
| Nombre d’unités | 7 | Nombre d’étages | 2 |
| Type de propriété | Immeuble residentiel | Année de construction | 1910 |
| Sous-type de propriété | Appartement | Ratio de stationnement | 0,95/1 000 pi² |
| Style d’appartement | De faible hauteur | Zone de développement économique |
Oui
|
| Zonage | R-3 | ||
| Prix | 969 734 $ CAD |
| Prix par unité | 138 533 $ CAD |
| Type de vente | Investissement |
| Taux de capitalisation | 9,41% |
| Nombre d’unités | 7 |
| Type de propriété | Immeuble residentiel |
| Sous-type de propriété | Appartement |
| Style d’appartement | De faible hauteur |
| Classe d’immeuble | B |
| Taille du lot | 0,65 AC |
| Taille du bâtiment | 12 560 pi² |
| Occupation moyenne | 100% |
| Nombre d’étages | 2 |
| Année de construction | 1910 |
| Ratio de stationnement | 0,95/1 000 pi² |
| Zone de développement économique |
Oui |
| Zonage | R-3 |
Unité renseignements sur le mélange
| Description | Nombre d’unités | Loyer moyen/mois | pi² |
|---|---|---|---|
| 1+1 | 6 | 1 465 $ CAD | 570 - 600 |
| 2+1 | 1 | 1 674 $ CAD | 1 000 |
Assez accessible à pied
50/100
Exceptionnellement adapté aux voitures
100/100
Transports en commun limités
30/100
Relativement accessible en vélo
30/100
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Mentor Paige Place Apartments | 205 Mentor Ave
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