Mentor Paige Place Apartments 205 Mentor Ave 7 Unit Apartment Building $895,000 ($127,857/Unit) Painesville, OH 44077

This well-maintained 7-unit apartment building in Painesville, Ohio offers investors a strong value-add opportunity in one of Northeast Ohio’s most in-demand rental markets. With a low vacancy rate of just 3.6%*, Painesville continues to attract tenants seeking quality housing, and this property is ideally positioned to capitalize on that demand. The current average monthly rent at the property is $1,029 per unit, over $150 below the Painesville market average of $1,183 per unit*, presenting clear potential for rental income growth through strategic rent increases or renovations. Additionally, the third floor of the building can be built out to add an eighth unit, offering further upside potential.
In addition, the property includes approximately 0.3 acres of developable land with frontage on Mentor Avenue—ideal for future development. Tenants also enjoy ample on site parking, including garage spaces. With multiple avenues for increasing revenue and long-term value, this offering is a compelling investment in a supply-constrained and high-demand market.