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Mentor Paige Place Apartments 205 Mentor Ave 7 Unit Apartment Building $695,000 ($99,286/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
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.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$89,052
|
$7.09
|
| Other Income |
$14,053
|
$1.12
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$103,105
|
$8.21
|
| Taxes |
$8,733
|
$0.70
|
| Operating Expenses |
$28,943
|
$2.30
|
| Total Expenses |
$37,676
|
$3.00
|
| Net Operating Income |
$65,429
|
$5.21
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $89,052 |
| Annual Per SF | $7.09 |
| Other Income | |
|---|---|
| Annual | $14,053 |
| Annual Per SF | $1.12 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $103,105 |
| Annual Per SF | $8.21 |
| Taxes | |
|---|---|
| Annual | $8,733 |
| Annual Per SF | $0.70 |
| Operating Expenses | |
|---|---|
| Annual | $28,943 |
| Annual Per SF | $2.30 |
| Total Expenses | |
|---|---|
| Annual | $37,676 |
| Annual Per SF | $3.00 |
| Net Operating Income | |
|---|---|
| Annual | $65,429 |
| Annual Per SF | $5.21 |
Property Facts
| Price | $695,000 | Building Class | B |
| Price Per Unit | $99,286 | 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 | $695,000 |
| Price Per Unit | $99,286 |
| 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 | $1,050 | 570 - 600 |
| 2+1 | 1 | $1,200 | 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