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Multi-Tenant Ind. Investment Opportunity 546 Hoyt St 26,720 SF 71% Leased Industrial Building Painesville, OH 44077 $1,150,000 ($43.04/SF)
Investment Highlights
- 26,720 SF Multi-Tenant Industrial Asset: Comprising 21 flexible, highly functional units with a diversified user base.
- Pro-Forma Income Potential: Clear strategic path toward a ±10% Cap Rate through vacancy lease-up and rent stabilization.
- Strategic Lake County Location: Situated within Painesville's established industrial corridor with immediate access to SR-2 and I-90.
- Immediate Value-Add / Rental Upside: Currently 71% occupied, primarily by long-term, month-to-month tenants at below-market rates.
- Expansive 1.61-Acre Lot: Features over 23,400 SF of asphalt paving, offering excellent parking and outdoor staging capacity.
Executive Summary
Multi-tenant industrial value-add investment in Painesville’s established corridor. Comprising 26,720 SF across 21 flexible units, the property offers a diversified tenant base with significant rental upside. The asset is 71% occupied, primarily by long-term, month-to-month tenants with below-market rents. This flexible structure offers an investor immediate opportunity to stabilize, lease vacancy, and drive the asset toward a ±10% pro-forma Cap Rate. Situated on 1.61 acres with a 23,400+ SF paved lot for ample parking. Ideal for portfolio investors or owner-users. Easy access to SR-2 & I-90. *Roof has been redone, approximately 20 years ago.
Property Facts
| Price | $1,150,000 | Lot Size | 1.61 AC |
| Price Per SF | $43.04 | Rentable Building Area | 26,720 SF |
| Sale Type | Investment | No. Stories | 1 |
| Property Type | Industrial | Year Built | 1973 |
| Property Subtype | Warehouse | No. Drive In / Grade-Level Doors | 9 |
| Building Class | C |
| Price | $1,150,000 |
| Price Per SF | $43.04 |
| Sale Type | Investment |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | C |
| Lot Size | 1.61 AC |
| Rentable Building Area | 26,720 SF |
| No. Stories | 1 |
| Year Built | 1973 |
| No. Drive In / Grade-Level Doors | 9 |
Utilities
- Lighting - Fluorescent
- Gas - Natural
- Water - City
- Sewer - City
- Heating - Gas
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
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