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$ 1,534,000
Est. payment | /mo
0.57 Acres Lot
$ 1,534,000
Est. payment | /mo
0.57 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID 5227213
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1984
Annual Tax Amount $17,827
Tax Year 2025
Lot Size 0.570 Acres
Acres 0.57
Property Sub-Type Apartment
Property Description
Exceptional opportunity to acquire a 13-unit multifamily portfolio in one of Lake County's fastest-improving rental markets. Located at 166-188 Mentor Avenue, this well-positioned asset generates approximately $147,000 in annual gross rental income, providing investors with immediate cash flow and significant long-term appreciation potential.
Situated just minutes from Historic Downtown Painesville, the property benefits from the city's ongoing transformation and public/private investment initiatives. Downtown Painesville has experienced substantial revitalization through new mixed-use redevelopment, streetscape improvements, infrastructure upgrades, public gathering spaces, and continued investment in local restaurants, retail, and entertainment. The recently completed amphitheater, Victoria Place redevelopment, and continued downtown beautification projects are helping position Painesville as one of Northeast Ohio's emerging communities for both residents and investors.
Residents enjoy convenient access to Downtown Painesville, Lake Erie, Mentor's retail corridor, Route 2, SR-44, and numerous major employers throughout Lake County. The property's central location continues to attract a strong tenant base seeking affordable housing with easy access to employment, shopping, dining, and recreation.
Whether you're looking to expand an existing portfolio or acquire a stabilized cash-flowing investment in a market with continued upside, this property offers an outstanding combination of current income, proven occupancy, and future appreciation potential fueled by the ongoing revitalization of Downtown Painesville
Situated just minutes from Historic Downtown Painesville, the property benefits from the city's ongoing transformation and public/private investment initiatives. Downtown Painesville has experienced substantial revitalization through new mixed-use redevelopment, streetscape improvements, infrastructure upgrades, public gathering spaces, and continued investment in local restaurants, retail, and entertainment. The recently completed amphitheater, Victoria Place redevelopment, and continued downtown beautification projects are helping position Painesville as one of Northeast Ohio's emerging communities for both residents and investors.
Residents enjoy convenient access to Downtown Painesville, Lake Erie, Mentor's retail corridor, Route 2, SR-44, and numerous major employers throughout Lake County. The property's central location continues to attract a strong tenant base seeking affordable housing with easy access to employment, shopping, dining, and recreation.
Whether you're looking to expand an existing portfolio or acquire a stabilized cash-flowing investment in a market with continued upside, this property offers an outstanding combination of current income, proven occupancy, and future appreciation potential fueled by the ongoing revitalization of Downtown Painesville
Location
State OH
County Lake
Interior
Heating Electric, Gas
Fireplace No
Exterior
Parking Features Asphalt
Fence Fenced
Water Access Desc Public
Present Use Multi-Family
Total Parking Spaces 13
Building
Foundation Block, Slab
Sewer Public Sewer
Water Public
Construction Status Updated/Remodeled
Schools
School District Painesville City Lsd - 4305
Others
Tax ID 15-D-001-0-00-080-0
Special Listing Condition Standard
Listed by Chandler Jekutis • Keller Williams Greater Cleveland Northeast • cjekutis@kw.com, 440-413-2534
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