318 Mentor Avenue, Painesville, OH 44077

Property Description

Introducing an extremely rare 7-unit apartment building investment opportunity in Painesville! The property consists of (2) 2-beds and (5) 1-beds with 1 unit located in the basement and the other 6 units on the 1st and 2nd floor. The unit in the basement needs a full renovation, however, the other 6 units were just FULLY renovated including vinyl flooring, modern paint, brand new kitchens including white shaker cabinets, stone countertops and subway tile backsplash. Bathroom updates include all new vanities, tiled showers and fixtures. The one basement unit is being left as-is for the new owner to be able to add value to the property. There is one garage spot that is currently rented for $100/month by a tenant. The owner is actively leasing the (5) 1-bedroom units now that renovations are complete (with a proforma of at least $1,000/unit/month) and both of the 2-bedrooms are currently rented for $1,080 and $1,355. The building runs on boiler heat so the owner pays for gas while tenants are responsible for their own electric. Once property is fully occupied, it will be at an 11% cap rate!