Investment Opportunities

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Mentor, Ohio

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Mentor is a thriving town of more than 50,000 residents.

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Mentor was rated #68 in CNN Money’s 2007 list of best places in live in the United States.

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The city is a major center of retail stores and restaurants in the Greater Cleveland area, the seventh-largest in Ohio as of 2010. US 20 (Mentor Avenue) is the major retail center, which includes the Great Lakes Mall, with additional shopping and strip malls found along most major roads. Convenient Food Mart is based in Mentor.
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The Mentor Park System maintains more than 20 facilities, including Mentor Lagoons Nature Preserve & Marina, a skate park, Mentor Beach Park, and Black Brook Golf Course. Other facilities include hiking and biking trails, picnic facilities, a dog park, a ball diamond, several playgrounds, and an outdoor pool.

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Investment Snapshot

  • Purchase Price $4,875,000
  • Closing Costs + Capital to close $2,000,000 +/-
  • Total Cap Ex Budget $400,000 +/-
  • Number of Units: 48
  • Current Occupancy: 100%
  • Investor Capital return: 24-48 months

The Story of this Asset

The seller is an owner operator who wishes to retire.

The seller has not injected any capital into the property in years.

Owner’s original basis allowed neglect and below market rents with little to no interest in improving the asset.

Asset is currently underperforming by approx. 40%

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Why We Love This Deal

Neglected asset located in a Class A neighborhood

Large townhomes with new roofs, brick facades

Neighborhood home values are between $200,000-$300,000

Rents are far below market

$2.5-$3 million value add opportunity plus cash flow

4 miles from the lake, great commuter location

Near top schools including Mentor High School

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