6700 SF Mixed-Use Downtown Painesville OH

Description:

154 Main Street offers investors a high-character, mixed-use asset with cash flow stability, substantial upside potential, and immediate exposure to one of Northeast Ohio’s most promising urban transformations. With Opportunity Zone benefits, modernized systems, and expansion flexibility, it represents a strategic value-add acquisition in the path of growth.

 

 

Property Overview



Address: 154 Main Street, Painesville, Ohio 44077


Building Size: ±6,700 SF, 3 stories


Parcel Number: 15B001B000250


Zoning: B-3 Central Business District


Year Built: 1835


Annual Taxes: $3,770


Opportunity Zone: Yes – eligible for federal tax advantages


Current Configuration:



Ground Floor: Retail/office suite with two ADA restrooms, plumbed bar, prep sink, and basement storage.


Second Floor: Spacious residential apartment (new HVAC in 2024, hardwood floors, in-suite laundry, open layout).


Third Floor: Unfinished expansion space for conversion to apartments, studios, or offices.





 

Property Facts



Retail Market Rent: $18–$20/SF


Apartment Market Rent:



1BR – $940/month


2BR – $1,200/month


3BR – $1,750/month




Recent Improvements:



$14,000 storefront renovation (2017/18) – new display windows, enhanced curb appeal


New mini-split HVAC system (2024) – reduces CapEx and boosts tenant comfort




Accessibility: Direct interior access to basement; ADA-compliant restrooms; street-front exposure on Main Street.


Utilities: Fully plumbed prep area suitable for café, bar, or food use.



 

Investment Highlights



Opportunity Zone Advantage:



Eligible for federal tax incentives that can significantly enhance after-tax returns for investors.




Value-Add Upside:



Unfinished third floor ready for conversion into 4+ residential or creative units.


Current residential and retail rents below market – potential for rent growth and higher NOI.


Cosmetic and functional upgrades already completed – minimal CapEx required.




Strategic Downtown Location:



Within Painesville’s $500M public/private downtown revitalization initiative.


Surrounded by catalytic projects: Victoria Place ($28M mixed-use) and Grand River Walk (111 new apartments, retail, amphitheater).


Steps from entertainment district, Lake Erie College, and major infrastructure improvements.




Versatile Mixed-Use Flexibility:



First-floor uses: coffee shop, boutique retail, gallery, clinic, professional office, or restaurant/bar.


Third-floor conversion creates optional multi-tenant residential or creative office space.




Demographic & Market Drivers:



Population: 58,642 (8% growth over the past decade)


Median Household Income: $81,422


Young, dynamic population fueled by college students, professionals, and new residents.





 

 

ONLINE AUCTION ONLY

Terms and Conditions


A) If you are the high bidder, you are contractually obligated to buy the real estate at the price stated as Your bid, Buyer’s Premium, fees, and all other applicable Buyer closing costs.

B) Successful Bidder will be required to enter into the purchase agreement within 2 hrs after close of auction as posted on the Documents tab and tender a NON-REFUNDABLE Earnest Money deposit of 10% of final Purchase Price by cash, check, or electronic transfer after the end of the auction within 24 hours. Failure to execute the purchase contract and tender the earnest money deposit will put the bidder in default.

C) Default by Bidder: In the event of a default by the Bidder under the terms and conditions of this auction, the Auctioneer reserves the exclusive right to terminate this Agreement and take any and all actions deemed necessary and appropriate to sell the property, including, but not limited to, offering the property to the next highest bidder
or re-listing the property for auction at the Auctioneer's discretion. Nothing herein shall limit or relieve the Bidder's liability for any actual damages sustained by the Auctioneer, Seller, or any third party as a result of such breach. The Auctioneer's exercise of rights under this section shall not constitute a waiver of any other rights or remedies available to the Auctioneer, Seller, or any affected third party under this Agreement or applicable law.

D) Each Buyer is responsible for conducting their own due diligence on the Property before bidding. The buyer is encouraged to conduct an inspection(s) prior to bidding.

E) The real estate sells in AS IS condition. The Seller is not making any repairs or making any concessions.

F) The sale is not contingent upon a satisfactory inspection.

G) The sale is not contingent upon the Bidder(s) ability to secure financing. The buyer assumes responsibility for the appraisal gap, if any.


H) Closing to occur on or before  December 13th, 2025.


I) Seller will provide and pay for owner’s title insurance, preparation of deed, conveyance fee, and the proration of real estate taxes.


J) Bidder acknowledges receipt of a copy of the real estate purchase agreement for this Auction.


K) There is a 10% (TEN) Buyer’s Premium added to your final bid to determine
the final purchase price.

 

By registering for this auction you are accepting

all Terms and Conditions!

 

The bidding will begin to close at 3:00 PM November 12th, 2025 with a two minute auto extend. This means that if a bid is placed within the last two minutes, the bidding will be extended for an additional two minutes.

 

 

What are you waiting for? You truly must see this property in person to fully appreciate it. Register to bid and check out all the documents and photos that we have available for your due diligence. Great investment opportunity!

 

 

For Property Information and Tours:

 

 

Kas Filippova | EXP COMMERCIAL

216-374-3689 | michelle.angeny@expcommercial.com

 

 

For Auction Information:

 

Adrian Walters, CAI Auctioneer | TRANSITION AUCTION GROUP, LLC

Senior Advisor | EXP COMMERCIAL

614-348-8377 | adrian@transitionauctiongroup.com

Auctioneer License # 2019000013

Corporate License # 2025000087