Karen DeGasperis REALTOR

OFF MARKET Distressed Assets

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OFF MARKET Distressed Properties - View All

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Property TypeMultifamily (5+)
LocationCleveland, Ohio
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TitleLender Owned 426 Unit 20 Story Apartment Complex located in the Heart of Downtown Cleveland with Upside and Seller Carry
Summary

Lender Owned 20 Story 426 Unit Apartment Building with
6 Ground-Floor Retail/Restaurant Spaces
with Underground Parking in Downtown Cleveland Ohio

Details

Building is 568,907 SF on 1.24 Acres
Built 1968 Renovated in 2020/21
Unit Mix (165) Studios, (160) 1 Bedrooms,
(99) 2 Bedrooms and (2) 3 Bedrooms

Income and Sales Details

SALES DETAILS
Property experienced flooding and mis-management and
issues with interest rate hike and bank took over in June 2024
Stabilized Value at $63,000,000
Market Value $58,400,000
Currently 50% Occupied
Current Monthly Income at $206,184
Proforma Monthly Income at $515,000
Stabilized NOI at $2,700,000

Asking Price$42,000,000.00
Date UpdatedApril 4, 2025