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Carl B. Stokes Social Services Mall 6001 Woodland Ave 285 Unité Immeuble d’appartements 3 093 399 $ CAD (10 854 $ CAD/Unité) Cleveland, OH 44104
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Faits saillants de l'investissement
- Unrivaled 25.95% Proj. Cap: Current Gross Income is $395k, with a clear path to a $570k+ NOI by stabilizing the remaining vacant space at $12 per sf
- Over $3.3M in Recent CapEx: Zero near-term deferred maintenance w/ new roof(2022), tuckpointing(2023), elevators(2021), & generator(2022) already paid
- Seamless Multi-Family Conversion: ±284,518 SF w/ flexible MF-F4 zoning, originally a 285-unit apt. high-rise & perfectly configured to transition
- Priced for Immediate Liquidation: Offered at $2,199,000 ($7.72/SF)—a massive discount compared to the county’s previous tax market value $9,629,400
- 29-Year Anchor Tenant Stability: YMCA's Y-Haven program anchors 162,000 SF on floors 4–8 with built-in 3% annual rent escalations, CAM reimbursement
- Aggressive Tax Incentive Stack: Maximize developer yield by combining massive geographic benefits from an Opportunity Zone and a LIHTC Zone
Résumé de l'annonce
Green Bridge Real Estate is proud to exclusively present the Carl B. Stokes Social Services Mall for the first time ever. Located at 6001 Woodland Avenue in Cleveland’s Cedar-Central neighborhood, this massive 8-story property is priced for immediate sale at just $2,199,000 ($7.72/sq. ft.)—a staggering discount from the County’s previous Tax Market Value of $9,629,400.
Financial & Investment Highlights
· Massive Projected Yield: Current Gross Annual Income stands at $395,043. Stabilizing the remaining vacant space at a conservative $12/sq. ft. gross projects the NOI to $570k+—shattering expectations with a 25.95% Cap Rate at the asking price.
· Rock-Solid Anchor Tenant: The YMCA’s Y-Haven program has anchored floors 4–8 (162,000 sq. ft.) for 29 years. Their lease features 3% annual escalations, CAM reimbursements, and a lucrative annual program fee-sharing structure (% rent concept).
· Diversified Day-One Income: The property is 61% occupied, rounded out by two additional established tenants on the 1st and 2nd floors: Care Alliance (3,032 sq. ft.) and Beech Brook (4,915 sq. ft.).
· Over $3.3M in Recent CapEx: The heavy lifting is already done. Recent high-ticket capital expenditures have drastically improved the building's visuals and mechanics:
· 2022 New Roof: $1.9 Million
· 2021 Elevator Replacements (SW Quadrant): $850,000
· 2023 Full Tuckpointing: $500,000
· 2022 Emergency Generator: $100,000
Adaptive Reuse & Value-Add Potential
Spanning ±284,518 square feet on 2.90 acres with ~65 surface parking spaces, this landmark property offers massive upside via a flexible MF-F4 zoning designation.
· Multi-Family Conversion: Originally built as a 285-unit apartment complex, the building can seamlessly transition back to its residential roots.
· Immediate Lease-Up: Approximately 104,571 sq. ft. remains vacant in various stages of office build-out and demolished "white box" spaces—perfect for rapid modernization or owner-occupancy.
· Senior Living / Commercial Food Capitalization: A fully existing commercial kitchen on-site opens lucrative avenues for senior living facilities, rehabilitation centers, or commercial food applications.
· Unmatched Subsidy Stack: Positioned inside both an Opportunity Zone and a Low-Income Housing Tax Credit (LIHTC) Zone. Developers can aggressively maximize returns utilizing potential Historic Tax Renovation Credits, local Tax Abatements, and LIHTC programs.
Strategic Infrastructure & Location
The property is centrally positioned just minutes from Downtown Cleveland, all major interstates, and major bus lines. It provides rapid logistical connectivity to the Cleveland Clinic's Main Campus, as well as the city’s premier colleges and universities.
Financial & Investment Highlights
· Massive Projected Yield: Current Gross Annual Income stands at $395,043. Stabilizing the remaining vacant space at a conservative $12/sq. ft. gross projects the NOI to $570k+—shattering expectations with a 25.95% Cap Rate at the asking price.
· Rock-Solid Anchor Tenant: The YMCA’s Y-Haven program has anchored floors 4–8 (162,000 sq. ft.) for 29 years. Their lease features 3% annual escalations, CAM reimbursements, and a lucrative annual program fee-sharing structure (% rent concept).
· Diversified Day-One Income: The property is 61% occupied, rounded out by two additional established tenants on the 1st and 2nd floors: Care Alliance (3,032 sq. ft.) and Beech Brook (4,915 sq. ft.).
· Over $3.3M in Recent CapEx: The heavy lifting is already done. Recent high-ticket capital expenditures have drastically improved the building's visuals and mechanics:
· 2022 New Roof: $1.9 Million
· 2021 Elevator Replacements (SW Quadrant): $850,000
· 2023 Full Tuckpointing: $500,000
· 2022 Emergency Generator: $100,000
Adaptive Reuse & Value-Add Potential
Spanning ±284,518 square feet on 2.90 acres with ~65 surface parking spaces, this landmark property offers massive upside via a flexible MF-F4 zoning designation.
· Multi-Family Conversion: Originally built as a 285-unit apartment complex, the building can seamlessly transition back to its residential roots.
· Immediate Lease-Up: Approximately 104,571 sq. ft. remains vacant in various stages of office build-out and demolished "white box" spaces—perfect for rapid modernization or owner-occupancy.
· Senior Living / Commercial Food Capitalization: A fully existing commercial kitchen on-site opens lucrative avenues for senior living facilities, rehabilitation centers, or commercial food applications.
· Unmatched Subsidy Stack: Positioned inside both an Opportunity Zone and a Low-Income Housing Tax Credit (LIHTC) Zone. Developers can aggressively maximize returns utilizing potential Historic Tax Renovation Credits, local Tax Abatements, and LIHTC programs.
Strategic Infrastructure & Location
The property is centrally positioned just minutes from Downtown Cleveland, all major interstates, and major bus lines. It provides rapid logistical connectivity to the Cleveland Clinic's Main Campus, as well as the city’s premier colleges and universities.
Bilan financier (Pro forma - 2026) Cliquez ici pour accéder à |
Annuel (CAD) | Annuel par pi² (CAD) |
|---|---|---|
| Revenu de location brut |
$99,999
|
$9.99
|
| Autres revenus |
-
|
-
|
| Perte due à l’inoccupation |
-
|
-
|
| Revenu brut effectif |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Dépenses d’exploitation |
-
|
-
|
| Total des dépenses |
$99,999
|
$9.99
|
| Revenu net d’exploitation |
$99,999
|
$9.99
|
Bilan financier (Pro forma - 2026) Cliquez ici pour accéder à
| Revenu de location brut (CAD) | |
|---|---|
| Annuel | $99,999 |
| Annuel par pi² | $9.99 |
| Autres revenus (CAD) | |
|---|---|
| Annuel | - |
| Annuel par pi² | - |
| Perte due à l’inoccupation (CAD) | |
|---|---|
| Annuel | - |
| Annuel par pi² | - |
| Revenu brut effectif (CAD) | |
|---|---|
| Annuel | $99,999 |
| Annuel par pi² | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annuel | - |
| Annuel par pi² | - |
| Dépenses d’exploitation (CAD) | |
|---|---|
| Annuel | - |
| Annuel par pi² | - |
| Total des dépenses (CAD) | |
|---|---|
| Annuel | $99,999 |
| Annuel par pi² | $9.99 |
| Revenu net d’exploitation (CAD) | |
|---|---|
| Annuel | $99,999 |
| Annuel par pi² | $9.99 |
Faits sur la propriété
Commodités
Commodités des unités
- Climatisation
- Cuisine
- Réfrigérateur
- Four
- Bain/Douche
Commodités du site
- Accès 24 heures
- Portier
- Ascenseur
- Transport en commun
Unité renseignements sur le mélange
| Description | Nombre d’unités | Loyer moyen/mois | pi² |
|---|---|---|---|
| Studios | 250 | - | - |
1 1
Moyennement accessible à pied
70/100
Très bien adapté aux voitures
80/100
Transports en commun relativement accessibles
50/100
Plutôt accessible en vélo
40/100
Impôts fonciers
| Numéro de lot | 124-05-011 | Évaluation des bâtiments | 6 244 400 $ CAD (2025) |
| Évaluation du terrain | 216 056 $ CAD (2025) | Évaluation totale | 6 460 456 $ CAD (2025) |
Impôts fonciers
Numéro de lot
124-05-011
Évaluation du terrain
216 056 $ CAD (2025)
Évaluation des bâtiments
6 244 400 $ CAD (2025)
Évaluation totale
6 460 456 $ CAD (2025)
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Présenté par
Carl B. Stokes Social Services Mall | 6001 Woodland Ave
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