Carl B. Stokes Social Services Mall 6001 Woodland Ave Immeuble residentiel 285 lots 2 549 091 € (8 944 €/Lot) Cleveland, OH 44104

Green Bridge Real Estate is pleased to offer for the first time, the Mixed-Use, Carl B. Stokes Social Services Mall For Sale located at 6001 Woodland Avenue located in the Cedar-Central Neighborhood in Cleveland, Ohio 44104 with approx. 65 surface parking spaces on approx. 3 acres (TBD). The 8 story, 5-elevator serviced, 284,518 +/- square foot mixed use building was built in 1968, currently is 61% occupied and is Offered For Sale for $2,899,000 ($10.18 per sq.ft.) Priced well below the County’s Tax Market Value of $9,629,400 (currently RE tax exempt). Located in an Opportunity Zone and Low Income Housing Tax Credit (LIHTC) Zone. Great Value Add Opportunity with tremendous upside for Multi-Family conversion, Office space or combination thereof! Possible Tax Abatement, Low Income Housing Tax Credits (LIHTC), Historic Tax Renovation Credits and other programs could be available.
The Stokes Social Services Mall, originally a 285 Unit Apartment building was converted into a one-stop shopping facility offering social, health-related, career counseling and training services. This facility was the first of its kind in the nation during its conversion to office in the 1990’s. Zoned with the MF-F4 designation allowing for continued use for apartments and related commercial/office type uses. Landlord paid Utilities with some leases providing for certain reimbursements. Hot water/steam boiler heating system.
Currently, the main tenant, occupying 162,000 sq.ft. on various spaces on floors 4-8 over the past 28 years, the YMCA’s Y-Haven provides temporary housing offering substance abuse treatment programs and community re-entry programs for the previously incarcerated utilizing 2 and 3 person furnished residential suites totaling 250 beds w/shared kitchens and baths offering round the clock support and security during the recovery/re-entry process. Its lease provides for 3% annual escalations in base rent and CAM reimbursement and provides for Annual program fee sharing (% rent concept).
There are also 2 additional main tenants, Care Alliance and Beech Brook occupying 3,032 sq.ft. and 4,915 on the 1st and 2nd floors respectively. Approx. 104,571 sq.ft. remains vacant and in varying stages of existing office and demolished “white box” space offering a new owner the ability to occupy a significant amount of space and or renovate/repurpose back to Multi-Family Use, Office Use or a combination thereof. Existing Commercial Kitchen could be utilized to provide Food Services for possible Senior Living / Rehabilitation, commercial food application uses.
There has been substantial investment made in the build-out, common areas and tenant occupied areas. In 2022, the roof was replaced ($1.9m capital improvement); Tuckpointing in 2023 ($500k); Emergency Generator in 2022 ($100k); and Elevators in the SW building quadrant replaced in 2021 ($850k). These recent large capital expenditures updated the exterior facade, and mechanical systems, improving the building both visually and functionally.
Additional Income includes a T-Mobile Rooftop Cell Tower generating $49,704 in Gross Annual Income and has just commenced its 1st year in its third 5 year renewal period (2 additional 5 year options possible in 2029) Gross rent for the tower escalates 4% annually. This lease allows for the owner to participate in any colocation of the antenna for the opportunity of additional future lease revenues.
Current Gross Annual Income totals $428,935. Projected NOI at 100% Occupancy (assuming $12 per sq.ft. gross income for the vacant space) is $602k+ or an 20.8% Cap rate at the asking price of $2,899,000!
The Carl B. Stokes Social Services Mall property is ideally located just minutes from all major interstates, Downtown Cleveland, major bus lines, Cleveland Clinic’s main campus and all major colleges and universities.