Carl B. Stokes Social Services Mall 6001 Woodland Ave 285 Unit Apartment Building $2,899,000 ($10,172/Unit) Cleveland, OH 44104

For the first time, Green Bridge Real Estate is pleased to offer the mixed-use, Carl B. Stokes Social Services Mall for sale at 6001 Woodland Avenue in the Cedar-Central neighborhood in Cleveland, Ohio. There are approximately 65 surface parking spaces on the 3-acre lot. The eight-story, five-elevator served, 284,518-square-foot mixed-use building was built in 1968, is currently 61% occupied, and is offered for sale at $10.18/ per square foot. Priced well below the county’s tax market value of $9,629,400 (currently RE tax exempt) and located in an Opportunity Zone and a Low-Income Housing Tax Credit (LIHTC) Zone. This is a great value-add opportunity with tremendous upside for multifamily conversion, office space, or a combination thereof. Possible programs available include tax abatement, Low Income Housing Tax Credits (LIHTC), Historic Tax Renovation Credits, and other programs.

The Stokes Social Services Mall, originally a 285 285-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 1990s. Zoned with the MF-F4 designation, allowing for continued use for apartments and related commercial/office-type uses. The landlord paid utilities with some leases that provided certain reimbursements—hot water/steam boiler heating system.

Currently, the primary tenant, occupying 162,000 square feet 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 two and three-person furnished residential suites totaling 250 beds w/shared kitchens and baths providing round the clock support and security during the recovery/re-entry process. Its lease offers 3% annual escalations in base rent and CAM reimbursement, and provides for Annual program fee sharing (% rent concept).

Two additional main tenants, Care Alliance and Beech Brook, occupy 3,032 square feet and 4,915 square feet on the first and second floors, respectively. Approximately 104,571 square feet 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 multifamily use, office use, or a combination thereof. An existing commercial kitchen could provide food services for possible senior living/rehabilitation and commercial food application uses.

Substantial investment has been made in the build-out, common areas, and tenant-occupied areas. In 2022, the roof was replaced ($1.9m capital improvement), tuckpointing was completed in 2023 ($500k), an Emergency Generator was installed in 2022 ($100k), and Elevators in the SW building quadrant were replaced in 2021 ($850k). These recent large capital expenditures updated the exterior facade and mechanical systems, visually and functionally improving the building.

Additional Income includes a T-Mobile Rooftop Cell Tower generating $49,704 in Gross Annual Income. It has just commenced its first year in its third 5-year renewal period (two additional 5-year options are possible in 2029). The tower's gross rent escalates 4% annually. This lease allows 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-square-foot gross income for the vacant space) is $602k+ or a 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, the Cleveland Clinic’s main campus, and all major colleges and universities.