Carl B. Stokes Social Services Mall 6001 Woodland Ave 285 Unit Apartment Building $2,199,000 ($7,716/Unit) Cleveland, OH 44104

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.