Ohio Foreclosures > Auctions > 6500 Pearl Rd., Parma Heights, OH 44130

6500 Pearl Rd., Parma Heights, OH 44130

  • Current Bid:

    $530,000.00

  •  

Auction ID :
#42742
Reserve :
Reserve price not met.
Location :
Posted On :
27th of July 2022 at 11:59 AM ET
Ending On :
24th of August 2022 at 2:00 PM ET
Time Left :

1432950

Watch List :
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Property Specifications
Year Built 1965
Annual Taxes OF RECORD
Lot Size 3.011
Parcel ID 473-18-004
Defendant Mo Professional Building LLC
File No. N/A
Case No. CV-22-961416
Appraisal Amount N/A
City
Square Feet (per auditor) 61,262
Showings & Availability Yes
Description

FOR SALE BY COURT APPOINTED RECEIVER

VALUE-ADD OFFICE INVESTMENT OPPORTUNITY

Online bidding only. Auction ends Wednesday, August 24th @2PM

Court Appointed Receiver, Prodigy Properties, is pleased to present the opportunity to acquire 6500 Pearl Rd located in Parma Heights, OH. Parma Heights is considered a submarket of Cleveland and is only 8 miles southwest of downtown Cleveland.  Constructed in 1965 this intriguing value-add office building features two stories plus a lower level and more than 61,000 SF of ideal space for medical and/or professional office uses. The new owner will benefit from an immediate rent base with significant upside potential by addressing deferred maintenance, increasing rents, extending existing MTM tenants, and lease-up of vacancy.

Property will be sold free and clear of all liens, with property taxes prorated and paid off to the day of closing.  Receiver may, in its sole discretion, accept or reject any bid or offer for any reason, at any time, without notice.  No representations, warranties, or guarantees.  Bidding is scheduled to conclude on 08/24/2022 at 2pm ET.  A 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.  Immediately following the conclusion of the auction, the high successful bidder must wire transfer a 10% deposit of the final purchase price net of the $25,000 participation deposit.

Please do not trespass.  Contact [email protected] to schedule a walkthrough.  Photos and due diligence items are provided for guidance purposes only.  All information provided is believed to be true, but cannot be guaranteed.  It is up to the bidder to verify due diligence reports and any / all code violations prior to bidding, to the extent any exist. BY BIDDING ON THIS PROPERTY, THE BIDDER REPRESENTS THEY HAVE INDEPENDENTLY VERIFIED ALL INFORMATION AND HAVE MADE THE DECISION TO BID BASED UPON THEIR OWN INVESTIGATION.

To view property / financial reports and obtain access to our Virtual Data Room, prospective buyers must:

Complete and submit a Confidentiality Agreement to [email protected]

To be approved to bid, prospective bidders must:
Complete and submit a Purchase and Sale Agreement
– Submit proof of immediately available funds of at least the minimum bid of $530,000
– Wire a $25,000 participation deposit to the escrow account of the Receiver
–  Have otherwise met all other reasonable requirements of the Receiver
– Submit all items to [email protected]

Key sale points:

  • The opening bid is $530,000 with an unpublished reserve price.
  • Property is sold 100% AS-IS, WHERE-IS, with all faults, to the extent any exist.
  • Property is sold subject to any / all code violations, to the extent any exist.
  • Property is to be sold subject to court approval
  • Receiver reserves the right to accept or reject any bid or offer, at any time prior to or subsequent to auction end, for any reason.
  • Information contained in any advertisement is not guaranteed or warranted.
  • No contingencies will be accepted, except the Seller’s ability to convey insurable title.
  • Property will be sold free and clear of all liens.
  • Property taxes will be prorated and paid off to the day of closing.
  • Absolutely no financing contingencies.
  • Absolutely no inspection contingencies.
  • 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.
  • 10% deposit of the final purchase price must be immediately wired to the Receiver’s title company net of the $25,000 participation deposit.
  • The terms of the sale are fully set forth in the Agreement and are not negotiable.

 

Aerial 360 Virtual Tour

Offering Memorandum 6500 Pearl

 

DISCLAIMER AND WARNING: Property will be sold as-is, where-is, without any warranties or representations by the Receiver. The information contained in any advertisement is for informational purposes only and the Receiver makes no representations or warranties as to their truth or accuracy. The information was compiled from a variety of sources, including the public record. However, the Receiver has not independently verified any of the information and potential purchasers rely on it at their own risk. All potential purchasers are advised to perform their own due diligence.

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In order to bid on this property you must pre-authorize a deposit of $ on your credit card. NO hold will be placed on your credit card and your credit card will NOT be charged, UNLESS you are the high bidder and do not pay the required deposit within 24 hours of the advertised auction end. A $200 administrative fee will be added to any deposit that is charged to a credit card.