6573-6579 Pearl Rd. Parma Heights, OH 44130

FOR SALE BY COURT APPOINTED RECEIVER

VALUE-ADD INVESTMENT OPPORTUNITY

Online bidding only, Auction ends Wednesday, August 23, 2023

Court Appointed Receiver, Prodigy Properties, is pleased to present the opportunity to acquire 6573-6579 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 1957, this intriguing investment opportunity features a multi-tenant retail building with seven (7) separately demised units, each approximately 928 SF for a total of 6,500 SF.  Each unit has its own bathroom, water heater, dedicated HVAC unit, and separately metered utilities.  The property is currently 71% occupied.  The new owner will benefit from an immediate rent base with significant upside potential by increasing existing below market rents, extending existing MTM tenants, and leasing-up the two vacant units.  Situated on .429 acres, providing approximately 20 parking spaces. 

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 Wednesday, August 23, 2023 at 2pm ET.  A 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.  The high successful bidder must wire transfer a deposit of $20,000 by 2pm ET on Thursday, August 24, 2023.

Do not trespass.  Property is available for showings – APPOINTMENT REQUIRED.  Please contact Kurt at [email protected] to schedule a showing, or if you have representation, contact your agent to schedule a showing.

To schedule a showing, receive any due diligence information, or additional property photos, prospective bidders or agents must:

• Submit an executed Confidentiality Agreement to [email protected] – (“View Here“)
• Provide a date and time range for the requested tour, during normal business hours. 

Furthermore, to be granted bidding privileges, a prospective bidder must, in addition to the above:

• Create and account on www.foreclosureauctions.com
• Complete and submit a Purchase and Sale Agreement (“View Here“)
• Submit proof of immediately available funds of at least the minimum bid of $250,000
• Have otherwise met all other reasonable requirements of the Receiver. 
• To have bidding privileges unlocked, Email the following to [email protected]: 1) executed Purchase & Sale Agreement  2) a current Proof of Funds letter  3) prospective bidder’s username and email 

Key sale points:

• The opening bid is $250,000 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.
• $20,000 earnest money deposit must be immediately wired to the Receiver’s title company and received by 2pm ET on Thursday, August 24, 2023.
• The terms of the sale are fully set forth in the Purchase and Sale Agreement (“View Here“) and are not negotiable. 
• Offering Memorandum (“View Here“)

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.