232 Cole Avenue., Akron, Ohio 44301

FOR SALE BY COURT APPOINTED RECEIVER

VALUE-ADD MULTI-FAMILY INVESTMENT OPPORTUNITY

Online bidding only. Auction ends Wednesday, January 25th @2PM

Court Appointed Receiver, Prodigy Properties, is pleased to present the opportunity to acquire 232 Cole Avenue, an occupied 6-unit multifamily asset located in Akron Ohio.  According to public record, the property was originally built in 1928 and features a 3,360 SF apartment building.  The building consists of six (6) total units all featuring 1 bedroom and 1 bathroom.  The two (2) lower level units are approximately 530 SF, the four (4) 1st and 2nd floor units are approximately 728 SF.  The property is currently 50% occupied.  The boiler is inoperable and will need to be repaired or replaced.  Situated on 0.127 acre lot, the property has surface parking in the rear.  In addition, the asset is under 2 miles from downtown Akron, The University of Akron and nearby hospitals, shopping and dining options.  This is a great value-add opportunity for investors!

Property will be sold 100% AS-IS, free and clear of all liens, with property taxes prorated and paid off to the day of closing.  Seller 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.  A 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.

Do not trespass.  Property is available for showings on 12/20, 12/27, 1/3, 1/11, 1/16, 1/20, 1/24 between 11am and 2pm.  APPOINTMENT REQUIRED. 

To view property or receive additional information, prospective buyers must:

– Email a current Proof of Funds (must have buyers name or principal of LLC name, a current date, and show sufficient funds on hand) to [email protected] with the date and time of showing request. Once received and confirmed you will receive an email back confirming the appointment. 

To be approved to bid, prospective bidders must submit the following:

–  Buyer registers and creates an account to bid on ohioforeclosures.com

– Complete and submit a Purchase and Sale Agreement (View Here)

– Submit proof of immediately available funds of at least the minimum bid of $80,000

– Have otherwise met all other reasonable requirements of the Receiver

–  Please email the executed Purchase and Sale Agreement, current Proof of Funds letter, and buyers username and email to [email protected] to have bidding privilege’s unlocked. 

Licensed Ohio real estate agents seeking a commission MUST meet the associated requirements by properly registering themselves as the agent through the link within each individual auction their client will be bidding on before their client places any bids whatsoever – NO EXCEPTIONS.  The rest will be up to the buyer, as they will have to successfully register themselves as an individual or company, pre-authorize their card within each individual auction they will be bidding on, and place their bid(s) on their own.

***** The agent does not place bids on behalf of the buyer *****

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.

Key sale points:

• The opening bid is $80,000 with an unpublished reserve.
• 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 sold subject to court approval.
• Seller 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.
• Tenant’s personal property is not included in the sale.
• 10% Buyer’s Premium is added to the high successful bid to determine the final purchase price.
• $10,000 earnest money deposit must be immediately wired to the Receiver’s title company and received by 11am 1/26/23. 
• The terms of the sale are fully set forth in the Purchase and Sale Agreement and are not negotiable