2521 Noble Rd., Cleveland Heights, OH 44121

FOR SALE BY COURT APPOINTED RECEIVER

VALUE-ADD MULTI-FAMILY INVESTMENT OPPORTUNITY

Online bidding only. Auction ends Tuesday, December 13th @2PM

Court Appointed Receiver, Prodigy Properties, is pleased to present the opportunity to acquire 2521 Noble Road, an occupied 12-unit multifamily asset located in Cleveland Heights, a submarket of Cleveland, Ohio.  According to public record, the property was originally built in 1955 and features a 12,012 SF apartment building.  The apartment complex is separated into three attached buildings (2521 Noble, 2525 Noble, and 989 Oxford). The combined unit mix consists of eight (8), 2-bedroom apartments that are approximately 880 SF and four (4), 1-bedroom units that are approximately 750 SF. The property is currently 42% occupied. Situated on over half an acre lot, the property has surface and a 12-car garage/covered off-street parking.  In addition, the asset is only 7 miles east of downtown Cleveland and nearby hospitals, shopping, dining options, parks, Notre Dame College, and multiple golf courses.  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 11/22, 11/29, 12/6, 12/12 between 11am and 2pm.  APPOINTMENT REQUIRED.  To view property / financial reports and additional information, prospective buyers must:

– Complete and submit a Confidentiality Agreement – 2521 Noble

– Send executed copy to [email protected] with date and time of showing request.

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

– Complete and submit a Purchase and Sale Agreement – 2521 Noble

– Submit proof of immediately available funds of at least the minimum bid of $200,000

– Wire a $10,000 participation deposit to the escrow account of the Receiver (email [email protected] to request wire information)

– Have otherwise met all other reasonable requirements of the Receiver

–  Email the executed Purchase and Sale Agreement, current Proof of Funds letter, and copy of wire receipt 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 $200,000 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% deposit of the final purchase price must be immediately wired to the Receiver’s title company net of the $10,000 participation deposit.
• The terms of the sale are fully set forth in the Purchase and Sale Agreement and are not negotiable