MASSILLON – Want to acquire a century-old nine-storey residence in the heart of downtown?
If you’re interested, people have until 1:00 p.m. on Wednesday to place a bid online only for the 59 Duncan Place apartments. The tendering process began on Monday.
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“We’ve had a ton of interest from across the country (east coast to west coast) from health care and housing users, in addition to apartment investors,” said Cody Carey, a brokerage partner. at Colliers International.
Colliers is a Canadian real estate services and investment management group responsible for selling the Massillon building. Carey works in Columbus.
As of mid-Tuesday afternoon, the most recent bid for the 68-unit, 82,000-square-foot complex was $ 900,000, according to a Colliers post via www.Ten-x.com. This amount appears to be less than the amount of the necessary bid.
Carey declined to say on Tuesday what the lowest and acceptable bid price is for the property.
The building at 59 Lincoln Way E is about 95% occupied, Carey said, adding that the structure – mostly made of bricks and mortar – is structurally sound.
The property is located along Lincoln Way E and First Street SE, opposite Duncan Plaza and the Massillon Museum.
“It’s a high performance building with a solid frame,” said Carey. “I hope someone will buy it and keep it going.”
David Maley, the city’s director of economic development, said Duncan Place Apartments are a staple of the downtown skyline, as well as a key residential hub.
“It’s interesting for (the city) that it sells and keeps people downtown,” Maley said. “With around 60 occupants, it is one of the largest (residential) structures we have.”
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The current owner of the downtown tower is Massillon Center LLC of Ypsilanti, Michigan, according to the Stark County Auditor’s website. The commercial structure built in 1920 last sold for $ 1.77 million in January 2018.
County Stark valued the property for $ 1.95 million this year.
Offers are accepted online at www.Ten-x.com. When you access the site, enter “Massillon, Ohio” in the search option to view the auction list.
If the building fails to meet the desired price on Wednesday afternoon, Carey said it could be relisted in the near future.
Contact Steven at [email protected]
On Twitter: @sgrazierINDE