Lakewood Post Office Lot On Warren For Sale
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Re: Lakewood Post Office Lot On Warren For Sale
Can’t find asking price yet but the county has the value at 1.495 million, down from 1.6 million. It is owned by Psenicka Family LLC.
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Re: Lakewood Post Office Lot On Warren For Sale
Bridget Conant wrote:Can’t find asking price yet but the county has the value at 1.495 million, down from 1.6 million. It is owned by Psenicka Family LLC.
Maybe they'll sell it to Ed FitzGerald for $1.
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Re: Lakewood Post Office Lot On Warren For Sale
Michael Deneen wrote:Bridget Conant wrote:Can’t find asking price yet but the county has the value at 1.495 million, down from 1.6 million. It is owned by Psenicka Family LLC.
Maybe they'll sell it to Ed FitzGerald for $1.
I believe they are out of Georgia, last I heard family was mostly seniors.
If they sell it for more than $500,000 then the School Board will look foolish.
If they sold it for $2 they would still make City of Lakewood look like fools.
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Jim O'Bryan
Lakewood Resident
"The very act of observing disturbs the system."
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Lakewood Resident
"The very act of observing disturbs the system."
Werner Heisenberg
"If anything I've said seems useful to you, I'm glad.
If not, don't worry. Just forget about it."
His Holiness The Dalai Lama
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Re: Lakewood Post Office Lot On Warren For Sale
A curious aside is all the people on fb who see the "for sale" sign and conclude the U.S. Postal Service is going away.
“Never let a good crisis go to waste." - Winston Churchill (Quote later appropriated by Rahm Emanuel)
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Re: Lakewood Post Office Lot On Warren For Sale
$30,000 per month rent is not excessive. If might even be on the low end.
How much could you pay for a building that generated $360,000 per year in profit?
If you paid $1 million in cash your annual return would be 36%. If you expect an 8% annual return then the building has a value of $4.5 million. The mortgage on $4.5 million is about $29,000 per month for 20 years. The Postal Service could buy the building for $4.5 million and save money.
So, what is the building actually worth?
The general public may never know how much the property sells for because the County does such a terrible job of tracking the sale of commercial property.
The Sphere apartments at East 12th and Chester recently sold for a reported $40 to $50 million.
• 101-37-001
• SPHERE APARTMENTS, LP
• 1801 E 12 ST
• CLEVELAND, OH. 44114
The County assumed a sale price of $36 million because that is what the mortgage is. The sale price was much higher.
The Sphere was owned by an LLC. They buyers bought the LLC. The sale price of the LLC is not a public record so the County appraisal department does not know how much the building actually sold for.
The people of Lakewood may never know what the Post Office lot sells for because the lot is owned by an LLC. Of course, the City could find out if they really wanted too but I’m sure the City has no interest in determining the value of vacant land in Lakewood.
The Barry Buick lot recently sold for between $2 and $3 million per acre. What would the public reaction be if people knew the value of land in Lakewood as much as $3 million per acre? Since the Barry Buick land is owned by an LLC we will never know the actual sales price.
How much could you pay for a building that generated $360,000 per year in profit?
If you paid $1 million in cash your annual return would be 36%. If you expect an 8% annual return then the building has a value of $4.5 million. The mortgage on $4.5 million is about $29,000 per month for 20 years. The Postal Service could buy the building for $4.5 million and save money.
So, what is the building actually worth?
The general public may never know how much the property sells for because the County does such a terrible job of tracking the sale of commercial property.
The Sphere apartments at East 12th and Chester recently sold for a reported $40 to $50 million.
• 101-37-001
• SPHERE APARTMENTS, LP
• 1801 E 12 ST
• CLEVELAND, OH. 44114
The County assumed a sale price of $36 million because that is what the mortgage is. The sale price was much higher.
The Sphere was owned by an LLC. They buyers bought the LLC. The sale price of the LLC is not a public record so the County appraisal department does not know how much the building actually sold for.
The people of Lakewood may never know what the Post Office lot sells for because the lot is owned by an LLC. Of course, the City could find out if they really wanted too but I’m sure the City has no interest in determining the value of vacant land in Lakewood.
The Barry Buick lot recently sold for between $2 and $3 million per acre. What would the public reaction be if people knew the value of land in Lakewood as much as $3 million per acre? Since the Barry Buick land is owned by an LLC we will never know the actual sales price.
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Re: Lakewood Post Office Lot On Warren For Sale
It's a horrible place for a post office anyhow. Moving it from (downtown) central Lakewood would be great.
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Re: Lakewood Post Office Lot On Warren For Sale
J Hrlec wrote:It's a horrible place for a post office anyhow. Moving it from (downtown) central Lakewood would be great.
Wha?
Why would moving the Post Office out of a central location be better than where it is now? Heck, the location now is next door to it's original location, now a Key Bank.
Centrally located is fair for everyone.
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Re: Lakewood Post Office Lot On Warren For Sale
cameron karslake wrote:J Hrlec wrote:It's a horrible place for a post office anyhow. Moving it from (downtown) central Lakewood would be great.
Wha?
Why would moving the Post Office out of a central location be better than where it is now? Heck, the location now is next door to it's original location, now a Key Bank.
Centrally located is fair for everyone.
The front counter and P.O. boxes need to be centrally located, but not the distribution operations.
“Never let a good crisis go to waste." - Winston Churchill (Quote later appropriated by Rahm Emanuel)
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Re: Lakewood Post Office Lot On Warren For Sale
Dan Alaimo wrote:cameron karslake wrote:J Hrlec wrote:It's a horrible place for a post office anyhow. Moving it from (downtown) central Lakewood would be great.
Wha?
Why would moving the Post Office out of a central location be better than where it is now? Heck, the location now is next door to it's original location, now a Key Bank.
Centrally located is fair for everyone.
The front counter and P.O. boxes need to be centrally located, but not the distribution operations.
Separating those would be very unproductive. It would turn the front counter into a FedEx Kinko's maildrop and not much more. But I suppose if folks want to ship out more jobs...
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Re: Lakewood Post Office Lot On Warren For Sale
cmager wrote:Dan Alaimo wrote:cameron karslake wrote:J Hrlec wrote:It's a horrible place for a post office anyhow. Moving it from (downtown) central Lakewood would be great.
Wha?
Why would moving the Post Office out of a central location be better than where it is now? Heck, the location now is next door to it's original location, now a Key Bank.
Centrally located is fair for everyone.
The front counter and P.O. boxes need to be centrally located, but not the distribution operations.
Separating those would be very unproductive. It would turn the front counter into a FedEx Kinko's maildrop and not much more. But I suppose if folks want to ship out more jobs...
I'm just thinking about the amount of space each one takes. Also I was thinking about some place like on the east side of town for distribution, where the rent would be cheaper than DowntowN. I bet they could figure out the logistics in order to save rent money.
Now if they went Amazon on us and robotized the back room, that"s another discussion.
“Never let a good crisis go to waste." - Winston Churchill (Quote later appropriated by Rahm Emanuel)
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Re: Lakewood Post Office Lot On Warren For Sale
Dan Alaimo wrote:cmager wrote:Dan Alaimo wrote:cameron karslake wrote:J Hrlec wrote:It's a horrible place for a post office anyhow. Moving it from (downtown) central Lakewood would be great.
Wha?
Why would moving the Post Office out of a central location be better than where it is now? Heck, the location now is next door to it's original location, now a Key Bank.
Centrally located is fair for everyone.
The front counter and P.O. boxes need to be centrally located, but not the distribution operations.
Separating those would be very unproductive. It would turn the front counter into a FedEx Kinko's maildrop and not much more. But I suppose if folks want to ship out more jobs...
I'm just thinking about the amount of space each one takes. Also I was thinking about some place like on the east side of town for distribution, where the rent would be cheaper than DowntowN. I bet they could figure out the logistics in order to save rent money.
Now if they went Amazon on us and robotized the back room, that"s another discussion.
I get your point, but to me it hews to the notion that downtown is too valuable for things like post offices and hospitals and school boards and Kauffman Park. It supports the cry to bring on more bars and strip malls.
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Re: Lakewood Post Office Lot On Warren For Sale
Dunno if this has been posted yet. I jump on Loopnet from time to time and happened onto this....
https://www.loopnet.com/Listing/1475-Wa ... /16081500/
Thought it might be of interest....
https://www.loopnet.com/Listing/1475-Wa ... /16081500/
Thought it might be of interest....
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Re: Lakewood Post Office Lot On Warren For Sale
From the listing:
Five million asking price. Hmmmmm
There is a great potential at this area for redevelopment.
Five million asking price. Hmmmmm
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Re: Lakewood Post Office Lot On Warren For Sale
Tim Liston wrote:Dunno if this has been posted yet. I jump on Loopnet from time to time and happened onto this....
https://www.loopnet.com/Listing/1475-Wa ... /16081500/
Thought it might be of interest....
A 5% cap rate and a $5 million asking price implies a monthly rent of about $21,000. The rent seems low.
I talked to a postal clerk at the Warren Road office and he said the owners put the building up for sale when the lease comes up.
If you had $5 million in cash would you buy that building? If you had a mortgage the rent would not cover the payments.
Would the Post Office pay $50,000 per month? Would the buyer demand more and accept the possibility that the Post Office moves? Would you take that risk?
The asking price is about $2 million per acre which seems about right.
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Re: Lakewood Post Office Lot On Warren For Sale
The asking price is about $2 million per acre which seems about right.
Not in Lakewood - if you know the right people here it’s only 17 cents per acre! Lakewood Hospital’s 6 acres were only $1!
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