A division of Ohio Real Estate Auctions
1-877-BID-OHIO (243-6446) 

Performing foreclosure auctions and judicial
sales for banks and municipalities

Ohio's Private Selling Officers

73 Room Motel, 2 story House and Restaurant


More Information

73 room motel, newer 2 story owners home, plus a restaurant. 

The motel is being operated as Economy Inn and Suites. There are 73 rooms. 30 are currently rentable. Most of the rentable rooms are full each night either by weekly or nightly rentals. Per night charge is $52. Weekly rate is $228. Average monthly gross income is $27,000.

The house was previously used by the owners of the motel. It was built in 1996. Two story, Eight room, 3,038 SF, 4 bedroom, 2.5 bath, 1 car attached garage, fireplace, open 2 story family room, Parcel ID for this property is 237-01-002. It is landlocked and cannot be sold separately from the motel. This parcel has the tax information for the motel also. This house could easily rent for $1,500 to $2,000 per month.

The restaurant was most recently the Nuevo Acapulco Mexican restaurant.

The last transfer price for the entire property was $1,700,000 in 2004. Located in the N. Olmsted combined school district. Close proximity to the Cleveland Hopkins International airport.

Lot Size: 1.763 Acres according to Cuyahoga Co.

Annual Taxes: $52,000


Plaintiff

Phoenix Grantor Trust

Defendant Name

Champakbhai Patel

Attorney

Patrick Lewis

Viewing Dates

Text Auctioneer to schedule a tour. 937-581-3037. The motel is in operation.


Property Map


Lead Auctioneer

Barry Baker
Email Barry

W: 937-581-3037
F: 614-635-3474


Basic Terms:

*This is a Foreclosure Auction ordered by the Cuyahoga County Common Pleas Court. The foreclosure process clears all liens and encumbrances on the subject property.

*The property sells with a minimum opening bid of $600,000 with court approval.

*The required deposit is 10% of the high bid.

* This is an online auction. The successful bidder will be required to directly deposit the required amount into the trust account of Ohio Sheriff Sales at any Chase Bank branch OR initiate a wire transfer to said trust account by 5:00pm the day of auction.

*The real estate is sold As-Is with no contingencies. All inspections (if available) must be done prior to Auction.

*Close within 30 days of court confirmation.

*A contract will be signed with the receiver immediately following the end of the Auction. See document section for agreement.

*A 10% buyer's premium will be added to the high bid to obtain the final selling price.

*Buyer pays all closing costs.

*Receiver's deed given at closing with no liens or back taxes.

*Bid increment for Online Bidding is $1,000.

*When you place a bid, you can place a "Maximum Bid" and the software will bid for you in $1,000 increments. You will be notified by email and text if you are out-bid.

*Bid Extensions: If a bid is received within the last 5 minutes of the Auction end time, bidding will extend for a 5-minute period of time. Bid extensions continue until all bidding is exhausted.

*Default: Be aware, if you are unable to close within 30 days of court confirmation, your deposit is non-refundable, and you could be liable for other costs and possibly be found in contempt of court.

 

Number of Times Viewed: 270