akron: Troppe gets Hands on another Downtown Akron Building --- "Thank Goodness!" - 06/12/09 04:18 AM
LANDMARK RESCUED Tony Troppe renovating historic Kaiser
Building for use as cafe, offices across from Canal Park
By Betty Lin-Fisher Beacon Journal staff writer
Photo credits (Ed Suba Jr./Akron Beacon Journal)
A downtown Akron building whose last owner lost it to foreclosure after a failed attempt to sell it on eBay is getting new life under the eye of historic building renovator Tony Troppe. Plans call for the Kaiser Building, across from Canal Park on South Main Street, to have a cafe or store in two slots on the first floor, offices on the second floor and a mix of offices and … (2 comments)

akron: The Dark Angel of Akron drops some more Demonic News ~ #1-Chrysler plans to close dealerships #2-Forest City Enterprises reveals big job cuts #3-Shiloh Industries eliminating 111 jobs - 05/15/09 04:26 AM
#1-Chrysler plans to close 14 dealerships in Cleveland-Akron market
Northeast Ohio stands to lose 14 Chrysler dealerships from Elyria to Wadsworth, according to a U.S. Bankruptcy Court filing this morning by Chrysler LLC.
Dealerships targeted for closing include five Spitzer dealerships in Akron, Lakewood, Mayfield Heights, Parma and Sheffield Lake; three Ganley dealerships in Cleveland, Middleburg Heights and Wickliffe; and two Axelrod dealerships — Axelrod Chrysler in Parma and Axelrod-Chrysler-Dodge-Jeep Inc. in Wadsworth.
Also on the closing list are Abraham-Chrysler-Jeep in Elyria, Crestmont Chrysler Jeep in Beachwood, Great Northern Dodge in North Olmsted and Medina World Cars in Medina.
As the … (1 comments)

akron: Akron-area home values keep sliding - 05/07/09 12:10 PM
Report finds 24.8 percent of Summit, Portage owners have negative equity
  Published on Thursday, May 07, 2009
This article from http://Ohio.com is a bit of a micro-view segue from the previous blog article. Zillow has plenty of research and commentary to show how Akron Residential is slowly rotting from the inside, despite all the wonderful efforts of local business people. The local government needs to hopefully read this blog and many of the available resources out there screaming about the area needing help... anyhow... I digress... enjoy the articles' worth content.
 Nearly a quarter of all homeowners in Summit and … (1 comments)

akron: You've got the whole city in your hands... Repeat (x4 times) (Sung to "Whole world in our hands") - 04/17/09 04:08 AM
Lebron James is the chosen one...
This is documented both by his self-proclaimed nickname and most likely substantiated by most Ohioans as well.

Now the hard part.  This is the year for a championship for the most championship starved states in the entire 50.  We are honoring Ohio State, but we are talking professional here...
So in the big picture.
Browns - what, 1964
Indians - never? but real close a couple times (while the Marlins have won twice... salt in the wound)
Cavaliers - never but 2009 looks real good.
 
Kevin Garnett has in essence sold his soul … (3 comments)

akron: Downtown Akron Office/Retail Building FOR SALE ** Impossible to Find Similar ** Motivated Sellers - 04/14/09 09:55 AM
 
 
(2 comments)

akron: Photog Friday - 02/13/09 05:31 AM
This is a picture of the walkway crossing over Bowery St in downtown akron.  You can see the original and the edited version.
I used picasa 3 for this and have been enthused with the results now and in the past with Picasas capabilities.
I used to utilize Dell, but after a while all the normal services were unavailable and locked down, so HELLO Picasa!

 
 
 

(12 comments)

akron: Apts-for-Sale.com - 01/25/09 01:03 AM
I have used this site for years and although it, to my knowledge, has never paid a dividend, I enjoy the fact that only apartment complexes are listed on the site.
Ultimately, it appears some of the main administrators utilize national listing mediums, such as Wall Street Journal and For Sale listings to compile its list.
Again, I reiterate this is a nice organizational tool for Apartment complexes for sale.
This site seems to handle ass small as 5-unit up to major portfolio properties (500 units+).
http://www.apts-for-sale.com/ubbcgi/ultimatebb.cgi?ubb=get_topic;f=1;t=020591

 

 

(3 comments)

akron: University of Akron - EJ Thomas Performing Arts Hall -- Upcoming Events - 01/19/09 12:33 AM

 
Upcoming Events
Jan 23 -   Dirty Rotten Scoundrels Musical
Jan 27 -   Bob the Builder Live
Feb 06 -   Zoso: the Ultimate Led Zeppelin Experience  
Feb 07  -  Bye Bye Birdie: The National Tour  
Feb 17 -   Rain - The Beatles Experience -- Not the Activerain experience! lol
 
 
(0 comments)

akron: One way to determine value for Multi-Family Investments - 01/13/09 10:06 AM
 

 
NOI stands for NET OPERATING INCOME.
To get to NOI, you must first start with the Gross Income (rentals, laundry, etc) minus % for Vacancy which leaves the Adjusted Gross Income.  Taking this number, you then apply the operating expenses (i.e. - Management, Maintenance, repairs, utilities, reserves, etc) which leaves you with your Net Operating Income. (i.e.-Income before Mortgage Debt)
Below find a brief numerical example...
GOI - $100,000
Vacancy - 10% - ($10,000)
ADJ GOI - $90,000
OP EXP - ($45,000)
NOI - $45,000
Now the rule of thumb throughout the industry (especially in Northeast Ohio) is … (1 comments)

akron: Home Sales. Prices Down --- Agents Cite Foreclosures - 12/18/08 01:48 PM
Of the 300+ homes sold in November in Summit County, almost 1/3 - (91) - went for less then $30,000.
 
That helps explain why November sales figures were dismal in the Akron area compared with a year ago, according to the latest report from the Akron Area Board of Realtors.
Home sales for the month dropped 12.2 percent from the 345 homes sold in November 2007.
Sales were down from 419 homes in October. The dollar value of the properties that exchanged hands plunged by a larger percentage, 30.8 percent, to $32.2 million from nearly $46.6 million in November 2007.
(4 comments)

akron: "Cash is King" shout Commercial Agents - 12/09/08 05:38 AM
Cash is King versus the Battered Commercial Real Estate Market.  This is the sentiment from Commercial Real Estate professionals affiliated with CCIM Institute.
The liquid position "Cash", tops other investments such as Office Buildings, Apartments, Retail Centers and other commercial properties.
According to the survey conducted, this is the first time in 6 quarters that the CCIM Institute rated anything higher then Commercial Real Estate.  Cash garnered a 6.7 rating (Out of possible 10), whereas Commercial Real Estate received 6.1, bonds got 4.4 and stocks brought up the rear at 3.4.
 
The below data is somewhat worrisome from a Commercial … (0 comments)

akron: REDUCED ** Duplex ** Motivated Sellers ** Make Offer - 11/07/08 02:20 AM
Fully Occupied Duplex...
Make Offer
 Asking $85,000  ---  Reduced from $114,000  --- WILL ENTERTAIN ALL REASONABLE OFFERS!!!
PLEASE VISIT  http://www.pappasrealtyco.com/Ohio_Commercial_Real_Estate_Leader_in_Investments_and_Apartments_listings/59E14B54-B9A3-DBC2-594C32480AD8FEF2.shtml

(0 comments)

akron: REDUCED ** 102-Units ** Copley, Ohio ** $34,800 P/Unit - 10/30/08 01:03 PM
2113 Copley RoadApartments For Sale, OH 44321

Map Location Get Directions
Price: $3,550,000 Status: Active Agent: Sean Dreznin Email: sean@pappasrealtyco.com Phone: 330-762-0535 Ex# 16 Built in 1966, this complex has seen many updates including; Pitched Steel roofs * 30 Garages built in 1997 * Heat changed to electric baseboard heat, whic the tenants pay. * Many interior and exterior/landscaping updates and additions have been completed in the recent past. Projected Gross Income - $595,000 ** Located on the East side of Copley Road, West of White Pond Dr. Contact Sean Dreznin for more information or to schedule a showing. … (0 comments)

akron: 713 Carroll St ** The University of Akron ** 5-Bdrm & 5-Bth Condo ** Professionally Managed ** Separate Utilties - 10/27/08 03:43 AM

Pro Forma
Projected Gross Income......$   15,600
Vacancy @ 5%..................($       800)
Adjusted Gross Income.......$   14,800
Expenses @ 30%   ...........($     4,400)
Projected NOI..................$      10,400
Projected Return...................   10.9%
Average Rent Per Mo/Unit.....  ..$1,300
 
Buchtel Place Town Homes offer students the option of living near the University of Akron and all of its amenities, but also provides the independence of off campus housing as well.  This professionally managed complex is modern, manicured and historically well occupied.
 
Units
- Professionally Managed & Marketed
- 5 Bedrooms & 5 Bathrooms
- Washer & Dryer included in unit
- Central A/C
- Parking is available … (0 comments)

akron: Enough Already with the Taxes! - 10/26/08 02:21 AM
Our local government can't seem to get it through their head, that the economy is in a recession and instead they continue to employ way too many people, hemorrage money on wasteful projects and whine about needing levies on the ballot for more money for ill-budgeted schools and governmental and non-profit organizations...
I find it sad, that even though it was like pulling teeth to work with my lender to arrive at an agreeable comprimise, it was simply time spent on the phone and filling out docucments, I can't even begin to work on my local real estate taxes without spending … (0 comments)

akron: 17-Unit Apartment Building ** 1724 Bailey Rd, Cuyahoga Falls, Ohio 44221 ** Tenants pay heat - 10/26/08 01:59 AM
1724 Bailey Rd, Cuyahoga Falls, Ohio  44221
17-Unit Apartment Building (12-2 Bdrms & 5-1 Bdrms)
Electric Heat - Tenants Pay
Property Details 
 
(0 comments)

akron: Apartments lose their immunity to the Housing Crisis' Viruses. - 10/26/08 01:43 AM
Job losses and rent declines stagger the market ~
For the past year, apartment buildings have been one of the few bright spots in the real-estate industry as people forced out of the home-buying market by foreclosures or the credit crunch have turned to renting.
But now the specter of job losses is beginning to spread the gloom into that sector as well. As would-be renters are doubling up in apartments or moving in with friends and families, rents and occupancy rates are beginning to fall in many cities.
In some of our complexes we have hesitated in … (6 comments)

akron: Thousands enjoy some phosphorescent secrets at Blossom -- A previous post of mine, which I thoroughly enjoyed - 10/26/08 01:34 AM
Jack Johnson, Mason Jennings and Money Mark performed at Blossom Music Center yesterday evening, and perform they did.
Money Mark opened with a fun, upbeat set that differed from the usual opening act. His warm style and positive beats got the melancholy crowd revved up.
Mason Jennings is, in a nutshell, a reincarnated Bob Dylan for this genenration. His smooth guitar and eclectic songs merge somewhat abstractly with his undualting voice to form what can only be desribed as a unique style all too himself. He was just what the audience needed before the main show!
With a … (0 comments)

akron: Dispersing the blow from the economy - 10/24/08 12:36 PM
As the waves of retribution resonate through our industry and other similar industries, the ramifications are loud and easily felt...
I have seen a handful of Commercial Real Estate Agents go elsewhere to other industries to seek salaried positions.
On the other hand, I have also witnessed numerous financial carnage, as layoffs, shutdowns, bankruptcies and fraud have shaken those employers to the ground...  Mortgage brokers, lenders, appraisers, construction, home builders, pest control, landscaping, etc...
I hope the comments have some silver linings my follow up will hopefully have a positive tinge as well.
(3 comments)

akron: PNC Bank to buy National City - 10/24/08 11:15 AM
I spoke with 2 employees of National City Bank today and they both were confident that the future looks solid and stable now and also said they were spending most of the day reassuring clients that were a little paranoid.
I certainly wish them the best and hope they continue with their employment in light of the anouncement that NCC is laying off 4,000 workers.  I would assume some cutback in addition to the employee layoff such as renegotiation of office space and reduction of branches.
The silver lining on this purchase for PNC is that they are the perfect suitor … (6 comments)

 
Sean Dreznin, Commercial Investment Real Estate Agent (NAI Tampa Bay)

Sean Dreznin

Commercial Investment Real Estate Agent

Sarasota, FL

More about me…

NAI Tampa Bay

Address: 12400 Seminole Blvd, Largo, fl, 33778

Office: (813) 872-7200

Mobile: 941-961-8199

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