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LEON WEINSCHNEIDER

"007 Licensed to Sell"

ph. 305-812-1090
fax 305-865-6287

Optimar International Realty

736 Lakeview Drive

First Jewish Nursing Home in Cleveland Ohio
736 Lakeview Drive
Ohio, Cleveland

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PROPERTY PROFILE

736 Lakeview Drive
Glenville, Cuyahoga County
Cleveland, Ohio

History:

Was originally the first Jewish nursing home in Cleveland and operated as a Nursing Home for 70+ years before I renovated it as charter school 10 years ago.

As a result: eligible for roughly $3,000,000 to renovate historical landmark.

Owners Remarks:10/30/16

Presently zoned educational, but was previously a nursing home.

It is fully sprinklered. City wants it to be assisted living so they will back that.

Also, because it was a nursing home, it should easily be able to go back to that, as long as the changes to the rooms are made, such as adding the bathrooms.

There is a big push by the City of Cleveland to turn the school building that we operated for over 10 years into an assisted living facility.

There is no assisted living in the area for miles, which makes it a great opportunity. Large demand in the neighborhood for ALF and Nursing Home Beds.

Would all be Medicaid and eligible for HUD lending.

It was originally built as a Jewish nursing home (close to 100 years ago) and over the years it was updated with elevators and sprinklers.

We added cameras, low voltage wiring for computers and internet throughout, strobes and lights, fire doors, panic hardware, egress walkways, new heater, AC, etc. It has potential to be a huge project and make a lot of money. Plenty of water and bathrooms to link plumbing. It will require renovations to add bathrooms to each bedroom, but has quoted at $60 sf in rehab.


Opportunity Knocks:

There is no assisted living facility within 9 miles from location. Can be turned into Medicaid ALF for 80+ units. Need bathrooms added to each room. Welty Construction toured building a few times and said that conversion can be done without a lot of problems (estimated roughly $60 sf).

Cleveland, Grenville City, Cuyahoga County, are all behind project and are interested in helping fund project.

Grenville offered to give and add smaller vacant properties directly across the street to be also converted in Low Income Housing. Offered 25 year tax abatement to do project.



Price:................$2,600,000