Ace Residences

Investment Overview

Marcus & Millichap is pleased to present Ace Residences, a 25-unit (45 bedroom) former Baldwin Wallace University residence hall offered vacant and positioned for conversion to market-rate apartments. Originally built in 1932 and substantially renovated in 1963, 1996 and 2012 (earning LEED Gold certification in 2014), this is a rare opportunity to acquire a well-maintained, institutionally overhauled building with, modern systems and an existing residential layout, delivered vacant in a submarket with strong renter demand.

The current residential unit mix is: 1 one-bedroom, one bath, plus 25 bedrooms consisting of 7 singles, 16 doubles and 2 triples (total capacity of 45 beds). The existing 1 BD/1BA unit has a private full kitchen and living area, which can be occupied and generate revenue immediately. 15 of the 16 double room units have a private half bath, which should reduce the scope and cost of unit-by-unit bathroom build-out.

Located at 77 W. Bagley Rd to property sits adjacent to Baldwin Wallace University, with walkable access to the campus, Front Street's shops and restaurants, and the Cleveland Metroparks' Rocky River and Mill Stream Run Reservations. It is just over 2 miles from the Cleveland Browns Practice Facilities, 3 miles from Cleveland Hopkins International Airport, and roughly 15 miles from downtown Cleveland via I-71 and I-480. Most significantly, the property is 10 minutes from the new Cleveland Browns $2.6 billion stadium and lifestyle center in neighboring Brook Park. Construction is underway at the 176-acre site and will ultimately include apartments, hotels, shops, restaurants and park space, with the venue opening for the 2029 NFL season.

Existing building features include: fully modernized, high-efficiency electric and plumbing, air conditioning and heating (PTAC units), modern hydraulic elevator, motion sensor common area lighting, hardwired security camera systems, controlled digital access, automatic entry doors, hardwired smoke detectors and fire sprinklers. Solar panels are installed on the roof helping reduce annual electric costs.

Community amenities include: shared bathrooms and shower facilities on all floors, laundry facilities with new machines (owned by building), a shared kitchen and dining lounge, study lounge, gaming lounge, indoor and outdoor bike storage, and a grill/picnic area. The offering also includes a separate 9,156 SF (0.21-acre) parcel directly across Bagley Road providing 10–12 additional dedicated surface parking spaces, in addition to the four on-site spaces with room to expand.

Investment Highlights

• Rare chance to acquire an exceptionally located, well-maintained, institutionally renovated student housing facility
• Building earned LEED Gold Certification after Baldwin Wallace University’s $1M+ renovation in 2012
• 10 Minutes from the new Cleveland Browns $3.6 billion stadium and entertainment district (opening in 2029)
• Offered completely vacant giving new owner the ability to immediately convert to market rate apartments
• Adjacent to Baldwin Wallace University with walkable access to campus, local shops, restaurants, and parks
• 3 miles from Cleveland Hopkins International Airport, and roughly 15 miles from downtown Cleveland