He turns to Internet after property languishes on the market
By Marilyn Miller, Beacon Journal business writer
2-5-08
Can't get rid of a building? Try eBay. That's what one downtown Akron property owner, Jeremy Caudill, is doing.
After his property sat a year on the market with no serious takers, he's turning to the Internet trading site.
Caudill listed a 30-day option to sell his property at 323 and 325 S. Main St. across from the Canal Park baseball stadium.
''It's a perfect location, across from the ball field, but when Jillian's and Piatto's closed, that took away a lot of the foot traffic. I just ran out of money,'' said the former National Guard member, who was a firefighter during active duty in Bosnia.
Kaiser Building is the name on the structure, alongside the year it was built, 1877. As of today, it has been on eBay for 28 days. ''So far, I've had 780 hits from so many different states and 150 bids, but the best offer is for $550,000 from an out-of-town buyer. I just might have it sold,'' Caudill said.
Listings on eBay show more than 1,000 pieces of real estate, including residential, time shares, condominiums, a water park, a drive-in theater and a fishing lodge in Alaska. There are more than 80 commercial listings.
Caudill said the building was appraised at $820,000 when he took out a construction loan in 2005, when he bought the structure for $650,000. He estimates the empty building will be worth $2.4 million after renovation. It has 15,834 square feet.
''I wish I had the ability to hold onto it, and not leave it an eyesore, but I ran into cash-flow problems,'' Caudill said. ''I've seen a lot more activity on the property since I've been more involved. I'm working every avenue.''
Caudill, 34, of Akron, said he got involved in buying properties five years ago and owns about 40, mostly houses in Summit and Stark counties.
He said he had big plans for the Main Street building, including ''condos on the third floor, offices on the second and retail on the first floor.''
''At one point, I almost had Starbucks moving in. I might have been able to find the money to save the building if I could have landed that deal,'' he said.
The property, listed on eBay as item number 320204929045, is advertised this way: ''This building is a great investment!!! It can be used as a mixed-use facility. Three floors of space with loft apartments on the top floor. Historic Block and Brick building built in 1877. New roof and new windows (not installed). Historical Tax Credit available. Up to $30,000 in grant funds available through city programs.''
Caudill, whose company is JJC Investors Inc., said he owes $350,000 on the property.
According to tax records, back taxes and penalties are also due, amounting to $33,513.09.
The offer of $550,000 comes from Colorado. ''He couldn't believe the price. Compared to the price of buildings out West, the man called this a steal,'' Caudill said.
Marilyn Miller can be reached at 330-996-3098 or 800-777-7232 or mmiller@thebeaconjournal.com
