MASSILLON – The downtown 59 Duncan Place building got a high bid of $ 1.95 million on Wednesday afternoon, closing a three-day online auction.
However, this amount does not appear to correspond to an unspecified reserve price required to complete a purchase. It is not known if any second chance offers were made.
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Cody Carey, an associate broker at Colliers, a real estate brokerage and investment management services firm, told The Independent on Tuesday that the building at 59 Lincoln Way E could be relisted if the desired price was not not reached.
He did not immediately return a phone message on Wednesday after the auction.
In the last 30 minutes of the bidding process, the amount went from $ 1.5 million to $ 1.95 million. Bids were initially placed in increments of $ 100,000, followed by those of $ 50,000 each.
The offers were accepted until 1:18 p.m. Wednesday by Colliers via www.Ten-x.com. The original 1 p.m. deadline for making bids was extended as late bids arrived.
The 68-unit, 82,000-square-foot apartment property is located along Lincoln Way E and First Street SE, across from Duncan Plaza and the Massillon Museum.
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The commercial structure, built in 1920, last sold for $ 1.77 million in January 2018. Stark County had valued the property for $ 1.95 million this year. It is currently owned by Massillon Center LLC of Ypsilanti, Michigan, according to county land records.
Stark County businessman, owner didn’t make an offer
Jeff Doll, owner of Jeff’s Motorcars Inc., told The Independent on Wednesday that he was not making an offer on the Duncan Building, citing an inadequate parking situation.
“It’s a cool building, but what concerns me is the parking,” Doll said, adding that many residents of the building park their cars along public streets or don’t own vehicles.
The Duncan Building spans 0.21 acres and does not have dedicated residential parking.
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Doll owns many famous buildings in Massillon, including the Social at the Stone House on Lincoln Way E; Chloe’s Diner on First Street NE; the structure that houses Margarita’s Mexican Grill & Cantina on Lincoln Way W; and the multi-purpose building that houses Tremont Coffee Co., Tremont Creamery and the 41 Club on Erie Street N.
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On Twitter: @sgrazierINDE