More Information
This property is offered in a 3-Tract multi-par auction. Tracts will be offered separately & together. See Nora Drive Apartments and Frazeysburg Commercial Land Auction listings for information on the additional assets offered. This is a fantastic Investor/Developer/Builder opportunity! Important Auctioneer's Note: This is not a forced sale and these are not distressed assets in any manner. Owner is re-structuring his portfolio and these real estate holdings do not fit his forward plan.
These units have a long history of very high occupancy and are currently 100% leased generating $187,000+ in annual rents!
This subject is situated on 16.24+/- Acres and includes:
~ (5) "Morning Dove" Doubles which are 1,344 Sq. Ft., 2 Bedroom, 2 Bath units with side entry, fully-equipped kitchen and 1-car garage. Rented from $795 to $815 per month.
~ (5) "Quail" Doubles which are 1,152 Sq. Ft., 2 Bedroom, 2 Bath units with front entry, fully-equipped kitchen and 1-car garage. Rented from $685 to $695 per monts
~ (1) 1,708 Sq. Ft. Modular placed on foundation in 2010. Home has 3 Bedrooms, 2 Baths, Hearthstone Kitchen and Fireplace Rented at $700 per month.
~ (84) Build-Ready lots. ALL utilitities and an advantageous Water-Tap Agreement are in place! These pads are ready to install Modulars, Mobile Homes or the highly profitable Mitchell Systems 4-Unit Townhomes. (Seller will provide proposal for the Mitchell Systems units).
~ 1,800 Sq. Ft. Clubhouse built in 2005. Amenities include 4-sided Fireplace, Billiard Room, Exercise Room, Fully-Equipped Kitchen, Commercial Grade Restrooms and an Office. Replacement cost is in excess of $250,000.
Online Bidding Link & Due Diligence Package will be attached to this listing on or before July 6th. Please check back or call auctioneers for additional information.
Lot Size: 16.24 Acres
Annual Taxes: $ 23,831
Property Map
Basic Terms:
Sells As-Is, with no contingencies for financing or inspection subject to highly motivated Seller's Confirmation on auction day. 10% buyer's premium will be added to the final bid to establish the contract selling price. Buyer pays all closing costs. Short tax proration. Guaranteed clear title. Rents prorated to the date of closing. Security deposits transferred to buyer at closing. Possession at closing subject to tenant's rights. If sold separately from contiguous Commercial Lot, Buyer of Lot will grant an Easement to Buyer of Shalimar Village.
DEPOSIT: In order to register to bid, you must present Photo I.D. and a Cashier's Check in the amount of $75,000 made to Ohio Real Estate Title which will become the successful bidder's non-refundable deposit. Checks of all non-winning bidders will be returned immediately after the auction. Winning bidder will be required to deposit the balance (if any) of 10% of the contract purchase price by personal or business check.
Deposit and Closing:
Balance shall be due at the time of closing on or before September 10, 2015 in the form required by Ohio Real Estate Title as closing agent.
Realtor Participation:
Buyer Broker fee available to licensee representing pre-registered successful bidder who closes on transaction. No private Realtor Showings are available as these units are 100% occupied. In order to collect said commission, you must:
1)Register your bidder no less than 48 hours prior to auction. (Realtor Registration Form Attached)
2) Accompany your client to a scheduled Inspection.
3) Accompany your client to the auction.
4) Guide buyer to closing.
NOTE: If bidding online, you must register your client prior to their registering online.
Disclaimer: Information contained herein was obtained from sources deemed reliable. However, neither Ohio Real Estate Auctions, LLC, Auctioneers nor their agents will be responsible for any errors or omissions regarding information provided by same. Announcements made at the auction will take precedence over written material or any other statements made prior to the auction. Buyers should carefully verify all information and make their own decision as to the accuracy thereof before relying on same.