More Information
This 29 unit apartment complex has 5 separate buildings (flats) and all are separate parcels. The apartments are single bedroom with off street parking and a basement in each unit. The new tenants are paying $385 per unit, which calculates to $133,980 total gross annual rent on 100% occupancy. There are only 7 vacant units at this time. Cap Rates on this investment at the minimum bid without calculating debt cost is 31%+. With a debt rate at $400K purchase, 20% down and 8% APR the Cap Rate is still over 20%.
Taxes have been reduced to just under $12,000 annually at the appeal of the bank. Each unit has separate utility connections so that each tenant pays their own electric, gas and water.
This property is sold free and clear of all encumbrances with limited warranty title. First American Title insurance company has completed the title search and will provide title insurance.
Please email me at john@irsauctioneer.com to request a copy of the PIP (property info package) that will include all property detail and auction terms & conditions.
Lot Size: See PIP for details
Annual Taxes: $ reduced to $12,000
Property Map
Basic Terms:
Lender approved auction with a minimum bid of $279,900 and a 10% buyer's premium. In order to bid you must bring a cashier's check made payable to "First American Title Co." in the amount of $10,000 which will become part of 0your non refundable deposit if you are the winning bidder. The total deposit required is 10% of the total purcahse price which will include the $10K initial deposit. The real estate is sold As Is with no contingencies. All inspections must be done prior to Auction. Close within 30 days. A 10% buyer's premium will be added to the high bid to obtain the final contract selling price. Full tax proration. Buyer pays buy side closing costs. Limited warranty deed given at closing with no liens or encumbrances.
Realtor Participation:
Realtor showings and cooperation are encouraged. For full compensation instructions, please request a Real Estate Agent registration package. In summary an agent must register their client at least 48 hours prior to the auction to be eligible for a co-op commission. An agent may register more than one buyers. The co-op commission offered is 2% of the high bid from the subsequent agent's registered client. All terms given day of the auction will supercede any written or verbal terms prior.