Online Only Auction of 5 Unit Apartment Complex
This is an excellent opportunity to purchase a very well maintained 5 unit Apartment Complex
Located in Rock Valley, IA. with several long term tenants
This property has an Excellent Location
Location: 1000 19th Ave. Rock Valley, IA. or from Pump n Pak in Rock Valley, IA. go 2 blks East on Hwy 18 to 19th Ave. Property is located on East side of 19th Ave.
Auction signs will be posted!
Auction will open on Sept 12, 2018 at 8:00 A.M. and will close on Oct 2, 2018 at 6:00 P.M.
“The Real Estate Specialists” zomerauctions.com
Auctioneers note: We are honored to conduct this auction for the City of Rock Valley, IA. This property is very well maintained and features 5 individual apartments with the 4 of the 5 of the apartments having long term tenants. This property has been very well maintained and would make an excellent investment with an annual gross income currently of $29,000.00 plus dollars
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Abbreviated Legal Description: The W ½ of the S 1 acre of Lot 5, in the Auditor Irregular survey, subdivision and plat of the S ½ of Section 21 and that part of the NE ¼ of the NE ¼ of Section 28, Lying North of the Railroad, all in Twp 97N, Range 46W of the 5th P.M., in the Incorporated City of Rock Valley, IA.–subject to public utilities and any/all easements of record and public roads and Highways.
General Description: This is an unbelievable opportunity to purchase this high quality great Income Producing Property in a Progressive Community where the rental occupancy is nearly 100% full in all rental units and properties in Rock Valley, IA. This property contains 5 well maintained apartments. Each unit has its own kitchen/dining, living room, bathroom and one or two bedrooms. This property is in an excellent location and has concrete parking located in front of the units. This building also has a common income producing laundry area. Each unit has its own electric, heat and wall unit a/c and is metered separately. This complex was built in 1973 and has been extremely well maintained. This building has asphalt shingles and brick and hardboard exterior. This property was formerly owned and managed under Section 8 housing and therefore has been well maintained. This property currently provides $29000.00 plus annual gross income. This property would make an excellent investment opportunity and is located in progressive Rock Valley, IA.! Income producing properties of this type are hard to find. Contact the agents for rental income and property brochure.
Open house: Open house will be held on Sept 11, 2018 from 5:30 P.M. to 7:00 P.M. and Monday Sept 17, 2018 from 5:30 to 7:00 P.M. or by contacting one of the agents listed below.
Taxes: Currently the property was tax exempt for Real Estate Taxes as it is owned by a Government entity. The County Assessor estimates the future estimated taxes to be $4,800.00 per year.
Method of Sale: This will be an online only auction. Property will be sold in total dollars.
Possession: Possession will be on closing day November 1, 2018.
Terms: Successful bidders at close of auction agree to sign a purchase agreement within 24 hrs of final bidding closing with the following terms. A $25,000 non refundable down payment will be due immediately following the auction and the remaining balance will be due in full on November 1, 2018. This property is being sold as a cash sale, with no finance contingencies. Full payment will be due and payable on closing day when clear and merchantable title will be given to the buyer(s). This property is being sold as is where is with all defects and no warranties are expressed or implied. Buyer (s) also agree to honor the current owners agreement with Section 8 housing. Although all information is deemed reliable, all buyer(s) are encouraged to inspect the property and verify any information. All prospective buyers are encouraged to contact Rock Valley City Zoning for any permitted uses and future zoning questions. This property will be sold according to the terms in this ad and at zomerbid.com. The Sale is subject to the confirmation of the sellers and sellers reserve the right to accept/reject or negotiate final bid at close of auction. This transaction will only become binding upon written execution of purchase agreement between buyers and sellers. Auctioneers and Agents are representing the sellers in this transaction. Any announcements posted day of auction will supersede any advertising. Jenny Winterfeld-attorney for City of Rock Valley
City of Rock Valley, IA.–owners
Auctioneers and Agents:
Mark Zomer-712-470-2526 Darrell Vande Vegte-712-726-3428
Gary Van Den Berg-sales-712-470-2068–Ryan Zomer-sales-712-441-3970