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INCOME PRODUCING MULTI-FAMILY APARTMENT AUCTION

APARTMENT COMPLEX
Auction #169124
Description

AUCTION CANCELLED- SALE PENDING

Ended Fri, Jan, 22nd 11:59 PM America/Chicago

Populating lots for archived auction...

Description

PUBLIC REAL ESTATE AUCTION OF APARTMENT COMPLEX

 AUCTION CANCELLED- SALE PENDING

BAY TERRACE APARTMENTS

 

530 ALHAMBRA DR AND 915 COLLEGE DR, ANDERSON, IN 46012

 

 

 

GALLIVAN, IN ASSOCIATION WITH VALENTI REAL ESTATE SERVICES, IS PROUD TO OFFER THIS APARTMENT COMPLEX AT PUBLIC AUCTION.  THE PROPERTY IS CURRENTLY AN INCOME PRODUCING INVESTMENT. 

 

530 ALHAMBRA DR- THIS PROPERTY, 4 BUILDINGS, 25 UNITS, WILL BE SOLD AT ABSOLUTE AUCTION, WITH NO RESERVE IF SOLD BY ITSELF.

 

915 COLLEGE DR- THIS PROPERTY, 1 BUILDING, 7 UNITS, WILL BE SOLD WITH A START BID OF $40,000. 

 

IF BOTH PROPERTIES SHOULD SELL TOGETHER TO ONE BUYER, THEY WILL BE SOLD WITH A START BID OF $40,000. 

 

THE PROPERTIES WILL BE OFFERED AS A PACKAGE, AND THEN OFFERED SEPARATELY.  IF THE ENTIRETY IS A HIGHER BID, THE INDIVIDUAL BIDDERS WILL BE ALLOWED TO RAISE THEIR BID PRICES TO EXCEED THE ENTIRETY BID.  IF THE iNDIVIDUAL OFFERS ARE HIGHER THAN THE ENTIRETY BID, THE ENTIRETY BIDDER WILL HAVE THE ABILITY TO RAISE THEIR BID TO EXCEED THE INDIVIDUAL BIDS.  THE BIDS MUST BE A MINIMUM OF $1000 HIGHER THAT THE OTHER OPTIONS HIGH BID.  THIS WILL CONTINUE UNTIL THERE IS AN ENDING HIGH BID, EITHER INDIVIDUALLY OR AS AN ENTIRETY. 

 

 

 

 

Building/Location:

Bay Terrace Apartments

530 Alhambra Drive and 915 College Drive

Anderson, Indiana

 

Property Description:

The Property consists of four parcels of land, two parcels at 530 Alhambra Drive and two parcels at 915 College Drive.  The total combined acreage is approximately 2.18 acres.  The improvements consist of five freestanding buildings of 3 levels each; four buildings are located at 530 Alhambra Drive and one building is located at 915 College Drive. 

 

Year Built:

1970

 

Total Number of Units:

 

34

Unit Mix:

21 – Two Bedroom / One Bath

9 – One Bedroom / One Bath

4 – Studio (1 currently being used as on-site office)

 

 

 

Parcel ID #:

48127401037000003

48127304157000003

48127304154000003

48127304156000003

 

Real Estate Taxes:

$16,112 (2009 payable 2010)

 

 

 

 

Current Damage: 

The sewer back-up damaged the lower units in all four Alhambra Bldgs. Specifically affecting

 

A             1,2

B             1,2, 7

C             1,2,7

D             1,2,7

 

“Black water” remediation was accomplished which involved the removal of drywall, flooring, cabinetry, appliances, etc. in these units.  No after-remediation repairs were done.

 

Subsequently, the hot water boiler in D failed and the owner elected not to have it repaired.  All remaining tenants in D moved out.  Thieves broke into the unoccupied D bldg stealing metal and other components causing additional damage to this building. This bldg. is boarded up in effort to discourage more break-ins.

 

We were informed that the City of Anderson will probably require the installation of a sewer back-flow prevention device on the private side of the collection system in order to obtain any building permits.

 

 

 

 

Property & Neighborhood Description

PROPERTY DESCRIPTION

 

The subject property is comprised of four parcels with a combined size of approximately 2.18 acres; 1.7 acres at Alhambra Drive and 0.48 acres at College Drive. It contains five freestanding buildings each with an estimated area footprint of 2,349 square feet (29 Ft X 81 Ft). Four buildings are located at 530 Alhambra Drive and one building is located at 915 College Drive. The buildings were constructed in 1970.  One of the five buildings (Building C) was recently rehabbed and available for occupancy in June 2010.  Construction is wood frame with brick exteriors and asphalt shingle roofs. All buildings were believed to have been re-roofed in 2000. All buildings have common laundry rooms with a coin operated washer and dryer. All buildings have gas-fired hot water heating systems.  Each apartment unit is equipment with a thru-the-wall air conditioner.  Heating is provided by gas central boiler with base board radiant heat.  There is one boiler in each building.  Units are separately metered for electric. 

 

Each building has three levels with two upper levels and one lower level.  On-site laundry rooms are located in the lower level of each building.  There are twenty-one (21) – two bedroom/one bath units, nine (9) – one bedroom/one bath units and four (4) – studio units.  One of the studio units is currently used as an on-site rental office.  Market rent is $550 per month for the two bedroom/one bath units, $500 per month for the one bedroom/one bath units and $299 per month for the studio units. 

 

 

NEIGHBORHOOD DESCRIPTION

 

 

The subject property is located just off Scatterfield Road (SR 9) and is within ½ mile of Anderson University and a mile of Mounds Mall.  There are many retail, shopping and restaurant amenities along Scatterfield Road which are within close proximity to Bay Terrace.  Anderson, Indiana is located approx. 20 miles north east of Indianapolis just off I-69.  Anderson’s 2005 population estimate of 57,500 ranks it as Indiana’s 11th largest city.  2008 Median Household Income is estimated at $36,936.   Majority of employment is in manufacturing, health care, service, education and construction sectors.  Largest employers include Remy International, Reman Holdings, Anderson Community School Corporation, Community Hospital of Anderson, St. John’s Hospital and the city of Anderson.      

 

 TERMS OF SALE:  $5000 NON-REFUNDABLE DEPOSIT PER PROPERTY IN CERTIFIED FUNDS OR CASH REQUIRED FROM WINNING BIDDER.  THERE WILL BE A 10% BUYERS PREMIUM ADDED TO YOUR HIGH BID PRICE TO DETERMINE THE TOTAL PURCHASE PRICE PAID.  FULL PAYMENT MUST BE MADE WITHIN 30 DAYS AT CLOSING.  FOR FULL TERMS, PLEASE SEE ATTACHED TERM SHEET.