34-Unit Apartment Complex - Somerset County PA

34-Unit Apartment Complex - Somerset County PA

34 Unit Apartment Complex Up for Public Auction!

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Property Tour - Monday, October 11th from 11AM-1PM

Please Note - This property will be offered individually AND in combination with 70 Grant St. Sailsbury, combination bid price must exceed the indiviual property amounts to be sold as a combination. 

Phenomonal Income Producing Opportunity! Originally built by the Federal Government as a subsidized living complex in 1992. Property is generally 95% occupied - currently has about 75% occupancy with subsidized rentals and 25% public rentals. Those tenants in the subsidized program are still receiving Government assistance. 

Somerset County

Subsidized Housing - Voucher Program

(+/-) 5 Acre Property

34 Units

All One Bedroom/One Bathroom Units

2 Story Complex - Total Building SF - 29,904

Frame/Brick Built Property

Off Street Parking

Property is Very Well Built - Originally Built by the Federal Government

Property Consists of - 

Furnished Gathering Areas

TV Rooms

Kitchens for Parties/Picnics

Coin Operated Laundry Areas

Office/Maintenance Areas

Elevator - Serviced Twice Per Year (Buyer will assume service contract)

Emergency Pull Cords in Rooms if Tenants become Disabled

Sprinkler System

Rental Income - $500 per Month

$17,000 per month

$204,000 per year

Expenses - Approx. $89,500

Cleaning - $4,800

Pest Control - $1,200

Insurance - $7,200

Water/Sewer - $13,200

Electric - $13,200

Elevator Maintenance - $1,500

Taxes - $22,000

Lawn Care/Snow - $7,200

Salaries - $19,200

Terms - In order to become a registered bidder at the auction, each buyer must show $50,000 Certified Check (Made Payable to Fortna Auctioneers) on the day of the auction. At the conclusion of the auction, the winning bidder must provide a personal/business check for the remaining deposit money, totaling 5% of the purchase price with the balance due in 45 days. Property is sold in the As-Is condition. A 10% buyer premium will be added to the high bid price and become part of the purchase price. The buyer is responsible for the 2% PA real estate transfer tax. 

This property will be offered individually AND in combination with 70 Grant St. Sailsbury, combination bid price must exceed the indiviual property amounts to be sold as a combination.