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.
