BURLINGTON, IOWA REAL ESTATE AUCTION
Begins:
Monday, May. 13th 2024 at 12:00 AM
Ends:
Thursday, Jun. 13th 2024 at 10:00 AM
Burlington, Iowa
REAL ESTATE AUCTION
(Selling Online Only)
BIDDING ENDS THURSDAY, JUNE 13TH, 2024 at 10:00 A.M.
1901 Madison Avenue, Burlington, Iowa
Open House/ Inspection: Tuesday, May 28th from 4:30 – 6 P.M.
Prime Income-Generating Property: Commercial Building with Turnkey Business & Apartments
Welcome to an exceptional investment opportunity at the bustling intersection of Madison Ave. and Harrison St. This income-producing commercial building is strategically positioned in a highly visible area, boasting a turnkey laundromat on the main floor and two upstairs apartments.
Features:
- Turnkey Laundromat: The main floor of this property features a turnkey laundromat, ready to be revitalized and operationalized for immediate income generation. Alternatively, the space offers versatile potential for various business, commercial, or office purposes, catering to your entrepreneurial vision.
- Residential Units: Upstairs, you’ll find two one-bedroom apartments, each contributing to the property’s revenue stream. BOTH UNITS WILL BE VACANT AT TIME OF CLOSING!
- Building Improvements: Enjoy peace of mind with building upgrades, including maintenance free vinyl siding, many replacement windows throughout the building and an architectural shingled roof.
- Independently Metered Utilities: Efficiency is key. Gas and electric utilities are separately metered, ensuring that tenants take responsibility for their usage. The landlord’s obligations are limited to trash and water expenses, simplifying management.
- Convenient Parking: Convenience is paramount. In addition to ample street parking, the property features a rear parking lot, providing ease of access for tenants and customers alike.
Auctioneer’s Note: Don’t miss out on this rare opportunity to own a lucrative piece of real estate in a highly sought-after location. Whether you’re looking to expand your investment portfolio or establish your business presence, this property offers the perfect blend of income potential and versatility. We strongly encourage all interested parties to attend the open house or schedule a private showing. This Auction will be conducted Online Only, whereas each bidder can conveniently bid with an electronic device from anywhere.
Terms: Immediately following the auction, the winning bidder(s) will be required to sign a real estate sales contract and pay a nonrefundable $10,000 earnest money deposit, which is due at the end of the auction with the remainder due on or before July 15, 2024. The seller will provide a current abstract at their expense. Real Estate and equipment sells “as is, where is”. Sale is not contingent on Buyer’s financing, an appraisal, inspections or any other contingencies and Buyer accepts any remaining personal property at closing. Sale is subject to Seller’s confirmation.
Real Estate Taxes: Annual taxes in the amount of $1,662 will be prorated to the date of closing.
Closing: Closing will take place on or before July 15, 2024. The balance of the purchase price will be payable at closing by guaranteed check or wire transfer.
Inclusions: All laundromat equipment, vending machines, and apartment appliances. (Please note that the laundromat has not been operational for a few years and the condition of the coin operated machines is unknown).
Leases & Rent Payments: BOTH UNITS WILL BE VACANT AT THE TIME OF CLOSING!
Possession: At closing upon payment in full, subject to tenants’ rights.
NO REAL ESTATE BUYERS PREMIUM!
Registration: Visit www.fraiseauction.com to register and bid today!
BLACKMARK LLC – SELLER
Brian Helling of Aspelmeier Law Firm – Representing and Closing Attorney for Seller
Auction Conducted by:
Fraise Auction & Real Estate
319-367-5744
Open House/ Inspection: Tuesday, May 28th from 4:30 – 6 P.M.
1901 Madison Avenue, Burlington, Iowa
NA
COREY FRAISE 319-470-0115