Property Location:
559 Elberon Ave.
Cincinnati (Price Hill), OH 45205

12 UNIT MULTI-FAMILY APARTMENT BUILDING
NO REQUIRED STARTING BID

This exciting offering is a 12 unit, fully rented, brick masonry apartment complex located in the East Price Hill area of Cincinnati. The building contains (6) single bedroom units and (6) two bedroom units. Each unit comes with a stove, refrigerator, and small storage locker. Each unit also has a private balcony. The building is heated by hot water boiler and cooled by thru wall A/C units in each apartment.

According to ownership, the property is generating approximately $6,200 per month with ownership paying for heat and water. Each unit has its own electric meter. 2013, 2014, & 2015 Operating Statements have been furnished by ownership and are available for viewing at the links below.

The building has coin op washers and dryers that belong to a third party vendor which pays ownership a percentage of the income each month. There is also a 2 car detached garage on the property which has previously been rented for $1500 per month, but is currently being used by ownership for storage.

The property is zoned RM-2.0. According to the City of Cincinnati Zoning website, this zoning subdistrict is intended to provide for a medium density mix of residential housing predominantly duplexes and multi-family on lots that have already been platted. The scale of buildings is generally similar to a large single-family home on a small lot. Where land is assembled, the same scale should be maintained. The minimum land area for every dwelling unit is 2,000 square feet. Copies of the RM zoning codes are available for download on our website at www.SempleSells.com.

According to the Hamilton County Auditor, the property has an annual real estate tax of approximately $7,370.00. The property is identified as PID # 1760021003400.

HIGHEST BID WILL BE PUT ON CONTRACT
NO REQUIRED STARTING BID

Interior inspection will be November 28 (3-4PM)

Property Disclosure

2015 Operating Statement

2014 Operating Statement

2013 Operating Statement

Zoning

Note: This auction will be conducted through our partner company’s website www.AssetIQllc.com

Auction Location: The live auction will be conducted from our webcast studio at 278 N. Third St., Williamsburg, OH 45176 on Thursday December 8 beginning at 12:01PM. You can attend the live auction and participate or bid in real time from your computer or mobile device by logging on and registering at www.SempleSells.com.

Registration: All bidders, whether in the room or over the Internet, must register to participate in the auction. Each registrant is responsible for any purchases made on their account.

Buyer Premium: A ten percent (10%) buyer premium shall be added to the high bid amount to determine the full purchase amount to be paid by the purchaser. The Full Purchase Price for the real estate is defined as the sum of the final bid amount acknowledged and accepted by the Auctioneer, plus the ten percent (10%) Buyer Premium on the high bid amount.

Payment: A 10% deposit is required at the auction conclusion. The deposit is based on the full purchase amount and the balance of the full purchase amount shall be paid at a formal closing within 30 days, or by January 9, 2017.

Live In-Studio Bidding: A government issued ID with a picture (such as a valid driver license) is required to register for in the room bidding. Registration begins at 11:00 AM on day of auction. The purchaser(s) will be required to deposit 10% of the purchase amount as a down payment by personal or corporate check and sign a Contract to Purchase immediately after being declared the high bidder. The purchaser(s) shall also be required to sign the provided personal demand note for the amount of the purchase price to secure the contact. Real Estate taxes will be pro-rated to the date of closing. Property is selling free and clear with insurable title.

Internet Bidding: If the purchaser is an Internet bidder, the Contract to Purchase, Agency Disclosure, and Demand Note shall be emailed at the conclusion of the auction and must be signed and returned by email or fax within 24 hours. The required 10% deposit shall be paid by wire transfer or cashier check mailed or delivered to Semple International, 278 N. Third St., Suite A, Williamsburg, OH 45176 and received by December 12, 2016 @ 12:00 Noon. If either the deposit or contract with ancillary paperwork are not received by December 12 @ 12 Noon, the Purchaser agrees to allow an additional nonperformance charge of $5,000. To wire transfer the deposit please contact Cindy Chambers at 513.724.1133 during normal business hours for wiring instructions.

Collection and Attorney Fees: In the event Semple International, Inc. has to engage counsel or collection companies to assist in enforcing any part of the auction terms and conditions or collection of all or part of the down payment or full purchase amount from any attendee, bidder, Buyer, or other such party, Buyer or other such party shall be responsible and agrees to pay for all reasonable fees including without limitation attorney fees, collection costs, and all expenses incurred by Semple International, Inc. including without limitation costs and expenses relating to evaluating, analyzing, assessing, enforcing, preparing for and conducting litigation of any kind or nature whether or not legal proceedings are commenced.

Property Inspections: All property inspections and other buyer desired due diligence must be performed prior to bidding. The property is being sold in “as is, where is, condition with caveat emptor/all faults”.

Interior Inspections: Because the building is fully rented, the formal interior inspection shall be December 5
(11AM – 1:00PM). During this time a representative of the auction firm will be on the premises to show prospective purchasers a couple units whose tenants have provided access as well as the mechanical room and garage interior. Additional showings may be by appointment with auction manager but with a minimum of 48 hour notice to the tenants. However, the tenants may not make any units available for interior inspections during these additional times.

Closings/Possession/Taxes: Closing shall take place on or before and no later than January 9, 2017.The closing shall take place at a Buyer designated title company, attorney office, or bank, any of which shall prepare the closing statement for review and approval. The real estate is selling free and clear of any and all liens. Buyer shall receive insurable title. The property will be conveyed by General Warranty Deed. Possession will be given to the purchaser at closing. Real Estate taxes will be pro-rated to the date of closing.

Agency: Semple International, Inc., its agents and employees are acting exclusively as agent for the Seller.

Buyer Broker/Agent Co-Op Commission: A 2% buyer broker/agent commission is offered to Ohio licensed real estate brokers/agents. Brokers/Agents must register their client with auction firm on auction firm approved forms at least 24 hours prior to the auction event.

BROKER / AGENT PARTICIPATION FORMS

Note: Information contained in this brochure and the Property Information Packet was obtained by sources deemed reliable. However, neither Semple International, Inc. nor their agents will be responsible for any errors or omissions in information provided by same. Announcements made at the auction will take precedence over written material or any other oral statements made prior to the auction. Buyers should carefully verify all items and make their own decision as to the accuracy thereof before relying on same.

For directions to the auction location please see the map quest link below.