Muscatine, Iowa COMMERCIAL REAL ESTATE AUCTION

Muscatine, Iowa

Auction held onsite at 116 Green Street, Muscatine, IA

THURSDAY, FEBRUARY 16, 2017 AT 10:00 AM

Open House on Thursday, February 2nd from 10-11am

Auctioneer’s Note: Opportunity to own a property with income potential or move your business into the available vacant space.

OFFICE / RETAIL COMPLEX AND VACANT LOT – SELLS IN TWO TRACTS

TRACT #1 - OFFICE / RETAIL BUILDING COMPLEX

The three unit complex was built in 2005 with 3,000 sq. ft.  The real estate features a large off street concrete parking lot with 12 car spaces.  Situated on a 70’ x 140’ lot. Currently zoned M-1.  A variance to allow residential apartments has been filed with the city, said variance has yet to be approved.

Unit #1 has an entry with six offices with carpet.  Restroom and a large storage closet.  Utility room with gas forced air furnace & central air, electric water heater & breaker box.  Rear alley exit door.

Unit #2 is currently rented and has retail or office space and a rear alley exit door.

Unit #3 has a large open office or retail area with concrete floors.  Handicap restroom and large storage closet with adjoining door to Unit #2.  Utility room with gas forced air furnace & central air, electric water heater & breaker box.  Rear alley exit door.

Not Included: Tenant’s items.

Real Estate Taxes:

Gross                                    $4,085.56

Bus. Credit                    ($1,560.42)

Net Taxes:                          $2,524.00 (Rounded)

Assessed Value:               $111,660

TRACT #2 - 70’ x 140’ VACANT CORNER LOT

Adjoining corner lot at the intersection of Green Street & Hershey Ave.  Currently zoned M-1 with the northern part of the lot zoned C-1.

Real Estate Taxes:

Gross                                    $1,173.42

Bus. Credit                      ($448.17)

Net Taxes:                             $726.00 (Rounded)

Assessed Value:               $32,070

TERMS: 20% down payment on February 16, 2017.  Balance due at closing with a projected date of March 31, 2017, upon delivery of merchantable abstract and deed and all objections have been met.

POSSESSION: Projected date of March 31, 2017. (Subject to tenant’s rights) REAL ESTATE TAXES: To be prorated to date of possession on the basis of the last available tax statement.  Seller shall pay any unpaid real estate taxes payable in prior years.

SPECIAL PROVISIONS:

~ Unit #2 is currently rented at $405 per month on a month to month basis and is selling subject to tenant’s rights.  The rent will be prorated to the date of possession.  It is the responsibility of the new buyer to give tenant notice, if so desired.

 ~ This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.

~ This auction sale is not contingent upon Buyer’s financing or any other Buyer contingencies.

~ If one buyer purchases more than one tract, the seller shall only be obligated to furnish one abstract and deed. (husband & wife constitute one buyer)

~ If in the future a site clean-up is required it shall be at the expense of the buyer.

~ The buyer acknowledges that he/she has carefully and thoroughly inspected the real estate and is familiar with the premises. The buyer is buying this real estate in its "as is" condition and there are no expressed or implied warranties pertaining to the same.

~ Any announcements made the day of sale take precedence over advertising.

Owner: Green Street Development LLC

First National Bank – Executor of Jerry Ross Estate

Michael C. Wilson – Trust Officer

Duane J. Goedken – Attorney for Jerry Ross Estate
John R. Eichelberger – Attorney for Donne Wagner

For information contact Nate Larson of Steffes Group, 319.385.2000 or 319.931.3944 (cell)