New London, IA - REAL ESTATE AUCTION

Auction held on site at 409 East Madison

Open House on Wednesday, May 31st from 5-6pm

FOURPLEX

Located at 409 East Madison, New London, IA

This fourplex has $1,600 gross income per month!  This fourplex has a total of 3,493 sq.ft of living space and is situated on a 140’x155’ lot.  Apartment #1 is the main level 3 bedroom apartment with a kitchen with refrigerator & stove, full bath, washer & dryer & gas furnace.  Apartment #2 is the upstairs 2 bedroom apartment with a potential 3rd bedroom, kitchen with refrigerator & stove, 3/4 bath & gas furnace.  Apartment #3 is the downstairs 2 bedroom apartment with kitchen with refrigerator & stove, full bath, washer & dryer & gas furnace.  Apartment #4 is the downstairs one bedroom apartment with a kitchen with refrigerator & stove, full bath, washer & dryer & electric furnace.  There are 2 gas hot water heaters that services the fourplex.

Apartment #1 is currently rented for $425 per month

Apartment #2 is currently rented for $425 per month

Apartment #3 is currently rented for $450 per month

Apartment #4 is currently rented for $300 per month.

The landlord pays for the water/sewer and the tenant pays the electric and gas.

Included:(4) Refrigerators, (4) Stoves, (3) Washers & (3) Dryers

Real Estate Taxes:

Gross/Net: $1,966.00 (Rounded)

Assessed Value: $59,700

TERMS: 20% down payment on June 14, 2017.  Balance due at closing with a projected date of July 28, 2017, upon delivery of merchantable abstract and deed and all objections have been met.

POSSESSION: Projected date of July 28, 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:

~ 409 East Madison, New London – All Units are currently rented on a month to month basis and is selling subject to tenant’s rights.  The rent will be prorated to the date of possession, any security deposits, if any, will be transferred at closing.  It is the responsibility of the new buyer to give tenants 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 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: Tyson J. Niles

Sara L. Haas – Attorney for Seller

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