Straight Street Apartments
46 units | Clifton
$225,000.00
This is a Court ordered sale and no contingencies will be accepted.
Delinquent taxes and Court costs owed are about $200,000. Offers less than that are a waste of time.
THE SALE:
The property is being offered for sale by the Court Appointed Receiver. Please see the bidding instruction section below before you submit your bid. The Receiver reserves the right to accept or reject any bid regardless of the price and terms. This sale is subject to final approval by the Hamilton County Court of Common Pleas.
THE PROPERTY'S CONDITION:
The Receiver, Broker and the Courts are aware of the condition of the property, hence the $225,000 price for 46 units within walking distance of UC. This property sold for $1,200,000 in 2005. There is no need to point out all of the deferred maintenance, damage and vandalism. We know that the property needs extensive rehab. Just take a look and make your best bid the first time.
The property is of course sold in completely AS-IS / WHERE IS CONDITION WITH NO WARRANTIES OR REPRESENTATIONS EXPRESSED OR IMPLIED. I can tell you the following about the property:
- It needs two new roofs, one is leaking badly and the other is starting to show some minor leaks.
- Both buildings have been vandalized and most of the copper plumbing has been stolen.
- While stealing the copper damage was done to the plaster, bathrooms and kitchens.
- The boiler in lower building worked fine last winter.
- The property has "newer" vinyl windows.
- The hot water heaters and boilers look "older".
- The parking lot appears "newer".
- Most A/C units have been stolen.
- Most appliances are in place and appear to be 5-10 years old.
- Most bathrooms appear to have "newer" ceramic tile that seems to be in good condition still.
At the end of the day it's a BIG project. I've received bids of approximately $300,000 to make repairs and get the property back into rentable condition.
THE PROPERTY:
LOCATION:
Straight Street Apartments are located at 650 and 660 Straight Street, Cincinnati, Oh. 45219 in the neighborhood of Clifton. Clifton is home to THE UNIVERSITY OF CINCINNATI as well as several hospitals and other businesses. Clifton is only a couple minutes to Downtown Cincinnati. The apartments are in walking distance to The University of Cincinnati.
UNIT MIX:
Straight Street Apartments is a total of 46 units.
- 26 One bedroom / One bath
- 10 Two bedroom / One bath
UTILITIES:
Water is master metered and paid by the owner.
Heat is supplied by gas hot water boilers distributed via baseboard radiators & paid by the owner.
Electric is individually metered to each apartment and is a 40 amp service.
A/C is supplied by electric through the wall air conditioners paid by the tenant.
Gas is paid by the owner and is used for cooking in each apartment.
THE BUILDINGS
There are two buildings, both are brick construction with three floors of living. Each floor has a center hallway that spans the entire length of the building. Both buildings have flat rubber membrane roofs. Each building has its own water heater, boiler, electric room, utility room and laundry room. The units on the first floor have linoleum tile floors and the units on the second and third floor have hardwood floors. There is ample parking in the rear of the buildings as well as on street parking and two means of egress.
THE BIDDING INSTRUCTIONS:
Click this link for a copy of the required contract and sales addendum.
This is a Court ordered sale and can have NO CONTINGENCIES except Court approval and clear title. In addition to the above contracts and addendum all offers must...
- NOT HAVE AN INSPECTION CONTINGENCY. This is an AS-IS sale, but you are more than welcome to inspect the property as much as you'd like with your contractors before you submit an offer. The property will be made reasonably available to you. An offer that contains and inspection contingency will be discarded.
- NOT HAVE A FINANCING CONTINGENCY. The only offer that will be considered is an all cash offer. On closing day the buyer will need to present a cashier check (or wire transfer) for the balance of the purchase price. Under no circumstance will the closing be delayed or the contract be extended if the buyer is not ready to close at no fault of the seller. Instead the Earnest Money will be promptly returned to the seller and the second place offer, as determined by the seller will be offered the property.
- NOT HAVE ANY CONTINGENCIES EXCEPT CLEAR TITLE AND COURT APPROVAL. Both of which are pre-written into the purchase contract.
- PROVIDE PROOF OF FINANCIAL CAPABILITY OF THE BUYER. Acceptable proof is a current copy of the buyers bank statement or a letter from the buyers bank stating that they have the funds matching their offer on deposit with a name and contact info for someone at the bank to verify.
|
|
|
.JPG)
.JPG)
.JPG)
.JPG)
