32-Unit Apartment Complex - Somerset County PA
32 Unit Apartment Complex Up for Public Auction!
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Property Tour - Monday, October 11th from 11AM-1PM
Please Note - This property will be offered individually AND in combination with 100 Berlin Manor Rd. Berlin, combination bid price must exceed the indiviual property amounts to be sold as a combination. This property will be sold at approximately 11:30AM on site at 100 BERLIN MANOR BERLIN, PA.
Phenomonal Income Producing Opportunity! Originally built by the Federal Government as a subsidized living complex in 1992. Property is generally 95% occupied - currently has about 60% occupancy with subsidized rentals and 40% public rentals. Those tenants in the subsidized program are still receiving Government assistance.
Property Address - 70 Grant St. Salisbury PA 15558
Subsidized Housing - Voucher Program
Somerset County
One Square Block
2 Story Well Maintained Structure
32 Unit Apartment Building
Total Building SF - 23,859
Property Consists of -
Gathering Areas for Parties/Picnics
Coin Operated Laundry Room
Office/Maintenance Area
Elevator - Serviced Twice Per Year (Buyer will assume service contract)
Sprinkler System
Emergency Pull Cords in Rooms if Tenants become Disabled
Property Located next to Veterans War Memorial
Rents - $600 Per Unit Per Month
$19,200 per Month
$230,400 per Year
Expenses - $77,420 Per Year
Pest Control - $1200
Cleaning - $2400
Garbage - $1920
Water/Sewer - $13,200
Electric - $10,800
Taxes - $20,000
Elevator Maintenance - $1500
Salaries - $19,200
Insurance - $7,200
Terms - In order to become a registered bidder at the auction, each buyer must show $50,000 Certified Check (Made Payable to Fortna Auctioneers) on the day of the auction. At the conclusion of the auction, the winning bidder must provide a personal/business check for the remaining deposit money, totaling 5% of the purchase price with the balance due in 45 days. Property is sold in the As-Is condition. A 10% buyer premium will be added to the high bid price and become part of the purchase price. The buyer is responsible for the 2% PA real estate transfer tax.
This property will be offered individually AND in combination with 100 Berlin Manor Berlin, combination bid price must exceed the indiviual property amounts to be sold as a combination.
