Huge Commercial Building – Prime Redevelopment Opportunity No Reserve

$ 0.01

Description

No Reserve • $.01 Start • High Bid + $495 Deed Fee = Total Amount DueEXCEPTIONAL INVESTMENT OPPORTUNITY! 619 Porter Street | Kalamazoo, Michigan The possibilities are endless with this historical Kalamazoo commercial building. This well positioned property is located on the only remaining section of Kalamazoo’s vintage red brick road and is in the middle of an active industrial area featuring such businesses as Alumilite, Adams Outdoor Advertising, and Biomat USA. This is a rare chance to own a building that has tremendous potential and a favorable upside for the opportunistic investor. Originally constructed in 1910, this 26,392 square foot, two-story building was built by and once home to Clarage Fan Company. The property is zoned either for industrial or light manufacturing applications. The current market value as placed by the city assessor, values the property at $97,600 (with an SEV of $48,800). This is a number established by a government official and not by a third party hired by the seller. The adjoining property to the south, which is 10,000 sq ft smaller, sold most recently for $145,000 and is currently occupied. Current rates for comparable commercial and industrial rentals in the area, range between $2.00-$5.00 per square foot, per year, at “Triple Net” rates (tenant is responsible for taxes, insurance, and maintenance). Feel free to visit Loopnet for up-to-date rental rates in the Kalamazoo area. Once redeveloped, this prime location could provide up to $131,960 per year of net income to the opportunistic investor. Because of the prime location of this property, the city of Kalamazoo would appreciate an investor willing to redevelop the property for active use and job development. An interested investor would be well advised to contact the city for more information about grant funding, redevelopment requirements, and other prudent information. We are unable to provide a detailed scope of work and would recommend the buyer to visit the property to establish what is necessary to bring this building back to life. We have provided numerous photos and satellite imagery of the property and this will give you a very good representation of its current condition. We do not have any photos of the inside of the building.We have developed a very streamlined system to make this real estate purchase your easiest ever. Please do your part and read the entire listing before placing your bid. At the bottom of the page we have included important information such as: our Easy Five Step Closing Process, International Bidder information, information for Bidders w/ less than 5+ Feedback, Non Paying Bidder Information, and our Terms of Sale. All building photos PERSONALLY taken 9/2011. Please be considerate of other bidders, and the seller and bid only if you are certain of your willingness and ability to make timely payment. (left) Alumilite Building Across Street, (right) Newly Built Homes only 100 Yards Away! State: Michigan County: Kalamazoo Address: 619 Porter Street, Kalamazoo, Michigan Legal Description: 1798 ORIGINAL PLAT PART OF BLOCK 39 COM AT SE COR BLK 39 SD PLAT, TH N 0DEG 18MIN 00SEC E 175FT ALG E LI SD BLK TO PL OF BEG, TH W 73.07FT PAR WITH S LI SD BLK, TH S 20.64FT PERPENDICULAR WITH SD S LI, TH W 11.40FT PAR WITH SD S LI, TH N 0DEG 36MIN 50SEC E 175.32FT TO N LI SD BLK AT A PT 83.40FT WLY OF NE COR SD BLK, TH S 89DEG 50MIN 20SEC E 83.40FT ALG SD N LI TO SD NE COR, TH S 0DEG 18MIN 00SEC W 154.44FT ALG E LI SD BLK TO PL OF BEG. CONTAINING 13,196 SQ FT IFT 8882112Parcel Identification Number: 06-15-261-005 Square Feet: 26,392Stories: TwoBuilding Height: 30′ Year Built: 1910, remodeled 1982 Lot Size: .30 acres Zoning: Industrial M-1 Deed: Seller received and will convey via a Quit Claim Deed Taxes: Seller has paid taxes through 2010. The buyer will be responsible for 2011 taxes ($1,896.69 Summer, and $1,667.79 Winter) – call city at (269) 337-8036 for current amounts due.* Property is listed through other venues. Seller reserves the right to cancel all bids, and sell outside of eBay. Questions? Don’t hesitate to ask! I’ll respond very promptly! Kalamazoo County Treasurer: (269) 384-8124 Kalamazoo County Equalization Department: (269) 383-8962 Kalamazoo County Register of Deeds: (269) 383-8840 Kalamazoo County Assessor’s Office: (269) 337-8011 There is a non-negotiable $495 deed preparation fee. (Winning Bid + $495 = Total Amount Due) This covers deed preparation, recording, processing, mailing, notary, and related expenses. EASY FIVE STEP CLOSING 1) Upon auction end, we will send you detailed instructions concerning payment and closing information.2) You will need to respond to this message to confirm you received it, and let us know when you will be mailing your payment. You will also need to send us the name(s), address, and marital status of all male buyer(s) that you’d like on the deed.3) The payment needs to be received by our Florida office within 48 hours. We highly recommend sending the payment overnight mail to meet this deadline to insure the property is not offered to the next highest bidder. For this auction we will accept cashier’s check, money orders, or wired funds, unless you are an international buyer*. It is against Paypal policy to transact real estate through Paypal, therefore we DO NOT ACCEPT PAYPAL. 4) Once payment arrives, we will send you an email to confirm our receipt, and have the quit claim deed prepared. This deed will be mailed to the county register of deed’s office to be recorded within 5 business days of receiving the payment. We will also mail you a copy of the unrecorded deed at this time.5) It will take the County Register of Deed’s office a few weeks to process, record, and return the deed. Please be patient as this part of the process is completely out of our hands. Once received, the recorded deed will be forward to you. The entire process takes between 3-5 weeks, depending on the workload and staffing of the county office.*Upon request we would be happy to provide proof of ownership (property is owned by Owens Home & Land, a Florida based Limited Liability Company). * International Bidders We welcome international buyers. We accept wire transfers only for our international bidders. The amount wired must be the equivalent of the total amount due in US funds, plus $15.00. This $15.00 is to cover wire transfer fees. Other than that, we do not have any additional charges for international buyers.Bidders with less than 5+ Feedback Anyone perspective purchaser with less than 5 positive feedback must send us there name, and phone number, so we can contact them to verify they are serious. If you do not, we will cancel your bid, and block you from any further bidding. Non Paying Bidders Please be absolutely certain of your willingness and ability to timely pay for this purchase, before bidding. Each auction costs us a minimum of $74, excluding our time invested creating each listing. We reserve the right to commence any action deemed necessary against non-paying bidders in order to collect the fees incurred in this auction and/or the amount due, including, but not limited to legal action. Terms of Sale Property is sold as-is, where-is, with no expressed or implied warranties, of any kind. This is a transaction involving legal documents, therefore there are no returns or refunds. By bidding, buyer has acknowledged that he/she has inspected the property, verified all information contained herein, and researched the property to his or her satisfaction, and that based upon their own research they acknowledge that the property will be entirely suitable for their intended use. The bidder understands it is their responsibility to use due diligence before bidding. They further agree to hold the seller harmless of any liability in said purchase.We do not have any other additional information or pictures, than what is listed here. We have included contact information for the appropriate county offices to help you conduct your research. We are not aware of any liens, encumbrances, or other issues, however it is your responsibility to research anything you would like to know about this property, including but not limited to any pending code violation(s), county notices, condemnation orders, and/or demolition orders or actions.

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