3928 N. Elmdale Rd, Olney, IL ~ Elmdale Apartments
Southern Illinois Multifamily Investment Property Auction
Property Description
This “turn-key” property is a sound investment that has a history of a 99% occupancy level, qualified tenants and potential to add more units to continue to build on your investment. There are many features to this property that attract the tenant clientele it has. The two ponds are stocked with fish and are well maintained and offer a relaxing view for the tenants. Units have garage space parking and washer and dryer units in each building. Located right outside the city limits of Olney, IL and adjacent to the Walmart distribution center, this 14 +/- acre property features 9 buildings. Rental Units occupy seven buildings, while the two remaining buildings on the property are used for storage. Onsite office with bathroom facilities is ideal for a property manager and is equipped with a drop safe slot for deposits of rent and a key cutting machine. Income producing machines such as washer, dryer and soda machine all included with the property. Storage units have equipment, appliances and other house supplies used by the owner to upgrade or make repairs to apartment units, contents will be included.
24 units;
Unit Mix:
8 (2) Bedroom(Roughly 800 sqft) $675/month
16-(1)Bedroom (Roughly 900 sqft). $650/month
Cap Rate: 9%
Property Highlights:
Very Good Condition
Close to a large distribution center and local college.
Each building has its own Washer and Dryer unit.
Owner pays water, power and trash services
Expenses are $4,100 monthly (tax, insurance, utilities & maintenance)
Inspection & Inquiries
Please send an email inquiry for specific financial inquiries and for a private viewing of the property and the units to [email protected] . A pre-qualifying questionnaire will be sent to you to complete.
Olney, Illinois is part of Richland County and is within 3 hrs of Indianapolis, IN, 2hrs from St. Louis, MO, and 2 ½ hours from Louisville, KY. Major Employers in this area include Wal-Mart Distribution Center (947 employees), Carle Richland Memorial Hospital(552 employees) and RCCU#1(307 employees) in their top 3.
Population of Olney is 8,749 with a Median Age of 40 and a labor force of 3,942. For more information on Olney and its community data please follow and click through this link
https://properties.intersectillinois.org/illinois/community/Olney/1755912
Companies have found Olney, IL as a favorable location both for manufacturing and for warehouse distribution, with a low cost of doing business and a skilled workforce which specializes in logistics and warehousing.
Schools
College Olney Central College High School Richland County High School Middle School: Richland County Middle School Elementary: Richland County School St. Joseph Elementary School
PRIOR TO BIDDING ON ANY PROPERTY
IF YOU HAVE NOT READ AND UNDERSTAND THESE TERMS
DO NOT BID
BY BIDDING ON THE PROPERTY, BUYER AGREES TO ALL TERMS AND CONDITIONS SET FORTH AND ENTERS INTO A CONTRACTUAL AGREEMENT TO PURCHASE THE PROPERTY UNDER THE FOLLOWING TERMS AND CONDITIONS:
UPON CONCLUSTION OF THE AUCTION: The Winning Bidder will be emailed a Real Estate Contract to print and required to fully and correctly complete and properly sign without any modifications and return the completed, signed contract to Aumann Auctions, Inc. by email, fax, certified mail or delivered in person by 4:00 PM of the day following the auction. Along with the completed, signed contract, the Winning Bidder will be required to send the specified non-refundable earnest money deposit as stated in the property description. This non-refundable earnest money deposit will be held in escrow until closing and that amount will then be credited to the Buyer as part of the purchase price of the property. Wire transfer instructions and escrow agreement forms will be provided to the Buyer along with the contract after the auction. Purchaser shall be responsible for all wire transfer fees.
Successful bidder not executing and returning the completed contract and earnest money deposit by 4:00 PM the day after the auction will be considered in default. Such default by the Successful Bidder will result in that Bidder’s liability to both the Seller and Aumann Auctions, Inc. Seller shall have the right to (a) declare this contractual agreement cancelled and recover full damage for its breach, (b) to elect to affirm this contractual agreement and enforce its specific performance or (c) Seller can resell the property either publicly or privately with Aumann Auctions, Inc. and in such an event, the Buyer shall be liable for payment of any deficiency realized from the second sale plus all costs, including, but not limited to the holding costs of the property, the expenses of both sales, legal and incidental damages of both the Seller and Aumann Auctions, Inc. In addition, Aumann Auctions, Inc. also reserves the right to recover any damages separately from the breach of the Buyer.
Both the Successful Bidder and Seller shall indemnify Aumann Auctions, Inc. for and hold harmless Aumann Auctions, Inc. from any costs, losses, liabilities, or expenses, including attorney fees resulting from Aumann Auctions, Inc. being named as a party to any legal action resulting from either Bidders or Sellers failure to fulfill any obligations and undertakings as set forth in this contractual agreement.
REAL ESTATE TERMS:
• BUYER’S PREMIUM: A 10% Buyer’s Premium will be added to the winning bid to determine the total purchase price of the property.
• DATE OF CLOSING: The closing will take place within 30 days from the date of the auction and as specified in the Contract for Sale of Real Estate. All taxes will be prorated to the day of closing.
• NO CONTINGENCIES: This Real Estate contract is not contingent on or subject to Buyers financing, appraisal, survey or inspections of any kind or any other contingencies as agreed to by bidders at registration prior to bidding.
• TITLE: Buyer is entitled to and the Seller will provide clear, insurable title for property upon full payment.
• ZONING AND EASEMENTS: Property is being sold subject to any and all easements of record. Property is subject to all state and local zoning ordinances.
• AERIAL PHOTOS, Images and Drawings: are for illustration purposes only and not surveyed boundary lines unless specified.
• AGENCY: Aumann Auctions, Inc. is the Agent and Representative of the Seller.
• CONDITION OF PROPERTY: Property is sold 'AS IS, WHERE IS' condition. Aumann Auctions, Inc, the Sellers nor their representatives, agents, or employees make express or implied warranties or representations of any kind. Each potential bidder is responsible for
conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property prior to bidding on the subject property. All information presented in the brochure, website, and all other mediums is subject to verification by all parties relying on it. All sketches and dimensions are approximate. No liability for its accuracy, errors, or omissions is assumed by the Seller, Aumann Auctions, Inc. or their Agents or Representatives. Buyer and or
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• DISCLAIMER: All information included herein was derived from sources believed to be correct, but is not guaranteed. NEW DATA, CORRECTIONS, and CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information.
• DISPUTES: Any dispute between Aumann Auctions, Inc or the Sellers or their Agents or Representatives and the Buyer(s) will be (a) arbitrated in Montgomery County, IL or (b) tried in a court of jurisdiction in Montgomery County, Illinois at the discretion of both the Seller and Aumann Auctions, Inc.
BIDDING AND REGISTRATION INFORMATION
BIDDER VERIFICATION: Bidding rights are provisional, and if identity verification is questionable, Aumann Auctions, Inc. has the right to reject the registration, and bidding activity will be terminated. The Seller and Aumann Auctions, Inc. reserve the right to preclude any person from
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MAXIMUM BID: When you bid your maximum bid, the current bid price does not automatically advance to your maximum bid. Another bidder has to bid to increase the current price and the computer will automatically bid up to your maximum in the increments specified.
AUCTION END TIMES: Aumann Auctions, Inc. online only auctions are timed events and all bidding will close at specified time. However, our auctions also have what is called an 'Auto Extend' feature. Any bid placed within the final 5 minutes of an auction results in the auction automatically extending 5 additional minutes. The bidding will extend in 5 minute increments from the time the last bid is placed until there are no more bids, and the lot sits idle for 5 minutes. Therefore, the auction will not close until all bidding parties are satisfied and no one can be outbid at the last seconds without having another opportunity to bid again.
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CONDUCT OF THE AUCTION: Conduct of the auction and increments of bidding are at the direction and discretion of Aumann Auctions, Inc. Aumann Auctions, Inc. reserves the right to reject any and all bids for any reason and also reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding. All decisions of Aumann Auctions are final.
YOUR BID ON THIS AUCTION INDICATES BOTH AN UNDERSTANDING AND AN ACCEPTANCE OF THE TERMS OF THIS CONTRACTUAL AGREEMENT BETWEEN YOURSELF AND BOTH THE SELLER AND AUMANN AUCTIONS, INC. AND THAT YOU, AS THE BIDDER, ARE PREPARED TO PURCHASE THE PROPERTY UNDER THE TERMS AND CONDITIONS OF THIS AUCTION.