GONE! Tonganoxie KS Auction – Bank-Ordered Commercial Real Estate (2 of 2)
Location: 427 E. 4th Street, Tonganoxie, KS 66086
Ended: 03/26/14 at 1:00 PM CDT
Location: 423 & 427 E. 4th Street, Tonganoxie, KS 66086
Ended: 04/02/14 at 1:00 PM CDT
Location: 423 & 427 E. 4th Street, Tonganoxie, KS 66086
Seller’s Minimum Reserve $50,000 Per Parcel ~ Total Appraised Value of $375,000! Buildings are adjoined. Will be offered separately and together.
11,400 SQ. FT. RESTAURANT/BAR
427 E. 4th St., Tonganoxie, KS 66086
LAND AREA: .18 acres m/l
ZONING: Historic Business District
CONSTRUCTION: 2 story; concrete and stone, wood frame, brick exterior
MECHANICAL: central gas heat and central AC main level
This historic restaurant and bar features tin ceilings, magnificent antique mahogany bar fixture measuring approximately 24x14x9 (LxHxW), fully furnished dining room and equipped kitchen. Loaded with charm and character, this property sits on a prominent corner location.
The bank has decided to accelerate the sale of these historic, downtown Tonganoxie commercial properties together or separately to the highest bidder. Seller’s reserve at auction is only $50,000 per individual parcel as compared to an appraised value of $195,000 on the retail strip and $180,000 for the restaurant. A Cates representative will be onsite for your inspection on Wednesday, March 26th and April 2nd from 11:00a.m. to 1:00p.m. The auction will also be held onsite at the properties on Wednesday, April 9th at 12:00 noon. If you have any questions or need additional information, please give us a call and we will be happy to help you. We look forward to seeing you at the auction.
• AUCTION TYPE: Multi-Par, Seller’s Reserve $50,000 each parcel
• PROPERTY TYPE: Two Commercial Properties in Tonganoxie Historic Business District
• AUCTION DATE: Wednesday, April 9, 2014 – 12:00 noon
• AUCTION SITE: 427 E. 4th St., Tonganoxie, KS 66086
• PREVIEW DATES: Wednesdays, March 26th and April 2nd, 11:00 a.m. – 12:00 noon
• PROPERTY USE: Great for Owner/Occupant or Investment Opportunity
• APPRAISAL (2013): Parcel 1 $195,000; Parcel 2 $180,000. Full document available upon request
AUCTION TERMS AND CONDITIONS:
Onsite bidder registration will begin one hour before the auction. Online bidder registration is open now. All bidders must provide a valid driver’s license and current address. Online bidders must also provide a credit card to register. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions.
The successful bidder(s) shall be required to make a 10% non-refundable down payment of the total purchase price immediately following the close of bidding. Cash, cashier’s check or personal/business check will be accepted from onsite bidders. Bank wire will also be accepted from online bidders.
Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.
The successful bidder(s) shall execute a purchase agreement immediately following the close of bidding. All final bid prices are subject to Seller approval, unless announced otherwise.
Buyer(s) shall close within 30 days of the auction date. Possession will be delivered at closing subject to any remaining rights of the current tenant(s), if applicable.
EVIDENCE OF TITLE
Seller shall furnish at seller’s expense an Owner’s Policy of Title Insurance in the amount of the total purchase price and shall execute a general warranty deed conveying the real estate to the buyer(s).
REAL ESTATE TAXES & ASSESSMENTS:
2014 taxes are to be prorated as of the closing date.
EASEMENTS AND LEASES:
Sale of said property is subject to any and all easements of record and any and all leases.
Cates Auction & Realty Co., Inc. and its representatives are Exclusive Agents of the Seller.
A buyer’s premium of ten percent (10%) shall be added to the high bid and included in the total purchase price to be paid by the successful bidder(s).
A commission will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 48 hours prior to the auction.
DISCLAIMERS AND ABSENCE OF WARRANTIES
The information in the auction advertising was obtained from sources believed to be accurate, but 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 or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an “AS IS”, “WHERE IS” basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All announcements made by the Auctioneer during the auction take precedence over any previously printed material or any other oral statements made. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. Advertising may contain pictures of wildlife and other items that are for illustrative purposes only. The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller’s reserve (if applicable). The Property is available for and subject to sale prior to auction.
Video: Bank Ordered Commercial Real Estate Auctions
I-70 to Kansas 7 Hwy., North to US 24/40 Hwy., West to East 4th St., East to address on left.