GONE!Commercial Auction: 3600+/-SF Executive Office Condo | Downtown Kansas City, MO
Ended: 04/25/18 at 3:00 PM CDT
The seller of this property has accepted an offer prior to the auction (see terms and conditions for details.) The auction has been cancelled.
600 E 8th Street, Kansas City, MO 64106
BUILDING TYPE: High-Rise (Street-level offices)
SUBJECT PROPERTY AREA: 3,664sf +/-
YEAR BUILT: 1967
INDIVIDUAL OFFICES: 7 (2 executive; 5 associate)
ENTRANCES: One Private Entrance facing 8th St. with canopy
PARKING: 4 dedicated spaces in secure parking lot
WINDOWS: Fixed pane in aluminum frames, double pane (on south side)
FLOORING: Designer blonde wood grain tile, carpet
WALLS: Painted drywall
CEILING FINISH: Acoustic tiles
RESTROOMS: Men’s & Women’s, nicely finished
SECURITY: Full Lorex System
FF&E: All kitchen appliances, furniture, wall-mounted TVs
ZONING: DC-15 Downtown Core
PARCEL ID: 29-210-14-03-00-0-01-001
LEGAL: THE METROPOLITIAN CONDOMINIUM—PT OF UNIT GF01 (KNOWN AS UNIT GF01A CERT SUR T-31 PG-29)
TAX ABATEMENT: 50% (through 2028)
Auction Reserve: $300,000 (Last listed at $550,000)
The Metropolitan Condominiums
Perfect downtown location for legal or other professional services offices with easy access to I-35, I-70 and Bruce Watkins Expressway. Good visibility from 8th Street. Close to downtown court houses and offices.
If you’re looking to invest in a top-notch office property with long-term income potential and high-end finishes and amenities, OR if you’re thinking of locating your operation to the heart of downtown Kansas City’s legal/financial district, this is your opportunity! Come see for yourself at one of our previews on April 4th or 11th, because on April 25th, it will be sold to the highest bidder over the seller’s low reserve of $300,000 (last list $550,000)
- Lorex security system including cameras, motion sensors and remote application access including cell access
- High-end finishes include beautiful blond wood-grain tile floors, recessed and pendant lighting, decorative privacy glass doors and walls, granite countertops
- Bose Surround Sound system in some offices, conference center and break room
- Wall-mounted flat screen TVs
- Studs-out maintenance and trash service provided
- Full access to The Metropolitan fitness center, pool and patio
- Tinted exterior windows with light limiting shades
- 4 parking spaces in the secured parking lot
- Perfect for owner-occupied and/or multi-tenant uses
Reception/Waiting Area: 16×13; leather furniture, wood grain tile flooring, pendant lighting over reception counter, granite countertop, coffee service wet bar
Conference Room: 16×22; built-in cabinets with sink and granite counter top, conference table and chairs, Bose Surround Sound system, decorative privacy glass, fluorescent and recessed lighting
Two Executive Offices: 17×16 and 17×18; street-facing, tinted windows with light limiting shades, Bose Surround Sound, decorative privacy glass to hall, built-in shelving, carpet
Five Associate Offices: 14×12 (3), 12×17 (1), 13×13 (1); fluorescent and recessed lighting, carpet
Kitchen/Break Room: 18×24; TV/Bose Surround Sound system, KitchenAid built-in microwave, Frigidaire SS cook top and oven, Bosch SS dishwasher, Kenmore side-by-side refrigerator/freezer, dining table and chairs, stairwell exit
“ONLINE ONLY” REAL ESTATE BIDDING
AUCTION TERMS AND CONDITIONS
Proper and complete online registration is required to bid. All bidders must provide name, address, phone number, and email address to register. A credit card (MC, Visa or Discover) is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.
All bidding in this auction is being conducted online. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance. 816-781-1134) To place a bid, bidders enter their “maximum” bid and click the “Place Bid” button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. In the case of an auction with a reserve, if the max bid amount entered is less than the reserve, the system will place the bid at the max amount. Once the system displays that the reserve has been met, then it will advance the bid (by the bid increments) only when the bidder is outbid by another bidder, up to the bidders max. The Auctioneer does not know any bidder’s maximum bid. The system will not advance a bidder’s own bid. Online-only auctions utilize the “Soft Close” feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the published bidding period. The extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded.
A buyer’s premium of ten percent (10%) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s).
Sample calculation — High bid = $50,000
Buyer’s Premium = $ 5,000 (10% of 50,000)
Total purchase price = $55,000
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.
At the conclusion of the auction the Winning Bidder will receive an email and/or phone call confirming his or her winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company.
Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by noon on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller’s reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller’s reserve will be declared “sold” by the Auctioneer. In instances where the seller’s reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller’s sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.
DOWN PAYMENT (DEPOSIT):
The Winning Bidder shall be required to make an earnest money down payment equal to ten percent (10%) of the total purchase price. This deposit must be received by wire transfer (or by certified funds), by close of business the day following the bidder being declared the Winning Bidder. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events.
The Winning Bidder shall close within 45 days of the auction date, unless stated differently in the Purchase Agreement.
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:
2018 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 commission of 3% of the high bid (unless a different percentage is stated in the property’s MLS listing) 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 end date.
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 information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement. The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller’s reserve (if applicable). This property is available for and subject to sale prior to auction.
As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.
We hope you enjoy bidding in the online auction!
Video: Commercial Auction: 3600+/- Executive Office Condo
From I-70 in downtown KC, exit 9 Hwy (Locust/Oak St.), south to the Admiral Blvd. intersection, continue south onto Oak St., east on Oak St. to address on left.