Overland Park, Kansas | Prime Development Land Auction | Low Reserve at 80% off Previous List Price!
Ends: 10/24/18 at 12:30 PM CDT
PROPERTY INSPECTIONS: WEDNESDAYS, OCT. 3RD & OCT. 10TH; 11AM-1PM
Quivira Road & 137th Street, Overland Park, KS 66221
PRIME DEVELOPMENT LAND AUCTION, 5.89 ACRES +/-, OVERLAND PARK, KANSAS
- 5.89 Acre +/- Prime Development Site Ideal for Independent Senior Living/Multi-Family
- Located In Affluent Overland Park, Johnson County, Kansas Suburb
- Close Proximity to Numerous Class A Shopping, Entertainment Developments & Major Highways
- Adjacent to New Solera Reserve Villa Community with $500,000 Starting Prices.
- Within Top Rated Olathe School District and Close to Blue Valley and Shawnee Mission Districts
- Zoned and Approved by City of Overland Park Planning Commission
- Located in One of the Best Real Estate Investment Markets in the Country, Johnson County, KS
- Low Reserve $200,000 or $.78 Per Sq. Ft. (80% Off Previous List Price!)
- 1031 Exchanges Welcomed!
TYPE: Residential Medium-High Density
SITE AREA: 5.89 Acres +/- (256,568.4 Sq. Ft.)
MUNICIPALITY: City of Overland Park, Kansas
LOCATION: Quivira Rd. & W. 137th St., Overland Park, KS 66221
ZONING: RP-5 with Approved Preliminary Development Plan
PERMITTED UNITS: 132 Garden Apartment Units
IDEAL USE: Independent Senior Living/Multi-Family
ROAD FRONTAGE: 1240 ft. on Quivira Rd., 960 ft. on W. 137th St.
UTILITIES AVAILABLE: Water, Sewer, Electricity, Gas
OFF SITE IMPROVEMENTS: Curb, Gutter, Sidewalk, Streets, Utilities
SCHOOL DISTRICT: Olathe, Kansas
PARCEL ID’S: NF241334-3004, NF241334-3018
2017 REAL ESTATE TAXES: $7,041.80
This prime development site is well located in the affluent suburb of Overland Park, (Johnson County), Kansas, which is regarded as one of the best real estate investment markets in the country. The site is situated in close proximity to numerous Class A shopping and entertainment developments, recreation and employment opportunities, top rated schools and major highways. With road frontage on both Quivira Rd. and 137th St., the site offers great visibility and is adjacent to Clear Creek Apartments and the New Solera Reserve Villa Community with starting list prices above $400,000. The site has been zoned and approved by the City of Overland Park planning commission for 132 garden apartment units and is ideal for independent senior living or multi-family development.
This investment opportunity is time definite and only available through the auction date. The property was recently listed for sale at a price of $1 million. The seller’s are motivated and will sell the property to the highest online bidder with a low published reserve of $200,000, which is 80% off the previous list price! The online auction ends Wednesday, October 24, 2018 at 12:30 p.m.
SENIOR LIVING HIGHLIGHTS
South Overland Park has proven demand for senior housing, specifically for the independent living sector. Within a 5-mile radius of the site, 24.2% of the population is over the age of 55, has an average 2017 household income of $112,381 and is expected to grow to $126,179 by 2022. Also, within a 5-mile radius, senior living communities are experiencing a 95% average occupancy rate, they have seen growth of 2.8% for the 65+ age group from 2010 to 2017, and are expecting it to increase another 2.3% by 2022. This creates strong demand for senior living communities in the immediate area.
“ONLINE ONLY” LAND 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 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 close of business on auction day. A Winning Bidder whose documents and deposit are not received within the required time frame 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 auction day. 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).
Seller shall provide a survey for any tract where there is no existing legal description. Any need for a new survey shall be determined solely by the Seller. The type of survey performed shall be at the seller’s option and sufficient for providing a legal description for title insurance. Purchase prices shall be adjusted to reflect any differences between advertised and surveyed acres.
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: Overland Park, Kansas | Prime Development Land Auction | Low Reserve at 80% off Previous List Price!
I-35 to US-69 S. (Exit 225B), south 7.5 miles to 135th St., west to Quivira Rd., then south to 137th St., on NW corner. Watch for signs.