Auction Date:
July 10, 2024 | 4:00 pm Auction Location / Nearest City:
Irene, SD, USAFeatured items:
- Property 1: TWO 4-Unit, split-level 34’x50’ apartment buildings
- Property 2: Single 4-unit, 50’x33’ split-level apartment
- Property 3: Single 4-unit, 58’x25’ split-level apartment building
- A great, entry-level investment property opportunity
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Auction Description:
Four, 4-Unit-Apartment Complexes in Irene & Volin, SD
ABSOLUTE AUCTION
Date/Time: Wednesday July 10th, 4:00 p.m.
Auction Location: Irene Community Center.
In order to settle the estate of Gordon Sorensen, we will offer all these properties at ABSOLUTE AUCTION and will sell to the highest bidder regardless of price.
Property #1: 305 E. Turner Street & 313 E. Turner Street, Irene, SD. Legal: Petersen’s Lot 4, Block 1, City of Irene, Turner County, SD. 2023 Taxes are $4,642.84.
This property includes TWO 4-Unit, split-level 34’x50’ apartment buildings built new in 1972 on a 174’x180’ Lot. 3 Units are 2-Bedroom, other is a 1-bedroom and all have single full bath and includes the stove & refrigerator. . All units have electric heat. Each building has a laundry room with a coin op washer and dryer that is included with the sale. Both of these buildings have newer steel roofs.
Property #2: 116 E. Park Street, Irene, SD. From Pump & Stuff Gas Station—2-Blocks South, 2 1/2-Blocks East. Legal: Lot 1, Block 1, Sunset Addition, City of Irene, Clay County, SD. 2023 Taxes $1,468.68.
This property is a single 4-unit, 50’x33’ split-level apartment building built in 1972. 3 Units are 2-Bedroom, other is a 1-bedroom and all have single full bath and includes the stove & refrigerator. All units have electric heat. There is a community laundry room with coin-op washer & dryer included with the sale. (NOTE–the larger apartment building to the east of this property is NOT being sold).
The Irene apartments, properties #1 & #2, average rent is $550 per unit with nearly full occupancy.
Property #3: 100 Grant Ave, Volin, SD. From Kavern’s Bar—2-Blocks North, 2-Blocks west. Legal: N 128’ W100’ Lot B, Fairview 3rd Addition, City of Volin, Yankton County, SD. 2023 Taxes are $709.98.
This property is a single 4-unit, 58’x25’ split-level apartment building built in 1972 on a 100’x128’ lot. 3 Units are 2-Bedroom, other is a 1-bedroom and all have single full bath and includes the stove & refrigerator. All units have electric heat. There is a community laundry room with coin-op washer & dryer included with the sale. There is an older 15’x24’ garage included too. This building has an average rent of $400 per unit.
Note: A great, entry-level investment property opportunity! Buildings are in need of some TLC and cosmetic work; a great winter project for the right person! Strong demand for affordable housing in small towns!
Inspection: Please feel free to inspect the outside of these properties on your own. There is one unit empty in Irene that is available to view and one in Volin. Please call the auction company to schedule.
Terms: 10% non-refundable down payment due the day of auction with the balance due on closing. Title Insurance & Closing costs split 50/50 between buyer and seller. Taxes pro-rated to the day of closing. Closing on or before August 30th, 2024. There are no existing leases on any of the apartments, therefore the buyer will have full rights & possession on closing. Yankton Title Co., Closing Agent. Auctioneers are representing the sellers in this transaction. Online bidding will be available; must be pre-approved by the Girard Auction.
S & S Apartment Rentals & Gordon Sorensen Estate, Owner
Richard Sorensen, Personal Rep for the Estate.
Girard Auction & Land Brokers, Inc.
(605) 267-2421
Toll Free: 1-866-531-6186
www.GirardAuction.com www.GirardBid.com
Irene, SD, USA
Irene, SD
Auction Location / Nearest City:
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