|Year Built||Of Record|
|Annual Taxes||$19,086.75 (per auditor)|
|Lot Size||3.503 acres total|
|Parcel ID||221-0013-0223-00, 221-0013-0002-00, 221-0013-0005-00, 194-0011-0256-00, 194-0011-0242-00, and 221-0013-0031-00|
|Defendant||Adco Realty Inc|
|Square Feet (per auditor)||20,553|
|Showings & Availability||Yes|
***** OFFERED BY COURT-APPOINTED RECEIVER *****
***** PORTFOLIO SALE *****
***** SEALED BID SALE *****
Redevelopment Opportunity in One of Cincinnati’s Hottest Neighborhoods
3.503 Acres in the heart of red-hot North Side. Portfolio sale of four properties including two occupied commercial properties and two commercial vacant lots. Total annual income of $73,650. Completely surrounded by new development within the thriving North Side business district. Do not miss out on this unparalleled opportunity.
The two occupied properties are currently being leased by the same tenant for $5,500 / month total. Existing business has occupied the property for a decade and then some. Leases expire September 2022. One of the two properties is comprised of two buildings totaling 17,000+ SF, along with a free standing, leased bank ATM on site. ATM lease has been in place since 2015. Lessee currently pays $637.50 / month and has committed to their second renewal term, expiring May 31, 2021. Three one-year renewal options remain, with built in 2% rent increases each year. The other of the two occupied properties plays host to a 3,300 SF building and a leased cell phone tower. Lease details are unknown.
One of the commercial vacant lots has another leased cell phone tower on site as well. Lease details are unknown for this one too.
Great location with easy access to major highways US-127, I-74, and I-75. 3 out of 4 properties are currently zoned ML (Manufacturing Limited), while the fourth is currently zoned MG (Manufacturing General). ML and MG zoning both permit many different uses and zoning change could be a possibility as well. Please see attachment for more details.
Addresses included in sale:
While the receiver sale is free and clear of all liens and encumbrances, including all leases, current tenants wish to remain at the properties. The purchaser may wish to assume one or all leases, or can request to purchase the property unencumbered.
The property is sold 100% as-is, where-is, with all faults. Submit offers in the form of an LOI to [email protected] no later than Tuesday, March 31, 2020. Offers will be reviewed and considered as they are received, and Receiver may accept an offer prior to the scheduled bid deadline. Receiver may accept, reject, or counter any offer, at any time, for any reason, in its sole discretion, without notice. Weight consideration given for offers with little to no contingencies / due diligence periods. Submit your highest and best offer now.
Information contained in ANY advertisement for this property is thought to be accurate, but is not guaranteed or warranted and should not be relied upon. BY SUBMITTING AN OFFER ON THIS PROPERTY, THE POTENTIAL BUYER REPRESENTS IT HAS INDEPENDENTLY VERIFIED ALL INFORMATION AND MADE THE DECISION TO SUBMIT AN OFFER BASED UPON THEIR OWN INVESTIGATION.
Key sale points to know:
• Property is sold 100% AS-IS, WHERE-IS, with all faults.
• Property is sold subject to any / all code violations.
• Property is sold subject to court approval.
• All offers will be considered by Receiver.
• Receiver reserves the right to accept or reject any bid or offer, at any time prior to or subsequent to bidding conclusion, for any reason, without notice, in its sole discretion.
• Property will be sold free and clear of all liens.
• Property taxes will be pro-rated to the day of closing.
*** PLEASE DO NOT DISTURB TENANTS ***
|Bidder||Bid Amount||Date Made|