LISTING Commercial Property For Sale

Elkhorn 53121 - 2.58 Acres

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Property Description

$655,000  |  Multifamily # 1923893  |  925 W Gorman St - Elkhorn, LISTING

NO SHOWINGS BEFORE 11/30/21 32 UNIT APARTMENT COMPLEX IN ELKHORN. 16-1 BEDROOM, 14-2 BEDROOM, 2-3 BEDROOM UNITS. TENANTS PAY ELECTRIC HEAT. LARGE 2.5 ACRE LOT. 4 WASHERS AND 4 DRYERS ARE LEASED. PROPERTY IS IN THE USDA RURAL DEVELOPMENT LOW INCOME HOUSING PROGRAM. PROPERTY IS REQUIRED TO STAY IN THE RD PROGRAM UNTIL 12/6/2033. THIS RD PROGRAM ALLOWS RENTING ONLY TO LOW INCOME TENANTS. RENTS ARE CONTROLLED. PROFITS LIMITED TO $3,304 PER YEAR. MUST BE PROFESSIONALLY MANAGED. PURCHASE: NO NEW LOANS CAN BE TAKEN ON THIS PROPERTY. BUYER ASSUMES CURRENT MORTGAGE OF (APPROX. $17K BALANCE) AND BRINGS CASH TO CLOSING EQUAL TO DIFFERENCE BETWEEN PURCHASE PRICE AND MORTGAGE BALANCE. SEE DOCUMENTS FOR DETAILS.

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$655,000  |  Multifamily # 1923893  |  925 W Gorman St - Elkhorn, LISTING

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Re: $655,000  |  Multifamily # 1923893  |  925 W Gorman St - Elkhorn, LISTING

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