PHELPS TRUST – INVESTMENT PROPERTIES
ATTRACTIVE ±2,420 Sq. Ft. COMMERCIAL BUILDING
COMBINED WITH A ±1,708 sq. ft. BUNGALOW-STYLE HOME
Prime Location at 1605 & 1609 Evergreen Dr., Rapid City, SD
ABSOLUTE REAL ESTATE AUCTION
LOCATED DIRECTLY WEST OF CANYON LAKE SCHOOL
BOTH PROPERTIES WILL BE SELLING TOGETHER AS ONE UNIT
Friday, June 1, 2018 - 1:00 pm
Auction held in Room 102, Rushmore Plaza Civic Center, Rapid City, SD.
- Well-kept single story 2,420 sq. ft. office bldg. – built of concrete block in 1959.
- Long-time tenants “E & J Specialties”
- Relatively recent interior remodel with nice reception area, offices, etc.
- Employee parking next door at 1609 Evergreen, but also has a 10x55 concrete driveway.
- 2017 assessed value: $167,600.
- Bungalow-style home at 1609 Evergreen is ±1,708 sq. ft. (3Br-2Ba).
- Fair-sized 0.37 acre lot with ample parking.
- 480 sq. ft. (24x20) garage built in 1960.
- 1994 40x19 metal-sided shop building & a 24x20 tool shed.
- 2017 assessed value: $169,100
- 2017 TOTAL taxes: $5,697.10
- Currently both rent for approx. $2,000/month.
- Selling with NO MINIMUM, NO RESERVE!
As you may imagine, the owners have taken very good care of this property as Mr. Phelps was his own tenant for his entire ownership period. In fact, the office building tenant is the same company that he began decades ago. To date, we are unaware of any problems whatsoever that this choice commercial building may have, and we believe it to be “move-in” ready. This choice property will sell day of auction regardless of price. Make plans to attend!
PROPERTY INSPECTION – Auctioneer/Broker onsite on Sun., Feb. 18th from 1:00 PM until 3:30 PM. Broker Participation invited.
TERMS AND CONDITIONS: Absolute auction, property selling without minimum or reserve. 15% nonrefundable earnest money day of auction with the balance due in cash upon closing. Closing to take place on or before March 23, 2018. Possession, subject to existing leases, upon closing. Tenants shall be allowed 60 days to vacate either or both of the properties. Taxes, based on the 2017 tax levy, shall be prorated to date of closing. Property sold by legal description. Square footages and measurements given have been determined by Pennington County records. Property sells without Buyer contingency of any kind, please have your financial arrangements secured prior to bidding. Title insurance will be provided. Buyer and Seller shall share the costs of title insurance and the closing agent fee. Property will be transferred by Trustee’s Deed subject to easements, assessments, and reservations of record. The Auctioneers/Brokers are representing the Seller’s interests in this transaction. The property will be sold in “As Is” condition without any warranties, either expressed or implied, as to the nature, condition, or description of any property described herein, please inspect to the extent deemed necessary and rely on your own judgment when bidding. All information given was derived from sources deemed reliable; however, neither Seller nor Auctioneers/Brokers are making any guaranties or warranties, actual or implied. Any announcements made day of auction supersede any and all previously printed material and any other oral statements made.