Apartment Complex "Little Timber" Great Investment, Turnkey Operation! Start Price USD 179,900.00 Current Price USD 179,900.00 Time Left - Bid Count 0 Buy It Now Price USD 249,900.00 Reserve Price - Start Time Tuesday, June 24, 2008 End Time Thursday, July 24, 2008 Location Frankfort, Kansas See more about 'Apartment Complex "Little Timber"' Description FOR SALE:Apartment Complex "Little Timber", Frankfort, KS This is a great investment opportunity - turnkey operation with management in place.LOWERED PRICE!  NO RESERVE AUCTION!  BRING US ALL OF YOUR OFFERS!Little Timber Apartments509 North Walnut StreetFrankfort, Kansas 63441Legal Description: The South 200 feet of Block 42, City of Frankfort, Marshall County, KS.To see many more pictures, go to http://picasaweb.google.com/paul.r.horvath/LittleTimberApartmentComplexImprovements Description: Four apartment buildings with a total of fifteen one-bedroom units (2 handicap accessible). The first building contains laundry facilities, an office, and a community room with a kitchen, which is being rented by the County as a Senior Center. As extra income, the community room is also rented for parties and reunions. All apartments have individual front entrances. Each unit is equipped with a range & oven with a fan/hood, disposal, and refrigerator. Units have forced air furnaces with central air conditioning. Baths have toilet, sink, and tub with shower.Construction: The buildings are of wood frame construction on a concrete slab foundation with a composition roof cover over wood decking.Site Description: It is a rectangular 2.2 acre (96,519 ft.) site. There is 200.45 feet of frontage along North Walnut with a depth of 481.51 feet. The primary apartment site has a depth of 300 feet. There is excess land to the rear that could be used for expansion. All utilities are available and the site is not on a flood plain. A 2002 appraisal indicated a replacement value estimated at $750,000. Location: Little Timber is located in the rural community of Frankfort, KS. It is located only 20 miles from Marysville, the county seat. The county is experiencing some growth, as evidenced by a new Walmart, which opened in April 2005. The complex is also located directly across the street from a senior care nursing facility.Property History: Little Timber was originally owned and operated by the City of Frankfurt since its inception in 1979. The City rented Little Timber as senior housing, and there was a HUD contract on the property until February of 2004. The area did not contain enough HUD qualified applicants; therefore only 5 units were rented.Occupancy: Upon opening occupancy to the general public in March 2004, occupancy steadily increased and currently 14 out of 15 are rented out. The tenants have been carefully screened and are responsible tenants. The units rent for $295.00, although we’ve allowed a few tenants left over from the HUD contract to pay a reduced amount. Management: Little Timbers is currently managed locally. The current manager has been working since the summer of 2004, and is doing an excellent job at increasing rentals, working with tenants, and in general improving the property. She is available to manage property for the transitional period and would consider continuing to work under new ownership.Maintenance: There is a part-time local maintenance man. Occasionally repair or maintenance work is contracted out locally.TERMS OF THIS AUCTION1.  This is a cash sale.  You should have your financing lined up ahead of time.2.  Do not bid if you intend on looking at the property after the auction ends.  Inspect the property prior to bidding.3.  You must plan to close, paid in full, within 14 days from the end of the auction.  $10,000 non-refundable deposit is due within 24 hours of close of auction.4.  We urge that you do your due diligence prior to bidding.  Feel free to e-mail (morningstarks@juno.com) or call (785-727-2257 or 785-841-7827) with any questions.5.  Guaranteed free and clear title.  We will provide title insurance. Place a Bid!