Foreclosure - 92 Unit Multifamily with 40 Garages Hampton, VA

Foreclosure: 92 Unit Multifamily with 40 Garages, Hampton, VA

Value-add multifamily opportunity, Hampton Roads, Virginia MSA! Ideally located workforce housing! Descriptive information is derived from sources believed to be accurate:

• Constructed in 1938
• +/-5.65 Acres
• (3) three-story brick colonial-style apartment structures
• +/-75,000s/f Containing 92 apartment units.
• 40 Garage brick garage units
• Amenities include laundry facilities and surface parking
• Approximate Unit Mix:
  - 1 BR/1 BA: 49
  - 2 BR/1.5 BA: 6
  - 2 BR/1 BA: 20
  - 3 BR/1BA: 17
• Location, Location, Location: 1.3 miles to I-664 Exit 2; 3 miles to Northrop Grumman Newport News Shipbuilding; 3.2 miles to Newport News CBD and 3.75 miles to Hampton CBD
• 12 Units are currently out of service due to a 2020 fire. Fire/smoke/water damage has been abated and the space partially built-out

Parcel ID#: 1003662
2023 Tax Assessment: $6,011,800
2023 Annual Taxes: $70,939

CAN'T ATTEND AUCTION IN PERSON? CONTACT TRANZON REPRESENTATIVE BY MONDAY, SEPTEMBER 25TH ABOUT REMOTE BIDDING VIA ONLINE SIMULCAST OR PHONE BIDDING.

Click on “ACCESS PROPERTY DOCUMENTS.” The Property Information Package contains information, including the sales contract, not available elsewhere.

VAAF423

Directions:

Take I-664, Exit 2, them make a left off exit ramp onto Power Plant Pkwy. Continue 1.1 Miles to Kecoughtan Rd, turn right and Colonial Landing Apartments are 0.3 mile on the right.

The following summary of Terms & Conditions of Auction Sale is only intended to provide you a brief outline. For a complete copy, either download the Property Information Package, if available, or contact Page Londrey

Page Londrey: Tranzon Key

804-400-9294 plondrey@tranzon.com

All bidders must agree to all of the Terms & Conditions of Auction Sale prior to bidding at any Tranzon auction. Listings may be withdrawn or modified without notice at anytime.

For general information on the auction process, please review the Frequently Asked Questions.

Print Terms and Conditions

• Buyer's Premium: 6% Buyers Premium based on the high bid.
• Closing: 30-Day closing, sold in As-Is condition, no contingencies. Extendable for up to three weeks at $50,000 of additional deposit per week, subject to Lender approval.
• Deposit Amount: Minimum auction day deposit of $250,000 in guaranteed funds, with total of 10% due within 2 days of approval. Certified checks should be made payable to Substitute Trustee, Jennifer McLemore.
• Broker Co-op: 2% of the high bid will be paid to a properly registered broker at settlement.
• Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only.
• Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.