Income-Producing Properties Up for Auction
Inland Real Estate Brokerage & Auctions Inc. will be hosting an auction event on March 23 where multiple properties in South Chicago and Northwest Indiana will be up for sale.
The properties that are up for auction in both states are income-producing facilities that were sold by order of the U.S. District Court.
In Valparaiso, Ind., an operating express car wash and detail center will be available for purchase. Appraised at $1.4 million, the property was constructed in 2005 and includes a tunnel wash and three detail bays situated on a three-acre site. There is room for expansion at the property.
In Chicago, there will be multiple income-producing residential properties sold including a three-flat apartment building on South Evans Avenue, two-flat buildings on South Marquette Avenue, South Colfax Avenue and South Exchange Avenue, three condominium units in a building located on South Martin Luther King Drive, and single-family residences on South University Avenue and South Kenwood Avenue.
All the Chicago properties will be offered separately and are being sold by court order subject to low minimum bids.
“We are increasingly seeing these types of court sales of operating cash flow businesses, where the ownership is troubled, rather than the asset,” said Paul Rogers, president of Inland Real Estate Brokerage & Auctions. “The courts through the appointed receivers are utilizing our professional auction services to market and sell the properties quickly to minimize any disruption in the operating business. With our auction programs, the businesses and real estate can be marketed and sold in as little as 45 days.”
Another property that will be auctioned off in Illinois is a 39,466-square-foot former USDA-approved freezer/cooler building. The 10.2-acre property in Ashkum was appraised at $3.1 million, and the suggested opening bid at the auction for this piece of real estate is $100,000.
“This sale is at the direction of the bank that holds the note on the property,” Rogers said. “Here, too, banks are increasingly using our auctions to expose properties to the widest audience in the shortest amount of time, thereby substantially reducing carrying costs and losses.”