SOLD ONLINE AUCTION Turn Key Storage Unit Complex 72 Units Located In Garvin MN Near Lake Shetek

SOLD ONLINE AUCTION 

Turn Key Storage Unit Complex 72 Units Located In Garvin MN Near Lake Shetek

521 2nd St Garvin Mn 56132

100 Polk St Garvin Mn 56132

135 Sherman St Garvin Mn 56132

Onsite Viewing November 21st 10 Am - 1 Pm Or By Appointment

Bidding Starts November 15th Ends November 27th 12:00 Pm

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 This is a very exciting opportunity to be able to purchase a pristine fully occupied storage unit complex.  Newer, low maintenance, income producing properties like this do not present themselves very often.  The storage buildings/containers were all built within the last 7 years with the most recent additions being in 2019.  The large 30 X 50 metal shop building was built in 2007.  Driveways are gravel.  There is concrete flooring and aprons in the storage buildings and shed. All buildings are wired and have exterior lighting.  All storage unit buildings excluding containers have interior lights on motion detectors.  The 30 x 50 shop is wired with `220 service and has lights and outlets. Doors on the storage units are 10ft and 11ft wide and can fit larger boats.  Did I mention all the units are occupied?  This property offers an excellent location 5 miles north of Lake Sarah, 5 miles north of Lake Shetek, and only 16 miles south of Marshall, MN.  It also offers close access to Highway 59.  All these units are within 4 blocks of each other.  There is also income produced from a Lamar billboard that is located off Highway 59.  This storage complex appears to be below market rent rate and could have the possibility of incresed income in a short amount of time. 

  CLICK TO BID ONLINE  SOLD 

ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED

Unit and Income Breakdown

  8ft x 20ft  containers = 30 Total

10 @ $40.00 month = $4,800 yr

8   @ $45.00 month = $4,320 yr

12 @ $50.00 month = $7,200 yr

                                 = $16,320 yr

  12ft x 32ft storage units = 38 Total

16 @ $85.00 month = $16,320 yr

15 @ $90.00 month = $16,200 yr

7   @ $100.00month= $8,400 yr

                                 = $40,920 yr

  15 x 32 storage units = 4 total

4  @ $120.00 month = $5,760 yr

 30 x 50 shop

 $450.00 month = $5,400 yr

Lamar sign = $700 yr

CLICK FOR COPY OF LAMAR SIGN LEASE

Year Net Total = $69,100

Estimated property taxes:

521 2nd St = $6,342.00 yr

100 Polk St = $4,608.00 yr

133 Sherman St = $1,722.00 yr

Total Yearly Taxes = $ 12,672.00

Insurance= $1,850.00 yr

Electric bill on all units for security lighting +/- $50.00 month

Snow and lawn care are currently being done by an individual that is trading out payment for a storage unit.  The seller says that individual will continue to do that or would pay rent.  Whichever the potential new owner would like. 

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ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED

Terms: 

By bidding on this auction you have agreed to the following terms.  The auctioneer has discretion to accept or refuse any bid.  Bids may not be cancelled or retracted for any reason. Failure to pay or fradulent bidding will be subject to legal and or criminal charges.  A 10% non-refundable earnest money deposit on the day of the sale and the balance on or before December 31, 2021, with possession given to the buyer at closing.  Down payment is due on the day the auction closes.  Signing of the contracts will take place through email and or electronic document siganture.  Buyer will assume all current leases and future rent payments after closing date. Closing to take place at Lyon county abstract. Marketable Title will be conveyed and abstracts of title continued to date will be provided to the buyer for examination prior to closing. Closing costs at Lyon county abstract are to be split 50-50 between buyer and seller. All of the 2020 RE taxes payable in 2021 will be paid by the sellers. Sold subject to existing easements, restrictions, reservations or highways of record, if any, as well as any or all Lyon County Zoning Ordinances. The RE licensees in this transaction stipulate that they are acting as agents for the seller. property is sold as is. This is a cash sale. This sale is subject to seller confirmation.  Sale is subject to a 5% buyers premium. Not responsible for accidents. Seller does not guarantee locations and existence of utilities. By accepting the terms and conditions of this auction you acknowledge you are entering into a legal and binding contract: All Real Estate will be sold as is, where is, with no warranties or guarantees of any kind.  Buyer will be responsible to verify any and all information that is provide. Sellers and Auction Company believe the information provided to the bidders/buyers to be true and correct but it is not guaranteed.  by bidding on an item online you have agreed to accept that item in it's present condition at it's present location and with the description provided whether accurate or not. State sales tax and/or city municipal tax may apply depending upon the location and state the item is sold.  Down Payment is due the day the auction closes and signing of the contracts will take place through email or electronic document signatures.  

Auction Close: Timed-online auction will close on the date and time listed.  Lot will remain open until no bids have been placed within the last 5 minutes. A 5% buyer's premium applies to the item being purchased.  Sold subject to Owner confirmation.

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