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The property is located on a large 1.45 +/- acre parcel in "Point Pleasant" and consists of 3 self contained rental cottages and a main owners house. Take full advantage of private waterfront living with sweeping views, approximately 500' +/- of water frontage , two piers and a boat ramp.
The well maintained main home contains 2 bedrooms and 1 1/2 baths. The home has a wonderful lower and upper patio with unobstructed waterfront views and a privacy fenced "football field" size yard that is separated from the rental homes. Amenities include a 2 car garage and private access to both piers and the boat ramp.
The main home and all three cottages are hooked up to public water and sewer.
The rental cottages are all in good condition and have central air. All utilities are separately metered on each of the four dwellings. The landlord is only responsible for the cold water bill. All leases are month to month.
Current Monthly Rental Amounts:
Unit 1: $975 (Current tenant has 5 month of tenancy)
Unit 2: $800 - Vacant (Was rented for $800/month. Has been vacant for 1 month)
Unit 3: $700 (Current tenant has over 10 years of tenancy. Market rent is $800)
Gross potential yearly income from rental cottages of $30,900
This auction offers the rare opportunity to own and occupy a large water front property with the added bonus of rental income to subsidize your monthly cash flow. For those not wishing to use the property as a primary residence, the main house could also be rented for an estimated market rent of $1,600/month. One possible unexplored strategy for investors is turning all 4 properties into a condo regime and selling each separately on the market. Whatever strategy the new owner takes, there is no doubt this large and unique waterfront property offers ample opportunity to become an excellent performing investment.
Terms of Sale: A deposit in the form of cash, cashier's check or certified check for $30,000 is due at the time and place of sale. Settlement is 45 days from the sale date. If payment of the balance of the purchase price is not paid within the specified period, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser. All income and expenses, including real estate taxes, and all utilities which are not the obligation of tenants to pay, if any, and all sanitary and/or metropolitan district charges, are to be adjusted to date of settlement and assumed thereafter by the purchaser. Cost of all documentary stamps, settlement fees and transfer taxes are to be paid by the purchaser. The property will be sold in "AS IS" condition without express or implied warranty as to the nature, condition or description of the property or the improvements, or their suitability for any particular purpose. The property will be sold subject to easements, agreements, restrictions, encroachments and covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract.
Click Here For The Full Sale Terms In PDF Format
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