Commercial Multi-Tract Auction

Commercial Auction in 2157 N. Market St., Wichita, Kansas, United States

09 Friday
09th April, 2021 12:00 PM

Commercial Multi-Tract Auction

Commercial Auction in 2157 N. Market St., Wichita Kansas, United States

Friday at - 09th April , 2021

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Notes

*Buyer should verify school assignments as they are subject to change. The real estate is offered at public auction in its present, “as is where is” condition and is accepted by the buyer without any expressed or implied warranties or representations from the seller or seller’s agents. It is incumbent upon buyer to exercise buyer’s own due diligence, investigation, and evaluation of suitability of use for the real estate prior to bidding. It is buyer’s responsibility to have any and all desired inspections completed prior to bidding including, but not limited to, the following: roof; structure; termite; environmental; survey; encroachments; groundwater; flood designation; presence of lead-based paint or lead based paint hazards; presence of radon; presence of asbestos; presence of mold; electrical; appliances; heating; air conditioning; mechanical; plumbing (including water well, septic, or lagoon compliance); sex offender registry information; flight patterns, or any other desired inspection. Any information provided or to be provided by seller or seller’s agents was obtained from a variety of sources and neither seller nor seller’s agents have made any independent investigation or verification of such information and make no representation as to the accuracy or completeness of such information. Auction announcements take precedence over anything previously stated or printed. Total purchase price will include a 10% buyer’s premium ($1,500.00 minimum) added to the final bid. Earnest money is due from the high bidder at the auction in the form of cash, check, or immediately available, certified funds in the amount $7,500 per Tract.

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Description

LIVE AUCTION WITH MULTI-TRACT BIDDING! NO MINIMUM, NO RESERVE!!! Rare opportunity to purchase commercial development in an established area! Offered in a total of 4 unique tracts, including a large commercial building, theater, retail spaces with garages, and a tri-plex with immediate rental income. The live auction will be conducted onsite at 103 E 21st on April 9th at 12:00 PM.

Tract 1: 6,323 +/- square foot commercial shell of a building with an iconic facade.

Tract 2: 6,968 +/- square foot commercial building formally known as the NoMar Theater. Great redevelopment opportunity! 

Tract 3: This property provides over 8,000 square feet of rental spaces with garages. There are 5 retail spaces and a 2 bedroom, 1 bathroom apartment.

Tract 4: Full brick triplex with (2) 1-bedroom, 1-bathroom units and (1) 2-bedroom, 1-bathroom unit, with 1 unit rented for $335 a month and potential for additional income

A Multi-Tract Auction allows multiple tracts of real estate to be sold collectively or in any desired combination. This method of auction will offer multiple rounds of bidding allowing for bids on individual tracts, any combination of tracts, and all tracts together. The auction will begin with each tract being offered individually, followed by multiple rounds where bidders can make combinations and increase their previous bids to stay in the winning position. Bidding rounds will conclude when bidders no longer want to create new combinations or raise previous bid amounts. A digital board will be displayed to guide you through the auction process and have a clear understanding of current bid amounts. See "Downloads" section for explanatory PDF.

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Auction Items For Sale

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LIVE AUCTION WITH MULTI-TRACT BIDDING! NO MINIMUM, NO RESERVE!!! Rare opportunity to purchase commercial development in an established area! Offered in a total of 4 unique tracts, including a large commercial building, theater, retail spaces with garages, and a tri-plex with immediate rental income. The live auction will be conducted onsite at 103 E 21st on April 9th at 12:00 PM.

Tract 1: 6,323 +/- square foot commercial shell of a building with an iconic facade.

Tract 2: 6,968 +/- square foot commercial building formally known as the NoMar Theater. Great redevelopment opportunity! 

Tract 3: This property provides over 8,000 square feet of rental spaces with garages. There are 5 retail spaces and a 2 bedroom, 1 bathroom apartment.

Tract 4: Full brick triplex with (2) 1-bedroom, 1-bathroom units and (1) 2-bedroom, 1-bathroom unit, with 1 unit rented for $335 a month and potential for additional income

A Multi-Tract Auction allows multiple tracts of real estate to be sold collectively or in any desired combination. This method of auction will offer multiple rounds of bidding allowing for bids on individual tracts, any combination of tracts, and all tracts together. The auction will begin with each tract being offered individually, followed by multiple rounds where bidders can make combinations and increase their previous bids to stay in the winning position. Bidding rounds will conclude when bidders no longer want to create new combinations or raise previous bid amounts. A digital board will be displayed to guide you through the auction process and have a clear understanding of current bid amounts. See "Downloads" section for explanatory PDF.

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