Non Performing Note Auction: Multi Family Hartford CT

Property Info

6 unit apartment building with ground level retail. This is a non performing first position loan sale. Prior gross income exceeded $65,000 per year. Section 8 tenants in 2008 paid $820 per month and the building was 100% leased. Tenants vacated after owner failed to correct repair violations.

Great opportunity for investor to buy note at a huge discount to UPB ($180,000) and last sales price of $260,000 (2008). Note has coupon rate of 9% (variable). With repairs, the units could be quickly released and generate 30% proforma cash on cash returns (subject to actual repair costs which are unknown). Real estate taxes are paid through December 31st, 2016. Buyer will assume a water and receiver legal lien with a Feb 2017 balance of $19,000.

  • City : Hartford
  • State : CT
  • Zip Code : 06120
  • Property Type : Multi-family
  • Square Feet : 7936
  • Lot Size : 6469
  • Year Built : 1930
  • Units : 7- 6 apartments and 1 retail small storefront
  • Occupancy : Apartments vacant (6). Storefront occupied
  • Prior Gross Rent : Section 8-$825/mo each. Retail $500/mo
  • Loan Payment Status : Non-Performing
  • LIen Position : First
  • UPB : $181,073 (Payoff -1/1/2017-$221,265,90)
  • Original Balance : $195,000
  • Maturity Date : 11/05/2038
  • Original Loan Date : 10/18/2008
  • Interest Rate : Variable: 3 Year T Bill Plus 4% (original rate 9%)
  • Annual Property Tax Bill : $14,100.62 (2016-2017) Paid through Dec 2016
  • Last Payment Date : March 2016
  • Assessors Tax Id : 240-162-029
Status:Active
Starting Bid: $25,000
    Auction Start: 04/03/2017 6:00 am
    Auction End: 04/06/2017 1:00 pm
    • Time Zone :Pac
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    Important Information

    • Buyers Premium :$5000%
    • Broker Coop :$2,500
    • Financing :No
    • Inspection Contingency :No
    • Showings :Drive By Only

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