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Auction Information

COMMERCIAL REAL ESTATE WITH OUTSTANDING LOCATION

Thu Jul 07 - 06:00PM


731 S. West Street, Olney, IL Click to Map


Carson Auction & Realty Co.

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Auctioneer ID#: 12082

Phone: 618-662-4911

License: 440.000347

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THURSDAY, JULY 7, 2022 6:00PM

COMMERCIAL REAL ESTATE WITH OUTSTANDING LOCATION

AUCTION LOCATION:  731 S. West Street, Olney, Illinois (Watch for signs)

Location: 731 S West Street, Olney, Illinois.  This property has frontage along Highway 130 in the middle of Olney, IL and is just north of the Highway 130/Highway 50 intersection. Approx. 40mi. SE of Effingham, IL or 80mi. NW of Evansville, IN.

  Location of Auction: Auction will be held on location at 731 West Street, Olney, IL (WATCH FOR SIGNS)

TRACT 1 Commercial Building with Highway 130 Frontage

  • Frontage on S. West Street (Highway 130) and Lafayette Street
  • Outstanding visibility with a highly sought after corner lot location
  • Improved with a 1,916sq.ft. office building w/ attached carport
  • Other improvements: paved parking lot with Hwy. 130 entrance
  • Rental income of $800/mo.—same tenant for over 20 years
  • Additional income of $1500/yr. for billboard rental

 TRACT 2 Commercial Building (Warehouse, Shop, Office)

  • Frontage on Lafayette and Hickory Street
  • This tract is highly versatile & has many potential uses
  • Improved with a 40’X120’ (4800sq.ft.) commercial building
  • Building has auto shop area, warehouse, and finished office area
  • Improved with a 60’X75’ (4500sq.ft.) building w/ shop & office area
  • Improved with a 40’X60’ (2400sq.ft.) shop / warehouse building
  • Rental income of $1600/mo.—same tenant for over 20 years.

 TRACT 3 Combination of Tracts 1 and 2

  • Frontage on three sides including Highway 130.
  • Improved with four commercial buildings & paved parking lot
  • Rental income of $2400/mo. + $1500/yr. = $30,300 annual income
  • Same proven tenants for over 20 years
  • Entire lot size is 67,860sq.ft. (1.56 acres)

TERMS ON REAL ESTATE: 15% of the purchase price placed down day of sale and the balance due at closing on or before August 9, 2022. Sellers guarantee good and merchantable title. Real estate taxes will be pro-rated to the date of closing. 2021 real estate taxes were $9,242.80.  Sellers retain no mineral rights; however, subject to any prior reservations.  Current rent will be pro-rated to the date of closing. Current tenants are renting on a month to month bases. It will be the buyers responsibility to take possession or to negotiate a future lease agreement with the current tenants. Sellers and Buyer(s) will enter into a Sales Contract day of sale. All announcements day of sale take precedence over any previously printed materials or advertisementsNo Buyers Premium

 

SELLERS: THE LOUIS A. WYATT TRUST

ATTORNEY FOR THE SELLER:  PAT BURKE – OLNEY, IL

COL. JUSTIN CARSON #441.001711

Managing Broker, Certified General Appraiser, & Auctioneer 618-662-4911

204 E. North Ave., Flora, IL 62839

www.carsonauctionandrealty.com

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