Commercial Real Estate in Down Town Douglas, Arizona. Retail Shopping Bldg.

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Commercial Real Estate in Down Town Douglas, Arizona. Retail Shopping Bldg.:
$27300.00

The Good News, the building was rented for many, many years without problems. Tenants took care of all repairs and maintenance. Rent Roll ranged from 550 per month as a Tortilla factory to as high as $800 per month as a Candy Shop. There was a video store Rental there for a couple of years and various businesses over the life of the building. Once you find a renter, it pretty much stays occupied and most tenants do not want any problems.
The Bad News: It\'s been vacant for a couple of years since the death of the owner. It has been neglected and in need of paint and \"sprucing up\". The last time it was totally renovated with paint an new bathroom it took less than $800 to make it look like brand new. The photo\'s were from the last remodeling project it had done five years ago. So old photos.
more bad news. The taxes have not been paid. It is delinquent for back taxes for 2016 and 2017 at $2,000 per year property taxes. Since the building is empty, non occupied, one could appeal the property tax and the value to the County in hopes of reducing the annual taxes. Based on comps of the area, a building renting at $800 per month should be less than a thousand dollars per year in property taxes based on the income approach to value. See a professional property tax consultant to reduce the taxes.
More good news. The owner wants nothing to do with the property so it will sell at public sale () for whatever it brings. It is being started at 99 cents and if that is the high buyer, that is what the property will sell for. It is free and clear of all liens and encumbrances except for back taxes. If you are high buyer, a Quit Claim Deed will be provided and recorded in your favor. If you want a warrantee deed or escrow, owner is willing to do so but at your total expense. Nothing will be paid towards escrow fees, Title Insurance or recording of deed. your choice.
This is an absolute sale. There is no minimum. There is and the highest buyer, no matter what the amount will get the building.
There is a 2007 Appraisal of the Building at $150,000 by a Licensed, Registered Real Estate Appraiser. There was a loan on the building for $133,000 but the first mortgage has been paid off. There is no mortgage on the building. you could purchase this building for cash, regardless what the price is, and then go to a hard money lender and borrow whatever he will lend on the building. The last mortgage on the building was $133,000 but it now has NO liens or encumbrances.