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706 Faryl Ave,  Delavan,  WI  53115 $675,000 Sold
706 Faryl Ave,  Delavan,  WI  53115
$675,000
Sold
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 Property Type Multi Family
 Parcel # XA143900001
 County Walworth
 Sub Area S04
 Municipality Delavan
 MLS# 1923443
 Listing Date 11/08/2021
 Sold Price $675,000
 Close Date 07/11/2022 12:00 AM

MLS Public Remarks  2 16 unit apartment buildings in the city of Delavan. Tenants pay electric heat. Large 2.8 acred lot. Good investment property. Sixteen 1 bedroom units & sixteen 2 bedroom units. Room for garages. The 4 washers & 4 dryers are leased. Property is in USDA Rural Development Low Income Housing Program. Property is required to stay in this program until 5/7/2036. This program allows renting only to low income tenants. Rents are controlled, Profit is limited to $3,925/yr, must be professionally managed. Purchase: NO NEW LOAN can be taken upon this property. Buyer assumes the present mortgage (approx $100k bal.) and brings CASH to Closing equal to difference between PURCHASE PRICE and MTG BALANCE; eg, $575k. See Documents for details.
Documents and Related Links  
1) Delavan Provisions and Restrictions
2) Delavan Pricing
3) Request For Substitution of General Partners
4) Management Certification
LOCATION  
  • Location  City
  • Other Marketing Area  
  • Mailing City  Delavan
  • C/T/V  City
  • Unit #  
  • Directions  From Hwy 11 In Delavan, Go South On Wright St To Phoenix St, Go Right To Faryl Ave, Go Let On Faryl Ave.
    • BUILDING INFO  
  • Number of Units  32
  • Year Built  1986
  • # Furnaces  0
  • Heating Type  Rad Elec
  • Heating Fuel  Elec
  • # Water Heaters  4
  • # Water Softeners  0
  • # Stoves  32
  • # Refrigerators  32
  • # Dish Washers  0
  • # Washers  0
  • # Dryers  0
  • # Units w/AC  0
    • TOTAL UNITS BY TYPE  
  • Number of Efficiencies  0
  • Number of 1 Bedrooms  16
  • Number of 2 Bedrooms  16
  • Number of 3+ Bedrooms  0
    • ANNUAL INCOME/EXPENSES  
  • Total Income  0
  • Total Expenses  192458
  • Net Operating Inc  37125
  • Year  2020
    • ASSESSMENT/SCHOOLS   
  • School District  Delavan-Darien
  • High School  Delavan-Darien
  • Middle  Call School District
  • Elementary  Call School District
  • Land Assessment  $97,800
  • Improvements  $368,900
  • Total Assessment  $466,700
  • Net Taxes  $10,598
  • Assessment Year  2020
  • Tax Year  2020
  • Owner  
    • LOT DESCRIPTION  
  • Zoning  RM-12
  • Subdivision  Lot 1 Csm 1439
  • Name of Lake/River  
  • Est. Total Acres  2.84
  • Source for Est. Total Acres  PubR
    • UNIT INFORMATION  
  • Unit 1  Balcony/patio, Eat-in kitchen, Range/oven, Refrigerator
  • Unit 2  Balcony/patio, Eat-in kitchen, Range/oven, Refrigerator
  • Unit 3  
  • Unit 4  
    • Landlord Pays
    Unit Bedrooms Full Baths Half Baths Lease Expiration Date Month Rent Fin Sq.Ft Parking Elec Heat W/S
    1 1 1 0 various $570 650 2 Space No No Yes
    2 2 1 0 various $630 858 2 Space No No Yes
    3 0 0 0 - $0 0 - - - -
    4 0 0 0 - $0 0 - - - -
    Items Included 
    Items Excluded  Tenant's personal property
    INTERIOR FEATURES  
  • Energy Efficient/Green Features  
  • Water/Waste  Municipal sewer, Municipal water
  • Basement  None, Poured Concrete Foundation
    • EXTERIOR FEATURES  
  • Type   Apartment building
  • Parking per Unit  2 spaces, Outside
  • Barrier-free Features  First floor bedroom, First floor full bath, Level drive, Level lot, Ramped or level entrance, Width of hallways 42"+
  • Exterior  Brick, Wood
  • Waterfront  
  • Terms  
    • OTHER FEATURES  
  • Utilities  Sep elec meters each unit
  • Legal Documents  Income/Exp Report Avail
  • Miscellaneous  Shared laundry



    • Above Information Deemed Reliable, But Not Guaranteed

    Listing Courtesy of Century 21 Affiliated Pfister