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925 W Gorman St,  Elkhorn,  WI  53121 $655,000 Sold
925 W Gorman St,  Elkhorn,  WI  53121
$655,000
Sold
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 Property Type Multi Family
 Parcel # YLSA-00026
 County Walworth
 Sub Area S08
 Municipality Elkhorn
 MLS# 1923893
 Listing Date 11/15/2021
 Sold Price $675,000
 Close Date 07/29/2022 12:00 AM

MLS Public Remarks  32 unit apartment complex in Elkhorn. 16-1 bedroom, 14-2 bedroom, 2-3 bedroom units. Tenants pay electric heat. Large 2.5 acre lot. 4 washers and 4 dryers are leased. Property is in the USDA Rural Development Low Income Housing Program. Property is required to stay in the RD program until 12/6/2033. This RD program allows renting only to low income tenants. Rents are controlled. Profits limited to $3,304 per year. Must be professionally managed. Purchase: NO NEW LOANS can be taken on this property. Buyer assumes current mortgage of (approx. $17K balance) and brings cash to closing equal to difference between purchase price and mortgage balance. See documents for details.
Documents and Related Links  
1) Map
2) Request For Substitution Of General Partners
3) Management Certification
4) Unit Pricing
5) Provisions & Restrictions
LOCATION  
  • Location  City
  • Other Marketing Area  
  • Mailing City  Elkhorn
  • C/T/V  City
  • Unit #  
  • Directions  From Hwy 11 In Elkhorn Go North On West St And Then Right On W Gorman St
    • BUILDING INFO  
  • Number of Units  32
  • Year Built  1983
  • # Furnaces  0
  • Heating Type  Rad Elec
  • Heating Fuel  Elec
  • # Water Heaters  4
  • # Water Softeners  0
  • # Stoves  32
  • # Refrigerators  30
  • # 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  14
  • Number of 3+ Bedrooms  2
    • ANNUAL INCOME/EXPENSES  
  • Total Income  0
  • Total Expenses  180312
  • Net Operating Inc  5771
  • Year  2020
    • ASSESSMENT/SCHOOLS   
  • School District  Elkhorn
  • High School  Elkhorn Area
  • Middle  Elkhorn Area
  • Elementary  Call School District
  • Land Assessment  $131,800
  • Improvements  $173,500
  • Total Assessment  $305,300
  • Net Taxes  $6,172
  • Assessment Year  2021
  • Tax Year  2021
  • Owner  
    • LOT DESCRIPTION  
  • Zoning  RM-2
  • Subdivision  
  • Name of Lake/River  
  • Est. Total Acres  2.58
  • Source for Est. Total Acres  PubR
    • UNIT INFORMATION  
  • Unit 1  Eat-in kitchen, Individual heat control, Range/oven, Refrigerator
  • Unit 2  Eat-in kitchen, Individual heat control, Range/oven, Refrigerator
  • Unit 3  Eat-in kitchen, Individual heat control, Range/oven, Refrigerator
  • 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 $490 750 1 Space No No Yes
    2 2 1 0 various $544 858 2 Space No No Yes
    3 3 1 0 various $597 950 2 Space No No Yes
    4 0 0 0 - $0 0 - - - -
    Items Included 
    Items Excluded  Tenants' personal property
    INTERIOR FEATURES  
  • Energy Efficient/Green Features  
  • Water/Waste  Municipal sewer, Municipal water
  • Basement  None, Poured Concrete Foundation
    • EXTERIOR FEATURES  
  • Type   2 story, Apartment building
  • Parking per Unit  1 space, 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  Internet - Cable, Shared laundry



    • Above Information Deemed Reliable, But Not Guaranteed

    Listing Courtesy of Century 21 Affiliated Pfister