Property Description for 925 W Gorman St, Elkhorn, WI 53121
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.
- Number of Units: 32
- Type of Rental: 2 story, Apartment building
- Year Built: 1983
- Taxes: $6,172
- Tax Year: 2021
- County: Walworth
- Elementary School: Call School District
- Middle School: Elkhorn Area
- High School: Elkhorn Area
- MLS Number: 1923893
Unit 1
- Beds: 1
- Baths: 1 f | 0 h | 0 q
- Parking: 1 Space
- Sq Ft: 750
Unit 2
- Beds: 2
- Baths: 1 f | 0 h | 0 q
- Parking: 2 Space
- Sq Ft: 858
Unit 3
- Beds: 3
- Baths: 1 f | 0 h | 0 q
- Parking: 2 Space
- Sq Ft: 950
Unit 4
- Beds: 0
- Baths: 0 f | 0 h | 0 q
- Parking:
- Sq Ft: 0
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