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Welch WV 24801 - 32 Apartments building in a great location with housing shortage

Welch WV 24801 – 32 Apartments building in a great location with housing shortage

87 Court St, Welch West Virginia 24801

(AKA: Buckingham Apartments and 47 Court St)

Great Rehab/ Redevelopment opportunity in an area with housing shortage:

Welch West Virginia 24801 – Mid-Rise Masonry Multi- Family Apartment building

Gross Income potential of over $210,000 / year (when rehabbed)

Sold on Warranty Deed with clear title

No back taxes- No liens.

Great potential and located in an area of strong demand and low supply of housing.

Large mid-rise masonry residential 32 apartments building in the middle of a beautiful historic city nestled among the green hills of West Virginia, with scenic views overlooking beautiful forest and green hills and forests, the City of Welch and the Tug Fork River in Downtown Welch.

Description

The property is a 6-story masonry (brick and stone) residential apartment building of a total area of about: 24,264 sq ft built on a lot of about 5,000 sq ft. It contains 32 One Bedroom, 1 bathroom apartments of an average of 727 sq ft each. The property features restorable hardwood floors and spacious rooms. Each apartment consists of a small entrance hall, a living room, a kitchen, bedroom, a bathroom and built in closet.

Each apartment consists of a small entrance hall, a living room, a kitchen, bedroom, a bathroom and built in closet.

Great income potential:

Great rental demand with shortage of supply.

Suitable for luxurious housing or for section 8 Housing with very strong demand and acute shortage in supply which will ensure very low or no vacancies once rehabbed.

Estimated Gross Income potential with current layout: $ 210,000  / year

Property condition

The property needs a full rehab. The property is masonry brick and stone and is structurally sound and has been cleared out of hazardous waste and trash and is ready for a rehab. The roof needs to repaired or a new roof laid, and the plumbing and electrics are to be redone.

There are no violation or condemnation notices, and there is strong support for the project. The Mayor, the City and McDowell county have all expressed support for the rehab of the property because of a real shortage in housing. They want to see this property developed and fixed and will support rehab plans.

Location:

Welch is a historic city with a lot of character, nestled among the beautiful green forested hills of West Virginia on the Tug Fork River. Incorporated as a city in 1893, it is the county seat of McDowell County.

The masonry Built historic building is located in Downtown Welch, between the McDowell County Court House, Sheriff’s Office, and County Utility Department. It is within walking distance of a movie cinema, shops, restaurants, stores and the public library. The property has two entrances one off Howard St and the other one off Court St.

The property is close to many excellent schools and comprehensive local facilities and amenities:

Restaurants

Godfather's Pizza (.7mi), Patty's Restaurant (1mi), Qdoba Mexican Grill (1.1mi), SUBWAY® Restaurants (C-Store / Gas Station) (1.1mi), Bob Evans Restaurant (1.1mi), Jonesin' For A Good Sandwich (1.1mi), Pizza Hut (1.1mi), Lone Star Steakhouse (1.1mi), Long John Silver's (1.1mi), Checkers Drive-In Restaurant (1.1mi), Wendy's (1.1mi), McDonald's (1.1mi), Logan's Roadhouse (1.1mi), McDonald's (1.1mi), Peking China Super Buffet (1.1mi), Chili's Grill & Bar (1.2mi), Chick-fil-A (1.2mi), Domino's Pizza (1.2mi), Burger King (1.2mi), Taco Bell (1.2mi), Merryland Express (1.2mi), Tudor's Biscuit World (1.2mi), Rio Grande (1.2mi), Olive Garden (1.2mi), Olive Garden (1.2mi), Mint Julep Restaraunts LLC (1.2mi), Cheddar's Scratch Kitchen (1.2mi), Rancho Grande Mexican Grill (1.2mi), Dickey's Barbecue Pit (1.2mi), Penn Station East Coast Subs (1.2mi), Five Guys (1.3mi), Patty's Restaurant (1.3mi), A Taste of Memphis (1.3mi), Macado's (1.4mi), Arby's (1.5mi), Calacinos Pizzeria (1.7mi), Subway (1.7mi), King Tut Drive-In (1.9mi), Papa John's Pizza (2.1mi), Silver Spoon Llc (2.1mi), Captain D's (2.3mi), Felton Co (2.4mi), Little Sicily Italian Restaurant (2.6mi), Young Chow's Restaurant (2.6mi), Little Caesars Pizza (2.7mi), Mi Mi's Local Cafe Beckley (2.7mi), Quiznos (2.7mi), Wendy's (2.7mi)

Coffee

Starbucks (1.1mi), Open Door Café (1.2mi), Starbucks (2.7mi)

Bars

Hot Spot Lounge (3.4mi), Duces Wild (3.4mi)

Groceries

Walmart Supercenter (.9mi), Sam's Club (1.1mi), Food Lion of Beckley (1.1mi), Kroger (1.3mi), Tony's Quality Meats (1.5mi), Beckley Produce & Grocery (1.8mi), Save-A-Lot (2.1mi), Five Star Foods (2.2mi), Smith's Corner Packette (2.3mi), Healthsmart (2.4mi), Conleys Market (2.8mi), Comac Inc (2.8mi), Comac Inc ( 2.8mi), Little General Store (2.8mi), Taya & Abrahams International Grocery (2.9mi), Hickory Farms (2.9mi), Netphase (3mi), Schwan Food Co (3mi), Beckley Uptown Farmers Markert (3.1mi), Go Mart Inc (3.1mi), Pacita's International Food (3.5mi), Frito-Lay Inc (3.8mi)

Parks

Babe Ruth Park (1.9mi), New River Park (2.6mi)

Schools

Stanaford Elementary School (.5mi), Woodrow Wilson High School (1mi), Academy of Careers and Technology (1mi), Trinity Christian Academy (1.2mi), Cranberry-Prosperity Elementary School (1.8mi), Maxwell Hill Elementary School (1.8mi), Beckley Center (2mi), Greater Beckley Christian School (2.5mi), Bradley Elementary School (2.9mi), Crescent Elementary School (3.1mi), Park Middle School (3.2mi), Stratton Elementary School (3.3mi), St Francis De Sales School (3.4mi), Mabscott Elementary School (3.7mi), Beckley Elementary School (3.7mi)

Shopping

Factory Connection (1mi), Gotta Party By Vickys (1mi), Harvey's Fashions & Bridal (1mi), Lane Bryant (1mi), Fashion Bug (1.1mi), LEATHER CREEK (1.1mi), rue21 (1.2mi), Kohl's (1.2mi), Maurices (1.2mi), Cato (1.3mi), Joey's Warehouse (2.2mi), Hook Up (2.8mi), Gabe's (1.2mi), Maurices (1.2mi), Party City (1.3mi), Cato Fashions (1.3mi), Cato (1.3mi), T.J. Maxx (1.3mi), Blue Magnolia (1.6mi), Belk ( 2.8mi), Dick's Sporting Goods (2.8mi), Hook Up (2.8mi), Bon Worth (2.8mi), Aeropostale (2.8mi), American Eagle Outfitters (2.9mi), Bath & Body Works (2.9mi), Elevation Sports (2.9mi), CJ Banks (2.9mi), Claire's (2.9mi), Hot Topic (2.9mi), Sephora Inside JCPenny (2.9mi), Hibbett Sports (2.9mi), Christopher & Banks (2.9mi), Victoria's Secret & PINK (2.9mi), Merle Norman Cosmetic Studio (2.9mi), Justice (2.9mi)

Entertainment

Marquee Cinemas - Beckley, WV (1mi), Exhibition Coal Mine (2.6mi), Youth Museum of Southern West Virginia (2.7mi), Raleigh County Veteran's Inc (2.9mi), Wildwood House Museum (2.9mi), Theatre West Virginia (3.8mi)

Errands

Summit Supply Inc (.2mi), Adams Power Equipment (.5mi), Cranberry Lumber Co (.7mi), Sam's Club (.9mi), Lowe's Home Improvement (.9mi), O C Cluss Lumber (1mi), Kmart Pharmacy (1mi), Sherwoni Jawed A (1.1mi), CVS Pharmacy (1.1mi), Chase Bank (1.1mi), CVS Pharmacy | Photo (1.1mi), CVS Pharmacy (1.1mi), Kroger Pharmacy (1.2mi), White Oak Land Co (1.3mi), Tractor Supply Co. (1.3mi), BB&T (1.3mi), Bank of Mount Hope (1.3mi), City National Bank (1.3mi), Star USA Federal Credit Union (1.4mi), BB&T (1.4mi), Accesshealth Medical Equipment (1.7mi), Huntington Bank (1.7mi), Renee McCafferty, PharmD (1.7mi)

(walkscore.com)

Demographics*:

                                                             1 mile                  3 miles              5 miles

Total population                                      1,554                  2,431                  3,682

% White alone                                        85.45%                85.19%              82.34%

% African American                                12.22%                12.34%               15.23%

2017 Average Household Income              $45,573               $44,915              $45,206

*Costar

Crime rate: Very low (Trulia.com)

Great Investment opportunity:

UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A SUBSTANTIAL HIGH-INCOME PROPERTY FOR A DISCOUNTED PRICE.

Great income potential 

Once rehabbed the property offer excellent income potential with low vacancy expected due to the housing shortage.

Average Monthly rent for:

1 Bedroom apartments: $550/ month

 (estimated using rentometer.com, realtor.com & hotpads.com)

Based on the above figures, approximate projected gross income is:

$17,600/ month ($211,200/ year)

The apartments expected to rent out quickly when finished and the building expected to have low vacancy due to high demand and real housing shortage.

 

Real Estate Taxes:

Welch County, WV parcel ID: 7-01170000

Low Real Estate Taxes: $903.17/ year

PROPERTY IS SOLD AS IS, WHERE IS- Warranty deed- Clear title – No liens, No back taxes

Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.

There is no document preparation fee or auction premium for this auction.

10% non-refundable deposit, is due within 48 hours of auction close to be paid into escrow.

Final Payment to be made within 2 weeks of the Auction close.

All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Sale is ‘As IS’ and Buyers are responsible for fixing building code violations (if any). Buyers are bound by the Purchase Agreement which is attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.

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