Commerical Property Available In Illinios!

Hello REI,

I'm a newbie to real estate investing. I'm working on finding my first deal. I sent some letters out and got a call from a motivated seller of a commerical property in Winfield Illinois. I'm not really focus on tcommercial properties so I'm passing this information on.

There is a owner-occupied commerical property that's been in foreclosure for over an year. Owner is in Chapter 11. I talked with the owner today and is very motivated to sell.

The property is occupied by an Kawasaki Dealership. Its unincorporated, free-standing on about 3 acres. A triangle building that's about 60 x 100. The owner estimated that $695,000 is owned but the bank will settle for $550,000.

Like I said, the owner is really motivated to sell and only have a few months before bank take property away. If more information is needed I'm sure I can get it from the owner. If anyone is interested in this property let me know.

jm

Comments(2)

  • legend726th January, 2004

    Jmart,

    Is the Kawasaki dealership planning on remaining for a while?

    How much rent are they paying?

    What is the condition of the property?

    Is the property zoned for any other uses?

    Sam

  • jmart222126th January, 2004

    Sam,

    I just got off the phone with the owner with the answers to your questions.

    How much rent they pay?
    Rent $3100

    What is the condition of property?
    Good Condition everything works properly and there is really no major repairs needed.

    Is property zoned for any other uses?
    The owner didn't seemed like he was very sure about this question. He mention ONLY for commerical.

    Is dealership planning on remaining for a while? He's very motivated to sell. He mention he only had a few months to prolong. For the time being it will still operate as a Kawasaki dealership.

    Its listed with a realtor company called Sequoia Realtors. I'm not sure if they have a website or not.

    He gave me the contact person for this property.

    I hope this helps!

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