AUCTION Selling Absolute! Income Producing 14 Unit Apartment Building - Each Unit is 2 BR, 1 BA - Near MTSU

Commercial Auction in 1614 Cypress Drive, Murfreesboro, Tennessee, United States

27 Thursday
27th August, 2020
Comas Montgomery Realty & Auction Co., Inc.

AUCTION Selling Absolute! Income Producing 14 Unit Apartment Building - Each Unit is 2 BR, 1 BA - Near MTSU

Commercial Auction in 1614 Cypress Drive, Murfreesboro Tennessee, United States

Thursday at - 27th August , 2020

Notes

BID NOW ONLINE or ON LOCATION Thursday Evening, August 27th, 2020 @ 6:00 PM.

Real Estate Terms: On Location Terms: 10% Buyers Premium added to the final bid price to determine final selling price. 10% down day of sale and balance due at closing. Must close on the property on or before October 20, 2020. Announcements made day of sale take precedence over any previous advertising. Online Terms: 1. Bidding Increments: Each Comas Montgomery Realty & Auction Company Inc. auction may have different bidding increments. The software will calculate the next bid amount before submitting the bid. 2. Agency: Comas Montgomery Realty & Auction Co., Inc., Agents and Representatives are agents of the Seller. 3. Buyer's Premium: There will be a ten percent (10%) Buyer’s Premium added to final bid price to determine the final selling price. 4. Auction Ending: The auctioneer will have sole discretion when to close the bidding for this auction. 5. Time Increase or Decrease: Comas Montgomery Realty & Auction Co., Inc. may increase or decrease the amount of time to place a bid for this auction. 6. Outbid Notification: Bidders will need to watch their bidding screen to determine the current winning bid amount. Absentee bids may receive an email notice if outbid, but not guaranteed. 7. Property Information & Inspection: Comas Montgomery Realty & Auction Co., Inc. is not responsible for any missing or incorrect listing information. Comas Montgomery Realty & Auction Co., Inc. has attempted to provide accurate descriptions. However, it is the bidder's responsibility to conduct any inspections to determine the condition and feasibility of the bidder’s intended use. Descriptions that are provided by Comas Montgomery Realty & Auction Co., Inc. are provided in good faith and are matters of opinion. 8. Auctioneer's Discretion: Comas Montgomery Realty & Auction Co., Inc. has full discretion to modify the date, time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Comas Montgomery Realty & Auction Co., Inc. or the seller. 9. Server & Software Technical Issues: In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Comas Montgomery Realty & Auction Co., Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Comas Montgomery Realty & Auction Co., Inc. shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary by Comas Montgomery Realty & Auction Co., Inc. THE ONLY GUARANTEE THAT YOUR BID WILL BE PLACED IS TO BE AT THE ACTUAL LIVE BIDDING EVENT! 10. Terms: ONLINE BUYER: 10% OF THE FINAL BID PRICE REQUIRED as non-refundable earnest money in the form of a certified check, cash or wire transfer within 24 hours of the close of auction (or next business day), with the balance of purchase price due at closing. Purchaser shall be responsible for all wire transfer fees. ON SITE BUYER: 10% OF THE FINAL BID PRICE REQUIRED as non-refundable earnest money IMMEDIATELY AFTER THE CLOSE OF THE AUCTION, with the balance of purchase price due at closing. Closing will be as specified in the Contract for Sale of Real Estate. This online only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyers at registration prior to bidding and specified in the Contract for Sale of Real Estate under “files” sections of the webpage. 11. Contract for Sale of Real Estate: ONLINE BUYERS: The contract is required to be fully and correctly completed, WITHOUT any modifications and properly signed within 24 hours of the close of auction. ON SITE BUYERS: The contract is required to be executed immediately after the close of the auction. 12. Closing: As specified in the Auction Day Contract for Sale of Real Estate. 13. Closing Costs: Seller shall pay Seller’s side closing fee and document preparation fee. Buyer shall pay Buyer’s side closing fee and document preparation fee. Seller shall pay no closing costs for Buyer, including any lender's fees or recording fees unless otherwise agreed to in the Contract for Sale of Real Estate. 14. Property Condition: Buyer specifically acknowledges herein that the property is being purchased "AS IS" with all faults and that neither the Seller nor Comas Montgomery Realty and Auction Company, Inc., makes any warranties or representations, express or implied, as to the habitability, condition, square footage, acreage or boundary lines of the real property conveyed herein. Seller is NOT responsible for any repairs. 15. Hold Harmless: Buyer and or Bidder agrees to hold harmless and indemnify Comas Montgomery Realty & Auction Co., Inc. and its Agents, Owners, Directors, Employees and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc. 16. Disputes: Any dispute between Comas Montgomery Realty & Auction Co., Inc., its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Rutherford County, Tennessee. By bidding on any item, buyer agrees to all terms and conditions set forth. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 17. Auction Bidder and/or Buyer Default: Successful Bidder and or Buyer not executing and returning the contract with earnest money deposit AS SPECIFIED IN PARAGRAPH 10 AND 11 will be considered in default. In the event a winning Bidder and or Buyer fails to submit the signed Contract for Sale of Real Estate and earnest money deposit, the winning Bidder and or Buyer shall pay to Comas Montgomery Realty & Auction Company, Inc., as damages, an amount equal to the Buyer's premium or commission percentage, as set forth in said Contract, and any and all expenses incurred by the said Comas Montgomery Realty & Auction Company, Inc., for said auction. Should Buyer's earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Comas Montgomery Realty & Auction Company, Inc. Buyer shall also pay a reasonable attorney's fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer's default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney's fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Comas Montgomery Realty & Auction Company, Inc., that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer's premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Rutherford County, Tennessee. Comas Montgomery Realty & Auction Co., Inc. reserves the right to sell to the next highest qualified Bidder and or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, by the Bidder and or Buyer, is considered to be in default. 18. Auction Cancellation – Bid Rejection: Comas Montgomery Realty & Auction Co., Inc. reserves the right to reject any and all bids for any reason. Comas Montgomery Realty & Auction Co., Inc. reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed. 19. Acceptance of Bid Prices: ALL BIDS ARE SUBJECT TO SELLER CONFIRMATION UNLESS NOTED AS ABSOLUTE. The auctioneer and/or Seller shall make the sole and final decision as to the winning high bid amount. Acceptance by the online bidding platform does not necessarily constitute an accepted bid by the auctioneer. Successful Bidder and or Buyer(s) will be required to enter into a purchase agreement immediately following the close of the auction. Comas Montgomery Realty & Auction Co., Inc. will e-mail documents to be executed and fax or e-mail back to Comas Montgomery Realty & Auction Co., Inc. within 24 hours of the end of the auction. Successful Bidder and or Buyers not executing and returning contracts with earnest money deposit within 24 hours will be considered in default. Any and all inspections that a buyer may want must be completed at buyer’s expense prior to the close of the online bidding. Comas Montgomery Realty & Auction Co., Inc., Agents, Representatives or Employees may bid. Comas Montgomery Realty & Auction Co., Inc. reserves the right to sell to the next highest qualified Bidder and or Buyer if the winning Bidder and or Buyer is in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion. 20. Title: As specified in the Contract for Sale of Real Estate 21. Deed: As specified in the Contract for Sale of Real Estate 22.

Description

AUCTION SELLING ABSOLUTE!
INCOME PRODUCING 14-UNIT APARTMENT BUILDING
EACH UNIT is 2 BR, 1 BA

ZONED RS-10

"The Estate of Frank Fly"
1614 Cypress Drive, Murfreesboro, Tennessee

BID NOW ONLINE or ON LOCATION
Thursday Evening, August 27th, 2020 @ 6:00 PM.


Washer/Dryer Hookups - Central Heat & Air
Stove - Dishwasher - Refrigerator remain in each unit
Brick & Vinyl Construction - Metal Roof
Approximately 1 mile to the main entrance of Middle Tennessee State University!
Convenient to Interstate 24
Some tenants have been renting for more than 8 years!
Current rental incomes vary from $450-$700 per unit
All tenants are month to month
Tenants pay electric 

Owner pays for water (1 water meter $750-$800 a month)

UPDATED 8/11/2020 
Unit 1 - $550/mo
Unit 2 - $550/mo
Unit 3 - $700/mo
Unit 4 - $550/mo
Unit 5 - $550/mo
Unit 6 - $550/mo
Unit 7 - $550/mo
Unit 8 - $500/mo
Unit 9 - $700/mo
Unit 10 - $450/mo
Unit 11 - $550/mo
Unit 12 - $550/mo
Unit 13 - $550/mo
Unit 14 - $550/mo

Directions to the Property: I-24 to Exit 81 (Murfreesboro/Church St.) right on Middle Tennessee Blvd., Right on Mercury Blvd., Right on Minerva, Apartment on right corner of Cypress and Minerva Drive.

PREVIEW: Monday, August 24th from 6-8 PM.

AUCTIONEERS:
Charlie Montgomery (615) 308-4487
Spencer Montgomery (615) 785-7136


Map

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Location has been calculated by address and may not be 100% accurate.




Auction Items For Sale

AUCTION SELLING ABSOLUTE!
INCOME PRODUCING 14-UNIT APARTMENT BUILDING
EACH UNIT is 2 BR, 1 BA

ZONED RS-10

"The Estate of Frank Fly"
1614 Cypress Drive, Murfreesboro, Tennessee

81e9b1570875122f0f9931a2a4887e5b8fafbafb.jpeg

BID NOW ONLINE or ON LOCATION
Thursday Evening, August 27th, 2020 @ 6:00 PM.

a4094541c5451cf4a23fc4398e9da7d83631cdcd.jpeg


Washer/Dryer Hookups - Central Heat & Air
Stove - Dishwasher - Refrigerator remain in each unit
Brick & Vinyl Construction - Metal Roof
Approximately 1 mile to the main entrance of Middle Tennessee State University!
Convenient to Interstate 24
Some tenants have been renting for more than 8 years!
Current rental incomes vary from $450-$700 per unit
All tenants are month to month
Tenants pay electric 

Owner pays for water (1 water meter $750-$800 a month)

UPDATED 8/11/2020 
Unit 1 - $550/mo
Unit 2 - $550/mo
Unit 3 - $700/mo
Unit 4 - $550/mo
Unit 5 - $550/mo
Unit 6 - $550/mo
Unit 7 - $550/mo
Unit 8 - $500/mo
Unit 9 - $700/mo
Unit 10 - $450/mo
Unit 11 - $550/mo
Unit 12 - $550/mo
Unit 13 - $550/mo
Unit 14 - $550/mo

Directions to the Property: I-24 to Exit 81 (Murfreesboro/Church St.) right on Middle Tennessee Blvd., Right on Mercury Blvd., Right on Minerva, Apartment on right corner of Cypress and Minerva Drive.

PREVIEW: Monday, August 24th from 6-8 PM.

AUCTIONEERS:
Charlie Montgomery (615) 308-4487
Spencer Montgomery (615) 785-7136

fbd01fa518f19a44829c836542d2fc804cd6fe55.jpeg


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