SECURED LENDER - COMMERCIAL REAL ESTATE AUCTION

Waterloo, Iowa

Auction to be held onsite at 3295 University Avenue, Waterloo

Open House on Tuesday, September 1^st from 1-2pm

Online Bidding Available!

13,824 SQ.FT. COMMERCIAL BUILDING

Looking for a real estate investment?  Come take a look, as you will be surprised what this building offers inside.  The property is currently leased to Lark Brewing.  The building could be converted to a multi unit or duplex style building, offering plenty of space on the main and lower levels with separate entrances and off street parking for both levels.

Main Level

• Spacious dining area with bar
• Kitchen with hood vent & ansul system
• Outdoor patio area
• Restrooms
• Two small offices
• Mechanical room
• Open stairway to the lower level

Lower Level

• Brew room with viewing windows to the bar & open dining area
• Private dining room
• Small prep area with walk in cooler
• Office
• Restrooms
• Mechanical room

Amenities

• Sprinkler system
• 2.186 Acres M/L
• Zoned C-2

Included:  (2) Walk in coolers, Hood vent & ansul system, Metal railing, Track lighting above bar on main level.

Not included: All Lark Brewing signage & awning, Main level walk in cooler, All SS sinks, Dishwasher system, Grease traps, Light fixtures above lower level bar, Beer taps, Decorations, All Restaurant & Brewing Equipment & Fixtures, Tables, Chairs, Bar Stools

Terms: 10% down payment on September 15, 2020.  Balance due at closing with a projected date of October 30, 2020, upon delivery of merchantable abstract and deed and all objections have been met.

Possession: Projected date of October 30, 2020. (Subject to tenant’s rights)

Real Estate Taxes:  To be prorated to date of possession on the basis of the last available tax statement.  Seller shall pay any unpaid real estate taxes payable in prior years.

Real Estate Taxes: $27,668.00 (Net)

Assessed Value: $778,440

Special Provisions: 

• The property is selling subject to tenant’s rights, with a written lease in in place through December 31, 2020.  The rent is $3,250 per month and the rent will be prorated to the date of closing.  There is an option to extend the lease for six months at $5,000 per month.  Any security deposits, if any, will be transferred at closing.  Copy of said lease will be available online.  It is the responsibility of the new buyer to give tenant notice, if so desired. <Click here> to view lease agreement. 
• Seller shall not be obligated to furnish a survey. 
• This auction sale is not contingent upon Buyer’s financing or any other Buyer contingencies.
• Purchasers who are unable to close due to insufficient funds or otherwise, will be in default and the deposit money will be forfeited.
• If in the future a site clean-up is required it shall be at the expense of the buyer.
• This real estate is selling subject to any and all covenants, restrictions, encroachments and easements, as well as all applicable zoning laws.
• The buyer acknowledges that they have carefully and thoroughly inspected the real estate and are familiar with the premises. The buyer is buying this real estate in its "as is" condition and there are no expressed or implied warranties pertaining to the real estate.
• Steffes Group, Inc. is representing the Seller.
• Any announcements made the day of sale take precedence over advertising.

Owner: Secured Lender

For information contact Nate Larson at Steffes Group at 641.423.1947 or 641.530.5528

TERMS: As with any auction all items sell as-is with no guarantees or warranties of any type. Descriptions, photos and statements made or offered by sellers or auction staff are deemed correct but are not guaranteed. You are responsible for your own physical inspections, due diligence and any bids placed.