Commercial for Sale in 1901 New York Ave, Evansville, Indiana, USA

Absolute Auction 4 Income Producing Warehouses

ABSOLUTE REAL ESTATE AUCTION
GATEWAY WAREHOUSES
511,000+ SQ FT & 50+ ACRES IN 2 TRACTS
EVANSVILLE, IN
Thursday August 6, 2009 @ 11:00 AM
By order of the Vanderburgh Superior Court, the undersigned auction company will sell at ABSOLUTE AUCTION four warehouse properties belonging to the Indiana Warehouse Limited Partnership (DBA Gateway Warehouse) in Evansville, IN.
AUCTION LOCATION: The auction will be conducted on site in the conference room of Warehouse #1 located at 1147 Wedeking Ave., Evansville, IN. From Hwy 41 on the north side of Evansville, take the Diamond Ave Expressway/Hwy 66 Exit west, go south on New York Ave at the first traffic signal and go east on Wedeking, the first street to the left.
SHOWING: Showings will be by appointment only. Showings can be arranged by calling Hugh Miller.
REAL ESTATE: Tract 1 consists of 3 warehouses situated on 18.25+/- acres all fronting on New York Ave and will be sold as one tract. Tract 2 consists of 1 warehouse situated on 31.94+/- acres and is located at 4400 Garrison Ave. near the airport. Bidders will have the option of bidding on either tract or on both tracts in combination using the Freedom Tract Auction Method.
TRACT 1 consists of 18,25+/- acre irregular shaped tract of land that is improved with 3 warehouse buildings. The land is zoned M-2 and has 1,114 feet frontage along New York Ave. There are a combination of rock, asphalt and concrete drives and parking areas. The property is serviced by all public utilities.
Warehouse #1 (1147 Wedeking Ave) contains 164,000 sq. ft. of space including 3200 sq. ft. of second floor office space and was built in 1950. The bays are 40’X40’ and the wall heights are 14’ to 24’. The building is steel frame with flat roof and Transite panel siding. A new built up roof was installed in 2003. The building is 100% dry sprinkled and there are 16 double docks.
Warehouse #2 (1901 N. New York Ave) contains 144,000 sq. ft. of space including 420 sq. ft. of office space and was built in 1952. The bays are 20’X40’ and the wall heights are 30’. The building is steel frame with flat roof and Transite panel siding. The building is 100% dry sprinkled and there are 7 double docks.
Warehouse #3 (2001 N. New York Ave) contains 96,000 sq. ft. of space including 160 sq. ft. of office space and was built in 1953. The bays are 20’X40’ and the wall heights are 30’. The building is steel frame with flat roof and Transite panel siding. A new membrane roof was installed in 1999 & 2000. The building is 100% dry sprinkled and there are 10 double docks & 1-8’X10’ ramp.
NOTE: All 3 of these warehouses are occupied and generating income. Warehouse #1 & #2 are operated as public warehouses and Warehouse #3 is leased to a local printing company and is generating monthly income. Contact the auction company for a financial pro-forma.
TRACT 2 is located at 4400 Garrison Ave. From Hwy 41, north of Evansville, take Lynch Rd east to Garrison Ave (the 1st street east of Hwy 41), go north to the property. Tract 2 consists of 31.94+/- acres of industrial zoned land that is improved with a warehouse building. The land is zoned M-2, general industrial district. There is a combination of rock & asphalt drives and parking areas. The property is serviced by all public utilities.
Warehouse #4 (4400 Garrison Ave) contains 110,760 sq. ft. of space including 360 sq. ft. of office space on the 2nd floor and was built in 1958. The bays are 20’X40’ and the wall heights are 30’. The building is steel frame with flat roof and Transite panel siding. The building is 100% wet sprinkled with a 480,000 gal. storage tank. There are 10 truck high doors on the south end, 4-10’X18’overhead doors & 2-20’X16’ wide roll-ups for rail. This warehouse is vacant and is in need of maintenance & repair.
FREEDOM TRACT AUCTION METHOD: The auction will be conducted using the Freedom Tract Auction Method. This method allows the bidders to bid on either tract or the combination of both tracts. All bids remain open until the competitive bidding is exhausted. The property will sell in the manner resulting in the highest price.
TERMS: A deposit of 10% will be required on day of auction with the balance due within 30 days. The real estate will sell at ABSOLUTE AUCTION to the highest bidder.