925 W Gorman St, Elkhorn, WI 53121 Sold for $675,000 on 07/29/2022

925 W Gorman St, Elkhorn BD: 0 BA: 1 $675,000 Sold

  • Residential Income
  • Status: Sold
  • County: Walworth
  • 0 Full Bathrooms
  • Acreage: 2.581
  • Elementary School: Call School District
  • Middle School: Elkhorn Area
  • High School: Elkhorn Area
  • Property Taxes: $6,172
  • Property Tax Year: 2021
  • MLS#: 1923893
  • Listing Company: Century 21 Affiliated Pfister
  • Zip Code: 53121
  • Number of Units: 32
  • Unit Type 1 Avg Rent: $490
  • Unit 1 Parking: 1 Space
  • Unit Type 2 Avg Rent: $544
  • Unit 2 Parking: 2 Space
  • Unit Type 3 Avg Rent: $597
  • Unit 3 Parking: 2 Space

925 W Gorman St, Elkhorn, WI 53121 - 32 unit apartment complex in Elkhorn. 16-1 bedroom, 14-2 bedroom, 2-3 bedroom units. Tenants pay electric heat. Large 2.5 acre lot. 4 washers and 4 dryers are leased. Property is in the USDA Rural Development Low Income Housing Program. Property is required to stay in the RD program until 12/6/2033. This RD program allows renting only to low income tenants. Rents are controlled. Profits limited to $3,304 per year. Must be professionally managed. Purchase: NO NEW LOANS can be taken on this property. Buyer assumes current mortgage of (approx. $17K balance) and brings cash to closing equal to difference between purchase price and mortgage balance. See documents for details.

Additional Features
  • None, Poured Concrete Foundation
  • Water Waste: Municipal sewer, Municipal water
  • 2 story, Apartment building
  • Construction Type: E
  • Waterfront/Access: N
Property History
MLS Number New Status Previous Status Activity Date New List Price Previous List Price Sold Price DOM
1923893 Sold Offer-Show Jul 29 2022 12:00AM $675,000 71
1923893 Sold Offer-Show Jul 29 2022 12:00AM $675,000 71
1923893 Offer-Show Active Jan 26 2022 11:56AM 71
1923893 Active Nov 16 2021 11:52AM $655,000 71

Estimated Monthly Payment

$3,287 per month
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