925 W Gorman St Elkhorn WI 53121 $655,000
Features of 925 W Gorman St Elkhorn WI 53121
- 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: null
- 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
Property Description for 925 W Gorman St Elkhorn WI 53121
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.
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