Closed

Great opportunity to buy a centrally located commercial building with great development potential!  Centrally located in Hibbing MN across the street from the Androy Hotel, near Major Banks, Library, City Hall, Schools and Historical Society!

This property features a sturdy brick exterior in generally good condition, with a few places that would benefit from tuck pointing. Lots of space inside with street level, full upper level and cement floor basement under the entire space!  Inside there are approximately 17,600 square feet on the main and upper level, plus a full basement.  Exterior measures approximately 75 x 110 feet.  Some plumbing and electrical upgrades will be needed as part of the build-out.  This building built in 1925 formerly housed a Hardware Store, and was then remodeled into an oriental restaurant.  When the restaurant closed the building was gutted and is currently ready for a build-out requiring new plumbing and electrical. Building has an elevator going from the main level to the upstairs, although mechanical condition is unknown.  Also a freight elevator from the main level to the basement is in unknown mechanical condition.  Nice historic brick lines on the exterior. The building has been vacant and there is some water damage due to a roof vent that was not properly capped when the equipment was removed. The rubber roof is generally in good condition, although some seams need repair and vents where equipment was removed are covered with sheathing that has leaked and should be capped in a more permanent manner. This building is in a prime location and the reserve price allows room for real equity with a basic overhaul.

Inspection is encouraged as this building has been vacant for some time and will need work prior to occupancy.

The Closing Costs of the Real Property Title Work will be Paid By The Buyer.

Property tax due up to time of closing will be paid by the seller.

All American Title Company of Hibbing, MN will prepare the Standard Purchase Agreement per auction terms and perform the real estate closing per Real Estate Auction Statutes. 

The Winning Bidder will Be Expected to pay the buyer's premium to Asset Liquidation Auctions within 48 hours of auction close.  Then buyer will be put in contact with All American Title Company to sign the Purchase Agreement and complete the closing with the seller for the amount of the final bid plus all closing costs. 

BY PLACING A BID, BIDDER ACKNOWLEDGES AND AGREES TO ACCEPT THE PROPERTY IN AS-IS CONDITION, COMPLETE THE SALE WITHIN 30 DAYS AS DIRECTED BY ALL AMERICAN TITLE COMPANY AND PAY THE HIGH BID PLUS ALL CLOSING COSTS.

BP Cap of $1000.00 DOES NOT apply to REAL ESTATE AUCTIONS.  This property is selling with a LOW 2% BP, meaning that if the final bid price is $40,000, the contract purchase price would be $40,800 as an example.

K-BID is not a party to the transaction and has no involvement in the auction beyond being the venue used to present it to the public.