SVN AuctionWorks will host three upcoming online auctions on March 18-20, April 20-22 and June 17-19 featuring incoming producing residential rental properties, luxury residential, retail, mixed-use, industrial, office and vacant land properties located throughout Illinois, Indiana and Michigan. Many of the auctions’ listings are bank-owned and some will be sold absolute. The firm will also host a sealed-bid auction on June 30 featuring a portfolio sale of 73 Chicago area residential rental properties with $747,135 in annual net income. Pre-auction bids are highly encouraged.
March Auction The March 18-20 auction includes a cash-flowing mixed-use building in Aurora, a former grocery store in Crystal Lake, a flex building in Wheeling, a former grocery store anchored strip center in Wheeling, a bank owned industrial building in Watseka, a bank owned retail building in Algonquin, three riverfront office buildings in West Dundee, a duplex townhome in the Bridgeport neighborhood of Chicago, a single family home in Oakbrook Terrace, a bank owned note sale and bank owned vacant land located throughout Illinois. More properties are still available and others have been sold. Buyers can bid online or submit offers directly.
“This auction presents not only redevelopment opportunities and immediate income-generating prospects but also move-in ready residential properties.” said Diana M. Peterson, president of Chicago-based SVN AuctionWorks.
The three-story mixed-use building at 1 North Broadway Street in Aurora has $100,000 annual net cash flow. It includes six ground-level fully leased retail units, four one-bedroom apartments and seven studios and a large ballroom that is currently vacant. It has a suggested opening bid of $745,000.
“For investors seeking immediate cash flow, the Aurora property is ideal,” Peterson said. “It is centrally located in downtown Aurora just a few blocks from the Paramount Arts Center and the Hollywood Casino.”
Buyers also have a unique opportunity to acquire a Crystal Lake property and two Wheeling properties either individually or together in bulk from one seller. “There is tremendous redevelopment opportunity in each of the three properties,” Peterson said.
The Crystal Lake property includes a vacant 65,450-square-foot former grocery store. The 6.36-acre site, located along a bustling retail corridor at 5625 Northwest Highway, has a suggested opening bid of $500,000.
One of the Wheeling properties is a 46,262-square-foot shopping center with 12 divisible units, including a vacant former grocery store and two units leased to a liquor store and a laundromat at 1750-1894 West Hintz Road. It has a suggested opening bid of $500,000.
The other Wheeling property is an industrial/flex building at 7150 Capitol Drive with a suggested opening bid of $500,000. The 34,650-square-foot building includes 4,700 square feet of office space, 24,771-square feet of warehouse and 5,179 square feet of air-conditioned processing/manufacturing space. It was most recently used as a raceway track, with a climbing wall, cafeteria, and numerous rooms used for birthday parties.
Industrial listings include an 182,000-square-foot bank-owned building plus 30 acres of surplus land in Watseka with a suggested opening bid is $1.25 million. Another industrial redevelopment opportunity is offered at 5837 S. Ashland Ave., Chicago: a 22,000-square-foot manufacturing facility with a suggested opening bid of $299,000.
April Auction The April 20-22 auction includes 10 bank-owned, class A office condos in a new development in Libertyville, Ill., a single family home and seven rental properties in Evanston, Ill. one rental property in Chicago, a single-family home in Northbrook on nearly one acre, an almost fully leased strip center on Stony Island Avenue, an industrial building in La Porte, Ind., a free standing building on South King Drive with two kitchens, a banquet area and a single family home in New Buffalo, Mich., located one block from the beach.
The 10 bank-owned, class A office condos are located in Pine Meadows Office Campus, a newly constructed development at 900 Technology Way in Libertyville. The condos will be offered pre-auction in bulk and comprise approximately 25,000 square feet. Alternatively, the entire top floor consisting of approximately 15,000 square feet may be purchased. All 10 remaining units are available for pre-auction purchase and have a minimum bid of $1.76M. The bank-owned building includes 19 office condos, nine of which have been sold. The bank selling the units is willing to provide financing to potential purchasers.
“Pine Meadows Office Campus is an architectural gem,” Peterson said. “The three-story elevator building is perfect for a professional business or a medical user. The never-before-occupied office condos are located in a prime location near Condell Medical Center, Winchester Road and Route 45.”
The seven rental properties in Evanston are all two-unit, income-generating properties.
