Auction Date: May 20th at 5:30PM
Bid live in person at Home2 Suites Bowling Green
Address: 1630 E Wooster St, Bowling Green, OH 43402
Bid On-line at bid.amlinauctions.com
Investment Highlight
64-unit multifamily building located in Bowling Green Ohio with a population of 32,000
The facility is in close proximity to Bowling Green State University with a student population of 16,000 and the Metropolitan region of Toledo with a population of 650,000.
Currently 100%-occupied with (48) one-bedroom units and (16) studio apartments and 100 parking spaces.
Major employers in the metro include Bowling Green State University, Magna, Promedica Health Systems, Mercy Health and Owens Community College.
Executive Summary
Welcome to the Lamplight Court Apartment Complex, a 64-unit multi-family located in Bowling Green, Ohio on Main Street. Built in 1974, it comprises over 32,000-of rentable space. The units are mixed with (48) one-bedroom units with 576-SF and (16) studio apartments with 288-SF of living space. The property is currently 100%-occupied with a waiting list. The property was recently renovated with all new vinyl siding, windows, roofs, HVAC, plumbing, insulation as well as new concrete sidewalks and landscaping. There is an excellent value-add opportunity for a new investor. These units are operating at below-market rents, and the level of expenses can be addressed with an efficient property management plan. This asset is in a strong market and held down with employment and other demographic drivers. The Bowling Green Market has a population of over 32,000 with 16,000 additional students at Bowling Green State University. Only a few hours away from major markets such as Detroit, Columbus, Cleveland and Indianapolis, there are also major airports at Toledo Express and Detroit Metropolitan Airport. Education and health services dominated Northwest Ohio to provide recession proof jobs. Other major employers are in the automotive & technology industry with General Motors, Jeep, First Solar and two growing Amazon distribution centers. Please contact Greg Zielinski with Amlin Auction and RE/MAX Preferred with questions at 419-867-7653 or Greg@Amlinauctions.com
Property Facts
Sale Type: Investment
Sale Conditions: Auction Sale
No. Units: 64
Property Type: Multifamily
Property Subtype: Apartment
Apartment Style: Low Rise (Ranch)
Building Class: C
Lot Size: 3.08 Acres
Building Size: 10 buildings, 32,000-SF
Average Occupancy: 100%
No. Stories 1
Year Built/ Renovated: 1974/2020
Colleges/Universities
Bowling Green State University 1.7 miles
Owens Community College 21.4 miles
University of Findlay 22.5 miles
University of Toledo 28.2 miles
Transportation
Airport
Toledo Express Airport: 27.1 Miles, 30 Minutes
Detroit Metropolitan Airport: 73.6 Miles, 1Hr 10min.
Nearby Amenities
Restaurants
Pagliai's Pizza .1 miles
Subway .1 miles
Rapid Fire Pizza .3 miles
South Side Six .3 miles
Ninja hibachi sushi steakhouse .3 miles
McDonalds .3 miles
Wendys .3 miles
Taco Bell .4 miles
Becketts Burger Bar 1.2 miles
Retail
Aldi .2 miles
Family Farm & Home .3 miles
T.J. Maxx .5 miles
Planet Fitness .6 miles
Walmart .5 miles
The Home Depot .7 miles
About Bowling Green
By far one of the prettiest college towns in the country, Bowling Green offers a picture-perfect downtown, complete with beautiful historic architecture, brick-paved walkways, planters filled with colorful flowers, period lighting, the prerequisite art-deco movie theater, and even a lively mural or two. Bowling Green is home to Bowling Green State University, one of the country's top-ranking universities. It is located about 22 miles south of Toledo and about two hours west of Cleveland.
The city's parks include the Black Swamp Preserve, a park that reflects the city's beginnings as part of the Great Black Swamp that once covered much of Northwestern Ohio. Wintergarden Woods, another terrific park, offers hiking, wildlife viewing, and a nature center. During winter, Conneaut Haskins Park is popular for its sledding hill, one of the largest in the city.
First settled in 1832, Bowling Green began as a small farming community. It was slow to grow -- by the time it was incorporated in 1855, there were only 160 residents living here. Today, that number is over 30,000. But while the landscape has grown and changed considerably, Bowling Green retains its small-town, historic charm. Bowling Green is home to the Black Swamp Arts Festival, the National Tractor Pull, and the Wood County Fair.
Amlin Auction Terms and Conditions
Auction Registration: If you plan to bid on the property, you must register either in person at auction site or at Amlinauctions.com. If registering on-line you will have to be approved prior to bidding so, please register with plenty of time before the auction to ensure that you are able to bid. If you have any questions, please call the office Monday – Friday 9:00am- 5:00pm. If you do not wish to be bound to the Terms and Conditions, you should not participate in auction.
Amlin Auction COVID-19 Policy & Procedures: Real Estate is Deemed Essential Business in Ohio; our auction will be carried out with precautions according to the CDC guidelines and as ordered by Gov. Mike DeWine. This is a public auction and open for private showings from 9:00am until the auction time, the day of auction. Only registered bidders and their agents will be allowed on-site. Registered bidders must have 10% Earnest Money Deposit Available. No more than 610 people will be allowed in the home at one time. As with any activity, entering the home could put you at risk of Covid-19 and you should enter at your own risk. Gloves and mask are recommended to reduce risk, hand sanitizer will be offered at auction site. Please always adhere to the 6-feet social distancing guidelines. However, if you are feeling sick please follow CDC recommendations and stay home. For any questions regarding showings, ways to bid or registration, please call Amlin Auction at 419-867-7653.
Documents: A full bidder’s packet is available on-site, amlinauctions.com as well as the MLS. These documents will include a copy of the Residential Property Disclosures, Ohio Lead Base Paint Disclosure (if applicable). Realtor Participation Form (for Realtor if applicable), Agency Disclosure Statement, Anti-Fraud form and Consumer Guide.
Buyer’s Premium: There is a 10% buyer’s premium paid by the buyer on the winning bid. The winning bid plus the 10% buyer’s premium will comprise the total purchase price. The real estate transfer taxes will be calculated on the total purchase price.
Earnest Money Deposit: The winning bidder will be required to put $100,000.00 down. The EMD must be delivered via personal check to the auction company or wired to the title company within 24 hours of auction closure. Checks to be made out to the title company. Balance due within 30 days.
Title: A clear title will be delivered to the buyer at the seller’s expense. All outstanding debts will be cleared at closing by the sellers. Buyers will be responsible for their portion of the closing cost. Closing to be held a local, reputable title company within 45 days of auction.
Agency: Auctioneer is a seller’s agent.
Broker Participation: Broker participation is always welcomed at our auctions. Buyer’s agent must register clients 48 hours prior to the auction and attend auction or showings with their clients. Failure to register or attend auction results in void of Broker Participation.
Disclaimer: All of our information is deemed to be truthful, but nothing is guaranteed, property is being sold As-Is, with no warranties, guarantees or contingencies. Buyers are responsible for their own inspections prior to the auction and must use their own judgement and bid accordingly. Announcements made day of the auction take precedent over all printed material.
On-line Bidding: This auction is called a Simulcast Auction. Online bidding is available now until the auctioneer says “Sold” at the on-site auction. The auctioneer will take bids from both onsite bidders in the crowd and the interned bidders from a screen simultaneously. Prior to bidding, you will need to create an account and register for the auction. After you register to bid online, any bids will show as pending until one of our staff communicates with you. Give us a call if you need assistance with registering. Only the registered bidder, POA, or contracted agent may bid using the registered account, unless arrangements with Amlin Auction have been made. To receive permission to bid please call our office 419-867-7653. If you are an online bidder and your bid wins the property, we will contact you for payment information. We will also send a Purchase Agreement and Seller’s Property Disclosure Statement to sign electronically or to print, sign, scan and return via email. These documents should be completed and returned as soon as possible. Please call if you need assistance. Online bidders will have 24 hours from the conclusion of the auction to pay the down payment via wire transfer or check delivered to the title company unless other arrangements have been made with Amlin Auction. To minimize the chance of being affected by internet or software issues, please use the “Max Bid” feature. Please contact Amlin Auction at 419-867-7653 if you need assistance with the online bidding platform. Amlin Auction is not responsible for errors made by the mobile bidding platform. Bidders acknowledge that online auctions are conducted via a third-party electronic platform which relies on software and hardware that may malfunction without warning. If you feel the system is lagging, please call immediately if you would like to bid.
Transfer of personal property: any personal property remaining on the property at the settlement transfers with the real property.
