1280 West Gretna Road , Gretna, VA 24557(Pittsylvania County)

The Johnsons built and managed the Grandview Apartments since the mid 1980s and have decided it is time to retire hence offering them to the public through a sealed bid auction process. Bidders can bid on individual tracts and any combination of tracts or the property in its entirety. Since the Johnsons knew they were going to retire, as the units have become vacant they have not tried to re-rent them in order to let the new owner decide the path they want to take on these apartments. Each tract has its own well and septic system but if you choose you can connect to the Town of Gretna water.

The Grandview Apartments are located behind the Dairy Queen on

Highway 40 just west of the intersection of Highway 29.

GPS Addresses:

A and B buildings: 1280 West Gretna Road, Grenta, VA 24557;

D building: 284 Farmers Mountain Rd, Gretna, VA 24557

Auction Tract 1 (new lot 8) consists of 1.803 acres and is enhanced by ten efficiency apartment units and an office with roll up garage door and bath. This is known as the A building. This parcel sells with the access road parcel that is adjacent to Dairy Queen. Minimum Bid only $45,000! Units last rented for $185.00 a month.

Auction Tract 2 (new lot 9) consists of 1.838 acres and is enhanced by 12, one bedroom, one bath apartment units. This is known as the B building. There are six apartments on the front of the building and six on the back. This parcel will have a right of way to access along the existing driveway. There are four units rented in this building Minimum bid is only $65,000.00. The units currently rent for $225.00 per month.

Auction Tract 3 (new lot 4) consists of 3.495 acres, in addition to the .309 acre parcel that is access to the county road. This is known as the D building and consists of 10 (1) bedroom units. This is the newest building with lots of room for expansion. There is only 1 vacancy in this building and the rents are between $235.00 to $250.00 per month. Minimum bid only $99,000.00.

The total combined tax assessment for this property is $583,400 and it is guaranteed to sell over the minimum combined bids of $209,000.00. Only $6,531.25 a unit. Investors you need to look here!

Please be advised that the Grandview Apartment complex will be allowed to make a connection to the Town of Gretnas water system that is in very close proximity to the complex.

Boundaries are Approximate

Documents

GIS Information

Survey

Terms & Conditions

This Auction is being conducted subject to the Terms and Conditions of Sale and the Sealed Bid Auction Real Estate Purchase Agreement. Grandview Apartments Auction Tracts 1, 2 and 3. Pittsylvania County, Virginia.

BIDDERS INFORMATION PACKET: Detailed Bidders Information Packets containing the Sealed Bid Auction Real Estate Purchase Agreement, title reports, timber volume data, tax parcel numbers, aerial and topographic maps and bidding instructions are available from our office or on our website.

PROPERTIES OFFERED SUBJECT TO MINIMUM BID: The parcels are offered subject to the published Minimum Bids per parcel.

BIDDING: These parcels are hereby offered via a sealed bid auction. To participate and bid in the auction, your fully executed Sealed Bid Auction Real Estate Purchase Agreement (contained in the Bidders Information Packet) must be completed and delivered to Woltz & Associates, Inc. on or before 4:00 p.m. Eastern Daylight Time, October 8, 2015.

BID BASIS: Bidding is by a Lump Sum bid, not per Acre. You may bid on one or more Auction Tracts in one bid, or you may bid on Auction Tracts individually with separate bids for each Auction Tract.

BUYERS PREMIUM: A ten percent (10%) buyers premium must be added to the final cumulative High Bid to determine the total Purchase Price.

EARNEST MONEY DEPOSIT: A Deposit of 10% of the total Purchase Price must accompany the bid either by cashiers or certified check or wire transfer. Deposit checks must be made payable to Woltz & Associates, Inc. Escrow Account. If you will make your Deposit by wire transfer, call for wiring instructions.

Deposit cashiers checks will be held uncashed during the bid consideration period. All Deposits on offers not accepted will be returned to the bidder and postmarked by October 14, 2015. Deposits for accepted Bids will be deposited to the Woltz & Associates, Inc. Escrow Account and held per the terms of the Sealed Bid Auction Real Estate Purchase Agreement.

BID OPENING: Bids will be opened at the Woltz & Associates, Inc. office at 23 Franklin Road, S.W., Roanoke, Virginia at 4:00 p.m. Eastern Daylight Time on October 8, 2015. Only the high bids will be announced.

NOTIFICATION OF ACCEPTED BIDS: The successful bidders will be notified by phone and email by 5:00 p.m. Eastern Daylight Time on October 9, 2015.

TIE BIDS: In the event of any tie bids, Seller may accept the bid of Sellers choice, or Seller may elect to give the tie bidders the opportunity to make their best and final offer with 5 business days notice.

SETTLEMENT: Seller will prepare, and Buyer(s) will accept, a General Warranty Deed. Buyer(s) and Seller shall pay their own Settlement costs as is customary in the Commonwealth of Virginia. Each party will be responsible for its own attorneys fees. Seller is providing a Commitment for Title Insurance prepared by Professional Title Company. If Buyer elects to purchase Title Insurance, the Title Insurance Premium shall be at the Buyers expense. All Property shall be conveyed per the Property Description in the Commitment for Title Insurance. The Settlement date shall be on or before November 24, 2015.

ALL SALES ARE FINAL: All property is auctioned AS IS, WHERE IS with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise. Bidders should perform such independent investigation with respect to the

property as they deem necessary or appropriate.

FINANCING: Your bidding and purchase of the property is not conditional upon financing. Be sure you have arranged financing, if needed, and are capable of paying cash at closing.

BROKER PARTICIPATION: Any appropriately licensed Virginia broker whose agent properly registers the successful high bidder will be paid a 2% commission based upon the High Bid, which does not include the Buyers Premium, at settlement by the Seller. Applications must be on a Woltz & Associates, Inc. Broker Participation Application form and contain the name, address and signature of agent and prospect as well as the Brokers license number and Federal Tax ID number. The form must be received in the office of Woltz & Associates, Inc. accompanying the Sealed Bid Auction Real Estate Purchase Agreement and Deposit. Agents acting as principals buying on their own account, on behalf of family members, other licensed real estate agents, or who represent prospects that have had prior contact with the Seller or Auction Company are not eligible. An agent may register only one Bidder per Auction Tract.

BOUNDARY LINES: Boundaries on aerial photos and topo maps are approximate. Potential buyers may view the property prior to sale. Buyer assumes all risk associated with entry upon the land.

GENERAL: The information contained in this brochure and otherwise provided by Seller and Auction Company is subject to verification by all parties relying on it. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.

QUESTIONS: Sale-related questions should be directed to: Russell Seneff at 800-551-3588 or 540-765-7733 cell.

Contact

For more information, please contact Russell Seneff (VA #1185).

Phone Number: (540) 763-7733 (mobile) or 800-551-3588