Property records indicate HUD is foreclosing on a $9.8-million mortgage. The brick buildings, which need an estimated $2.2 million in repairs, were most recently 90% occupied, according to HUD. A letter of credit for $550,000 to insure repairs will be done is a requirement to bid, as well as $100,000 in earnest money.
Although the unit mix ranges from one- to four-bedroom units, the majority of the 212 apartments are two-bedrooms. HUD's pro forma suggests the properties can generate nearly $1 million in net operating income. The units were built in the 1920s, according to property records.
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