PROPERTY LOCATION
398 E Market St
Harrisonburg, VA 22801
AUCTION LOCATION
Live auction held off site at:
Courtyard by Marriott
1890 Evelyn Byrd Ave, Harrisonburg, VA
Online and phone bidding also available
DETAILS
Known as Rawley Apartments, this 4-plex fixer upper is a great investment opportunity near James Madison University! Great location at the corner of E Market St and Myrtle St just 1 mile from the JMU campus and blocks from Court Square. The property suffered a small electrical fire in December of 2022 and has been vacant since. Great opportunity to take advantage of the college rental market or live in one unit and rent out the rest to offset costs.
HIGHLIGHTS
- Rawley Apartments is a 4-unit multi-family home / 4-plex with some fire damage from Dec. 2022
- Located in a designated qualified Opportunity Zone
- Great location 1 mile from James Madison University and 8 miles from Bridgewater College
- 2-story with 3,856 finished sq.ft.
- Each unit is 1 bedroom 1 bath
- Vacant since fire in Dec. 2022
- Unfinished basement
- Nice 0.27 acre corner lot (tax map 034 V 8)
- Zoned R3
- Highly desirable off-street parking
- Detached garage
- Tax assessment is $420,000. Previously listed for $449,000.
GREAT LOCATION
- Corner of E Market St and Myrtle St in the City of Harrisonburg
- 5 blocks from Court Square
- 1 mile to I-81
- 1 mile from James Madison University
- 8 miles from Bridgewater College
- 14 miles from Massanutten Resort
- 1 hour from Charlottesville
- 2 hours from Washington DC
PREVIEW DATES
- Wednesday, Sept.25 from 4-6PM
- Wednesday, Oct.2 from Noon-2PM
- Sunday, Oct.6 from 1-3PM
- Day of sale from 10-11AM
- Private tours other days by appointment. Call 434-847-7741
DIRECTIONS TO PROPERTY
- From Charlottesville: I-64W 34mi to Staunton. Take exit 87 for I-81N. 26mi to exit 247B for US-33W. At end of ramp, RIGHT on US-33W / E Market St. 1.4mi to property on right.
- From Winchester: I-81S 66mi to exit 247B for US-33W. At end of ramp, RIGHT on US-33W / E Market St. 1.4mi to property on right.
REAL ESTATE AGENTS
2% commission available. Call or email micah@trfauctions.com for registration form.
TERMS SUMMARY
5% buyer's premium. 10% deposit due day of sale by cash or good check. Closing on or about 30 days. High Bid subject to seller confirmation. Click on "Terms" tab for full terms and conditions.
CONTACT
Mike Torrence
Torrence, Read, & Forehand Auctions
101 Annjo Ct, Forest, VA 24551
(434) 847-7741 Office
(434) 660-5159 Mobile
mike@trfauctions.com
398 E Market St, Harrisonburg, VA
Auction Site: TBA
Terms: Property sells "AS-IS" without warranties of any kind. Potential Buyers must perform such independent investigations with respect to the Property as they deem necessary to verify information provided by Auction Company.
Warranty: All information provided by Auction Company is deemed reliable but is not warranted. The information provided by the Auction Company is subject to verification by all parties relying on it. No liability for its accuracy, error or omission is assumed by the Auction Company.
Title: Seller will convey title by General Warranty Deed free and clear of all liens.
Registration: Bids will be accepted only from registered bidders. On-site registration begins at 11:30AM day of sale. See listing for auction location. You may also pre-register on our website or phone app. Deadline for phone and online bidding registration is 6PM EST on the day prior to the auction. A valid form of identification (i.e. driver's license) may be required to register onsite or online.
Online Bidding: Online bidding is available for your convenience. However, due to the technical nature of online bidding, bidder acknowledges that this service may or may not function correctly the day of the auction. Torrence, Read, & Forehand Auctions will not be responsible for missed bids from any source. Online bidders who desire to make certain their bid is acknowledged should use the prebidding function and leave their maximum bid 24 hours before the auction begins. Winning bidders will be notified by email and/or phone and receive instructions for signing the Contract of Purchase (must be returned within 24 hours) and submitting the Deposit (see below).
Announcements: Announcements made on day of sale take precedence over all prior communications, both verbal and written, concerning the sale of the Property.
Approval: High bid(s) subject to approval by Seller.
Buyer's Premium: A 5% buyer's premium will be added to the high bid to determine the final sales price.
Deposit: Deposit equal to 10% of final contract price (bid price plus buyer's premium) due day of sale by cash or good check. Online bidders may overnight deposit or wire transfer funds so it is received within 2 business days.
Closing: Balance of Purchase Price shall be due at closing on or about 30 days after the sale.
Agency: The auction company and its representatives represent the sellers.
