Sold Prior to Auction $875,000
101:
306 7th Street, Rapid City, SD 57701 (Pennington County)
SELLS REGARDLESS OF PRICE
11,000±SF Restaurant on .8± Acres
Selling Online Only
Bid Deadline: Thursday, May 24 at 11:00 AM MT
Closing Deadline: Tuesday, June 26, 2018
Inspection: Monday, May 14 & Monday, May 21 at 11:00 AM MT SHARP. An Auction Right of Entry form must be signed in order to gain access to the building which releases seller from liability in the event of accidents while onsite.
Sale Manager: Martin Jurisch, 605-484-1353, mjurisch@gwtc.net
Note: There is a pending contract on the property but all marketing on the property shall continue. In the event the contract does not consummate, the auction will be held on May 24th.
Property Description: After serving as a passenger depot from as early as 1909, the building was constructed in 1923 as a central railroad freight terminal for Rapid City, with tracks and platforms on both sides of the elongated 225’ x 50’ building to facilitate loading and unloading. More recently, it was renovated and has served as a restaurant and bar. The building footprint is 11,300± SF and occupies a rectangular lot with 250± feet frontage on Omaha and 140± feet frontage on 7th Street, and 51± marked parking spaces (several more unmarked) in the paved parking lot. A pylon sign is included on Omaha and 7th St. The building has three walk in coolers, a giant beer cooler, with 65 beer tap handle holes already drilled.
A December 6, 2006 Phase 1 Environmental Site Assessment revealed no RECs in connection with the site.
Zoned GC - General Commercial District. Property may also be subject to development restrictions due to its designation as a Historic Building by the city.
Electricity- Black Hills Power
Natural Gas- Montana Dakota Utilities Company
City Water & Sewer
Pennington County Tax ID# 37237 PIN 20-36-353-001
Pennington County Assessed Value $852,100
2017 Taxes $14,350
Auction Management Corporation conducts this auction in Conjunction & Cooperation with:
Martin Jurisch & Associates, Martin Jurisch, CAI, GPPA, Auctioneer/ Broker #4300
Auctioneer/ Broker Represents Seller
This auction features a grouped bid extension - please see details in terms below.
Terms: Bank Proof of Funds Required to Bid, 10% Buyer’s Premium added to winning bid to determine sale price, 10% Earnest Money Deposit, close by June 26, 2018. Auctioneer is not responsible for bidding errors caused by internet outages, bid platform failures, or power failures.
All of the properties sell individually as "lots" however they are all tied together by the auction clock. We will set a bid deadline for all of the assets. Once we get within 5 minutes of that bid deadline, any bid placed on Any of the assets will extend All of the assets another 5 minutes. This extension will continue until no bids are placed on any of the assets in a five-minute window.
This feature is in place partially to prevent "sniping" which can occur on online auctions with a hard deadline. It recreates the action of a "Live Auction". If your opponent bids in the waning seconds of the auction, you still get another chance to bid.
With that in mind, don't wait out the bid until the last second, as it can put you at risk for not getting your bid in before the 5-minute clock runs out.
