BEGIN:VCALENDAR PRODID:-//eluceo/ical//2.0/EN VERSION:2.0 CALSCALE:GREGORIAN BEGIN:VEVENT UID:cf64c5e0-1681-4fda-8289-d192d51b00ca DTSTAMP:20261028T032359Z SUMMARY:Thompson Hotel\, Worthington (Live Auction with Online Bidding) DESCRIPTION:The Thompson Hotel was built in 1912 at a cost of $56\,000 plus $24\,000 in furnishings and it was envisioned to become the finest lodgi ng facility between Mankato and Sioux City. Over the years\, the Hotel has transitioned to its current state as a mixed commercial and apartment use including a restaurant\, RG Music\, a barbershop\, a print shop\, an embr oidery shop\, MN National Health\, and 39 apartments on the 2nd and 3rd fl oor. \n\nIn September of 2018\, the property was put into receivership\, and the receiver has ordered the property sold on behalf of the secured cr editor. In November of 2018\, the City of Worthington spent an estimated $ 54\,800 on pest eradication in the facility. Significant repairs are neede d to the roof (the City requested and approved a bid of $283\,150 for the roof repairs\, but the repairs have not been completed). \n\nCommercial r ent rolls show a 100% occupancy and rent payment for the proceeding six mo nths. In the same time period\, the apartment occupancy has been very inco nsistent with inconsistent rent payment. \n\nThis auction offers an inves tor a large income opportunity in the Worthington Downtown Core District. The opportunity does come with deferred maintenance\, and the need to stab ilize apartment rents and occupancy. But\, the seller is very motivated! B ecause of the receivership\, the Court will need to approve the final bid. But\, rest assured\, all parties are ready to finalize this sale - come p repared to be the new owner of this property. \n\nInterested parties shou ld contact Paul McCartan to discuss the property\, and schedule a private showing of the property. Call or text (515) 320-7600 or email paul@grafeau ction.com. \n\nVisit https://www.grafeauction.com/event/thompson-hotel-wo rthington for more details about this event. X-ALT-DESC;FMTTYPE=text/html:

The Thompson Hotel was built in 1912 at a c ost of $56\,000 plus $24\,000 in furnishings and it was envisioned to bec ome the finest lodging facility between Mankato and Sioux City. Over the y ears\, the Hotel has transitioned to its current state as a mixed commerci al and apartment use including a restaurant\, RG Music\, a barbershop\, a print shop\, an embroidery shop\, MN National Health\, and 39 apartments o n the 2nd and 3rd floor. 

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In September of 2018\, the property w as put into receivership\, and the receiver has ordered the property sold on behalf of the secured creditor. In November of 2018\, the City of Worth ington spent an estimated $54\,800 on pest eradication in the facility. Si gnificant repairs are needed to the roof (the City requested and approved a bid of $283\,150 for the roof repairs\, but the repairs have not been co mpleted). 

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Commercial rent rolls show a 100% occupancy and rent payment for the proceeding six months. In the same time period\, the apar tment occupancy has been very inconsistent with inconsistent rent payment.  

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This auction offers an investor a large income opportunity in the Worthington Downtown Core District. The opportunity does come with de ferred maintenance\, and the need to stabilize apartment rents and occupan cy. But\, the seller is very motivated! Because of the receivership\, the Court will need to approve the final bid. But\, rest assured\, all parties are ready to finalize this sale - come prepared to be the new owner of th is property. 

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Interested parties should contact Paul Mc Cartan to discuss the property\, and schedule a private showing of the pro perty. Call or text (515) 320-7600 or email paul@grafeauction.com.  

Visit https://www.grafeauction.com/event/thompson-hotel- worthington for more details about this event.

URL:https://www.grafeauction.com/event/thompson-hotel-worthington DTSTART;VALUE=DATE:20190912 LOCATION:1009 3rd Ave\, Worthington\, MN 56187 END:VEVENT END:VCALENDAR