Thompson Hotel, Worthington
Live Webcast Auction
Grafe Auction Co.
1009 3rd Ave, Worthington, MN 56187
2019-09-12 16:00:00 CDT (GMT-5.00)
View & Bid
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 lodging facility between Mankato and Sioux
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 lodging 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 embroidery shop, MN National Health, and 39 apartments on the 2nd and 3rd floor.
In September of 2018, the property was put into receivership, and the receiver has ordered the property sold on behalf of the secured creditor. In November of 2018, the City of Worthington spent an estimated $54,800 on pest eradication in the facility. Significant 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 completed).
Commercial rent rolls show a 100% occupancy and rent payment for the proceeding six months. In the same time period, the apartment occupancy has been very inconsistent with inconsistent rent payment.
This auction offers an investor a large income opportunity in the Worthington Downtown Core District. The opportunity does come with deferred maintenance, and the need to stabilize apartment rents and occupancy. 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 this property.
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Terms & Conditions
All accepted bids are contracts and are considered final and non withdrawable.
A buyer’s premium of 15% will be applied to all purchases.
The person posting the bids online has to be the person who has registered for the auction.