Balfour Dr Fourplex

$370,000
1250 Balfour Drive
Corporate Owned!
Sold/closed May '08

This bank-foreclosed fourplexhas 4476 sq.ft in four two-bedroom apartments. There are three garages. Two are directly accessed from the downstairs unit. The other is accessed at the foot of the stairs coming down from the upper west unit. This is an attractive South Anchorage rental area where investment property doesn't as often come available as in other parts of town such as East Anchorage, Fairview and Mountain View.

The two east units may have freeze-damage to the pipes in the domestic water system. The heat is on and there do not appear to be leaks in those systems. There are four individual boilers servicing the units with gas-fired hot water baseboard heat. This means the landlord can pass the gas bills along to the tenants. There are also separate electric meters.

The bank's decision has been to price the property as-is, without implying that at this price they will fix anything. They do not plan to dewinterize the home prior to closing for fear of setting loose what could be many leaks that would have to be repaired. This means as buyer that you must assume the cost and risk that there could be a lot of work to do, as well as potentially enjoying a more happy event if maybe things aren't as bad as they could be.

Please download the information package which includes two plumber invoices and bids and description of what work may be necessary.

One should consult a lender concerning how best to finance a home that may have the deficiencies described above. The home as-is is not likely to meet FHA or VA minimum property standards. There is an office of a Wells Fargo joint venture in our Coldwell Banker Building. We would be happy to introduce you so you could explore loan programs with an originator who will have direct ties to the lending institution that owns the property.

Photo Tour
Click any thumbnail to display a larger image