1028 Central Freeway, Wichita Falls TX 76305 (Wichita County)
Auction: Lender Owned Auction of 11 Retail & Restaurants in 7 States -- ALL SELLING REGARDLESS OF PRICE!

Inspection: Tuesday, August 1 & Monday, August 7 at 11:00 AM CT SHARP

Sale Manager: Michael Fine, 312-278-0600, michael@fineandcompany.com

 

Property Description: Former El Chico restaurant. Located two miles from Sheppard Air Force Base with excellent freeway visibility and 118 parking spaces. Stucco sided building zoned G-C General Commercial on irregular shaped lot with 114 marked parking spaces, 216 feet of frontage and curb cut on Central Freeway access road, 117 feet of frontage on McKinley Avenue to the rear. Tax ID # is 41900010100. 2017 taxes were estimated at $17,000 on an $700,000 valuation, down from the 2016 $833,000 valuation.

 

A December 22, 2006 Phase 1 Site Assessment did not reveal the presence of any recognized environmental conditions (RECs) in connection with the site.

 

Auction Conducted in Conjunction & Cooperation with:

Fine & Co TX LLC, TREC#596212

 

 

 

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 September 11, 2017.  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.