Two Rivers, WI 54241
Manitowoc County View Map
This bank-ordered auction is for the historic 4-story, 32-unit senior apartment community known as Marquette Manor (Click here to visit the previous marketing website) . The fully operational and income-producing facility consists of a mixture of 1- and 2-bedroom units ranging from 482-652 SF to 796-867 SF, some with 12-foot ceilings. The 1-bedroom units have a kitchen, living room, dining room, bedroom and bathroom, while the two bedroom units add one more bedroom. Each unit is equipped with appliances such as refrigerator, range/oven, garbage disposal, and dishwasher. The units all contain full thermostat control for central air and individual heating units. The property is serviced by a centralized laundry facility that is shared between the tenants.
While the property was originally built in 1909, it was completely renovated in 2001 to update the building to serve as a senior residence that includes full sprinklers and an elevator, making the property handicap accessible. Many of the historic features remain such as the original mahogany hallway lockers, terrazzo flooring and woodwork. The project was so well designed that it was named the 2002 Best Adaptive Reuse Project and is named on the National Register of Historic Places. The original auditorium, known as Marquette Hall, is still utilized for gatherings and performances and boasts large window-lined walls and the original stage, as well as the the blackboards that were once used for St. Luke’s grade school.
This historic building was originally built in 1909 by St. Luke’s Parish to house the St. Luke’s grade school, which was in operation for many years. On the school’s 100th anniversary, ownership was transferred and the doors opened for Marquette Manor as a restored, historic, and affordable senior apartment option in Two Rivers.
The building is zoned PUD Multifamily and totals 34,000 SF on a .56-acre lot. While the property is zoned multifamily, there are only 17 onsite parking stalls. This reduced parking allowed for the approval of senior housing on the site; however, a standard multifamily use could also be implemented with approvals from the City of Two Rivers.
The subject property is located in downtown Two Rivers, which is part of Manitowoc County. According to the Wisconsin Department of Transportation, more than 10,000 vehicles a day pass through Washington Street, which is located adjacent to the subject property. Two Rivers boasts a robust manufacturing and service economy with a vibrant downtown shopping district. This community enjoys quiet and safe neighborhoods along the shores of Lake Michigan. Located only 40 miles from Green Bay and 47 miles from Appleton, this city allows for easy access to major metropolitan areas.
*Note: This is a reserve auction
Downloadable DocumentsProperty Information
- 2012 RE Tax Bill Last Updated 15 Jan 5:10 pm CST
- Broker Opinion of Value Last Updated 15 Jan 5:11 pm CST
- Floorplans Last Updated 17 Jan 5:08 pm CST
- Phase I (1 of 2) Last Updated 31 Jan 2:52 pm CST
- Phase I (2 of 2) Last Updated 31 Jan 2:53 pm CST
- Property Financials (Rent Roll, Occupancy, Income Statement) Last Updated 15 Mar 11:58 am CDT
- Property Information, rents, and potential income Last Updated 18 Jan 11:25 am CST
- Tax Bill Under Appeal Last Updated 18 Jan 6:35 pm CST
- Two Rivers Tax Information Last Updated 18 Jan 6:34 pm CST
- Updated Survey 2013 Last Updated 28 Jan 1:53 pm CST
- Bid Deposit Form Last Updated 19 Sep 10:06 pm CDT
- Auction Terms and Conditions of Sale (Read Prior to Bidding) Last Updated 17 Jan 4:22 pm CST
- Broker Participation Last Updated 9 Jan 6:07 pm CST
- Purchase and Sale Agreement Last Updated 30 Jan 5:49 pm CST
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There is not a Preferred Lender for this auction. You may not include a financing contingency with your bid.
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For further details about Financing, please read the Terms and Conditions of Sale located in the Documents section or contact the FRE.com Support Team.
Broker of Record for this property: Pfefferle Companies, Inc. , WI license #834960-91
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