12018 WI-42, , WI 54210
This is a nonperforming note sale at a large discount to appraised value (appraisal in DD Vault). Mortgage note has been through foreclosure court action and is past the six month redemption period. We would expect the buyer of the note to complete foreclosure sheriff’s sale and initiate possession action as early as October 2023. Unpaid principal balance is over $430,000.
Subject property is the Last Stop gas station and is exposed to 4,000 cars per day on the STH 42 corridor. The entire site is about 2,730 SF and used as gas station, convenience store and auto repair facility. Concrete block exterior and one portion wood frame/steel siding. The convenience store is approx 990SF, the auto repair portion is 1,739SF with two 10’ overhead doors with an addition service bay adjacent with its own 10’ door, and three fuel pumps with 18 year old fiberglass tanks of 4,000 gallons and two 1000 gallons.
Gas station operator bargain! This is a nonperforming note sale with large discount to market opportunity. UPB is over $430,000.
An action to foreclose the above described mortgage has commenced in Door County Circuit Court Case No.
2022CV000147, wherein judgment was entered and the property is to be sold. Notice of said action was recorded
in the Office of the Register of Deeds for said County as Lis Pendens Doc. No. 857607, as Amended Lis Pendens
Doc. No. 859605, and Judgment Doc. No. 862537.
The redemption period ends October 4th 2023. Monthly mortgage payments are $7,811 and not being made. Note was originated in Oct 2021 and due Nov 2026.