AUCTIONED: Nov 15th, 2018 at 4pm

Five duplexes sell to the highest bidder.

All units are located in revitalization areas near 11th & Lewis in central Tulsa or 23rd & Phoenix southwest of the 21st Street bridge in west Tulsa.

New Opportunity Zones Save Tulsa Real Estate Investors Big $

Real Estate Investors are able to seek temporary to permanent tax deferral for investing in newly designated federal opportunity zones (OZ’s) intended to fuel investment in economically distressed areas. Newly designated OZ’s now exist in Tulsa.Check out the Opportunity Zone tab below to learn more.

The Mother Road Market and Renaissance Brewing Company have recently opened at 11th & Lewis. The City of Tulsa is behind revitalizing the area too with a sub-committee voting in favor of a TIF proposal on October 15th. The TIF will provide infrastructure and development funding. Soon the TIF proposal moves onto a vote before the full city council which is expected to pass the measure.

The Eugene Field neighborhood (23rd & Phoenix area) has been granted $30 million dollars for revitalization efforts through H.U.D. and the Tulsa Housing Authority creating an exceptional investor or end-user opportunity.

Auction Overview

AUCTION DATE & TIME:
 Thursday, Nov 15th, 2018 at 4pm

AUCTION LOCATION: [Off-site]
 Home 2 Suites Tulsa Hills
 6910 S Olympia Ave., Tulsa

OPEN HOUSE / INSPECTIONS:
 Thursday November 8th, 11am-1pm

BUYER-BROKER:
 3% commission

LICENSE INFORMATION:
 OK RE Lic# 159708 Ronn Cunningham 
 Cunningham Johnson Auctions LLC

1241 S Lewis Pl: 1BD / 1BA 700+/- SF with hardwood floors, living area, kitchen and dining/breakfast nook. Unit 1241 has an extra bedroom, living area, bathroom and kitchenette that could be converted into an additional rental unit.

1243 S Lewis Pl: 1BD / 1BA 700+/- SF with hardwood floors, living area, kitchen and dining/breakfast nook.

The Mother Road Market and Renaissance Brewing Company have recently opened at 11th & Lewis. The City of Tulsa is behind revitalizing the area too with a sub-committee voting in favor of a TIF proposal on October 15th. The TIF will provide infrastructure and development funding. Soon the TIF proposal moves onto a vote before the full city council which is expected to pass the measure.

NOTE: This property sells as a single property with 1245-1247 S Lewis Pl. The City of Tulsa is requiring specific repairs to be made to 1241-1243 S Lewis Pl and 1245-1247 S Lewis Pl. Please contact CJ Auctions office for details.

Spacious front and back yards with extra parking behind the units.

2017 Property tax: $1,961.75

1245 S Lewis Pl: 1BD / 1BA 700+/- SF with hardwood floors, living area, kitchen and dining/breakfast nook.

1247 S Lewis Pl: 1BD / 1BA 700+/- SF with hardwood floors, living area, kitchen and dining/breakfast nook.

The Mother Road Market and Renaissance Brewing Company have recently opened at 11th & Lewis. The City of Tulsa is behind revitalizing the area too with a sub-committee voting in favor of a TIF proposal on October 15th. The TIF will provide infrastructure and development funding. Soon the TIF proposal moves onto a vote before the full city council which is expected to pass the measure.

NOTE: This property sells as a single property with 1241-1243 S Lewis Pl. The City of Tulsa is requiring specific repairs to be made to 1241-1243 S Lewis Pl and 1245-1247 S Lewis Pl. Please contact CJ Auctions office for details.

Spacious front and back yards with extra parking behind the units.

2017 Property tax: $1,961.75

1123 S Yorktown: 1BD / 1BA 819+/- SF two-story with main living areas and kitchen on second floor with room on the ground floor for an extra bedroom.

1125 S Yorktown: 2BD / 1BA 711+/- SF unit with 2 living areas, kitchen, wood floors and paneling.

Large front yard provides ample parking.

2017 Property tax: $898.56

2432 S Phoenix Ave: 1BD / 1BA 675+/- SF with living room, kitchen and 1-car detached garage.

2434 S Phoenix Ave: 1BD / 1BA 675+/- SF with living room, kitchen and 1-car detached garage.

The Eugene Field neighborhood (23rd & Phoenix area) has been granted $30 million dollars for revitalization efforts through H.U.D. and the Tulsa Housing Authority creating an exceptional investor or end-user opportunity.

2017 Property tax: $532.28

2436 & 2438 S Phoenix Ave: 3BD / 2BA 1,660+/- SF property currently configured as a 3-bedroom, 2-bath single unit with living room, kitchen and hardwood floors. Includes lot to the north. Property has been converted into a single unit but could easily be restored into a 2-unit duplex.

The Eugene Field neighborhood (23rd & Phoenix area) has been granted $30 million dollars for revitalization efforts through H.U.D. and the Tulsa Housing Authority creating an exceptional investor or end-user opportunity.

2017 Property tax: $554.90

DISCLOSURES:

  • All parcels subject to any existing recorded easements.
  • The City of Tulsa is requiring specific repairs to be made to 1241-1243 S Lewis Pl and 1245-1247 S Lewis Pl. Please contact CJ Auctions office for details.

TERMS & CONDITIONS:

  • 3% Buyer’s Premium applies to this sale. Buyers-premium is an additional fee (3% of high-bid amount) paid by the high-bidder.
  • All properties are being sold without reserve.
  • All properties are being sold ‘as is, where is’ and are not subject to financing, inspections or any other contingencies.
    CJ Auctions represents the seller only.
  • The high bidder must make a 10% (Min $5,000) non-refundable deposit on sale day (cash, personal or cashier checks)
  • Buyer will receive deed and title insurance.
  • Buyer will pay for (but not limited to) the closing fee & title policy. Taxes will be prorated through date of closing.
  • Balance and closing costs are due 30 days of auction day.
  • Contact CJ Auctions for title commitment and copy of easements.
  • All bidders must register with CJ Auctions prior to bidding (registration is held 1-hour prior to auction) and provide a driver’s license or government-issued identification.
  • Absentee bidders must pre-register and qualify through CJ Auctions 48 hours prior to sale day.
  • All persons inspecting the property, attending an open house or auction do so at their own risk and shall not hold CJ Auctions or their agents liable for damages to their person or property.
  • ONLINE BIDDING: Individuals must wire 10% of opening bid amount (minimum $10,000) 48 hours prior to auction to be fully authorized to bid online. Contact CJ Auctions at 918 550 8118 for detailed wiring instructions.

LICENSE INFO: OK RE Lic# 159708 Ronn Cunningham | Cunningham Johnson Auctions LLC

BUYERS CHOICE

  • Buyer’s choice may be offered when more than one property/parcel is being auctioned.
  • Successful high bidder wins the right to choose a property/parcel or properties/parcels from a grouping of similar or like-kind properties.
  • After high bidder selection, the property is deleted from the group and the bidding commences again.
  • Process continues until all properties/parcels are selected.
  • When selling by the acre, high bid is multiplied by the number of acres in the parcel.

New Opportunity Zones Save Tulsa Real Estate Investors Big $

Real Estate Investors are able to seek temporary to permanent tax deferral for investing in newly designated federal opportunity zones (OZ’s) intended to fuel investment in economically distressed areas.

Newly designated OZ’s now exist in Tulsa.

Under the program, investors may defer taxes by taking capital gains from other investments and placing them into OZ real estate investments. By keeping their investment in the OZ for at least five years, investors may reduce their capital gains tax exposure by up to 10% or up to 15% after seven years. If investors hold their money in the OZ for at least a decade, all capital gains taxes may be avoided.

What’s an Opportunity Zone’s purpose?

Opportunity Zone’s were added by the Tax Cuts and Jobs Act to spur economic development.

  • Opportunity Zone’s are new and have no relation to prior economic incentives
  • They’re designed to encourage long-term investments in low income communities
  • Opportunity Zone’s motivate economic development through investor tax benefits

Be sure you consult your tax advisor to learn how best to take advantage of these new changes in tax law.

Learn more about Opportunity Zone’s through these Frequently Asked Questions

and  Designated Qualified Opportunity Zones under IRS code 1400Z-2 .