Investment Overview

Marcus & Millichap is proud to present the sale of Robert & Nyna Holmes Villa and the Wilmarth Mansion, located at 522 and 622 Chapple Ave in Ashland, Wisconsin. The property consists of 18 apartment homes, five one-bedroom/one-bathroom, eleven two-bedroom/one-bathroom, and two three-bedroom/one-bathroom units. All units include a range and refrigerator, as well as access to ample surface lot parking. Heat, Hot Water, and Water/Sewer are the responsibility of the landlord;andelectricityandsleeveair conditioningis the responsibilityof the tenant. The Wilmarth Mansion consists of 8 commercial suites, as well as a venue space available for rent to the public. The Wilmarth Mansion has undergone extensive preservation and restoration work. Both Robert & Nyna Holmes Villa and the Wilmarth Mansion are jointly listed on the National Register of Historic Places. This registration offers the opportunity, but not necessity, to apply for HistoricTax Credits for futurerehabs. Robert & Nyna Holmes Villa is a Section 42 development placed in service in September 1999 with restrictions scheduled to end 12/31/2028. Two units are offered at 30% of the county median income, two at 40% of the county median income, four at 50% of the county median income, and tenat 60% of the county medianincome. HOME tenant income and rent restrictions have ended, but there is an outstanding mortgage to DOA that comes due 1/1/2029, which would have to be assumed. Terms of the mortgage require payment of the principal and deferred interest regardless of available cash flow. Principal is $220,000 andinterest is $112,200.