Price could fall to 200 million won range if property goes unsold again; first floor zoned for commercial use, second floor for residential
A two-story hanok-style building in Gapyeong-gun, Gyeonggi Province — combining a ground-floor commercial space with an upper-floor residence on a 218-pyeong lot — is drawing attention as it heads to a second auction round on June 24.
A building in Gapyeong-gun, Gyeonggi Province, that combines a neighborhood commercial facility with a residential unit is attracting interest as it goes up for auction. The property features a traditional hanok-style tiled roof and offers the rare combination of income-generating potential and owner-occupancy.
According to GG Auction, a data firm specializing in court and public auctions, the property sits on a 721-square-meter (218-pyeong; 1 pyeong equals 3.3 square meters) lot in Hasaek-ri, Gapyeong-eup, Gapyeong-gun — about an hour and a half's drive from Yongsan in Seoul. The building itself covers roughly 146 square meters and goes under the hammer on June 24. Completed in 2008, the 17-year-old structure is topped with a hanok-style roof.
The first floor, at about 30 pyeong, is designated as a neighborhood commercial facility and is currently operating as a business. The second floor, also around 30 pyeong, is classified as a multi-unit dwelling. According to the appraisal report, the upper floor contains spaces that can serve as a living room and bedrooms.
The building's wooden exterior makes a strong visual impression and blends naturally with the surrounding rural landscape.
Several additional items are included in the sale. A 46.8-square-meter parking area on the first floor is part of the package, as is a roughly 10-pyeong multi-unit dwelling on the second floor and a storage unit of just over 21 pyeong. A shipping container beside the building is excluded from the sale.
A spacious front yard — large enough to accommodate a full-size truck — adds to the property's practical appeal. A path runs along a slope on the right side of the building, and the slightly elevated terrain affords an open, unobstructed view and a pleasant mountain panorama from the front yard. Prospective buyers should visit the site in person, however, to assess snow-clearing conditions on the access road and vehicle accessibility in winter.
On pricing and encumbrances: the Korea Yangtoyangrok Livestock Cooperative holds a collateral mortgage on the property, which was initially appraised at 474.68 million won. Of that, 249 million won was attributed to the land and 190 million won to the building. The first auction, held May 20, drew no bidders. A second round is set for June 24 at 332 million won — a 30 percent reduction from the initial appraisal.
If the property again fails to sell, the asking price would drop further to 233 million won and then to 163 million won. At that point, a buyer could in effect acquire the property for less than the appraised value of the land alone.
A tenant currently occupies the first floor under a 135 million won deposit, but the tenancy carries no right of resistance against a new owner. The obligation does not transfer and is extinguished upon sale.
Kang Eun-hyeon, director of the auction research center at law firm Myeongdo, said all registered encumbrances — including the collateral mortgage, seizures and provisional seizures — would be extinguished upon payment of the final balance after the sale. "Fortunately, the registered tenant is a junior-priority leaseholder under auction rights analysis, so the winning bidder will not be required to assume the deposit," he said.
Despite its rural feel, the property is far from isolated. A seven-to-ten-minute drive reaches Gapyeong Station on the Gyeongchun Line and the main commercial district around the Gapyeong county office — eliminating what is often the biggest drawback of country living.
The Gyeongchun Line connects to Cheongnyangni Station in Seoul in about an hour, giving residents a viable public transit option when driving is not possible.
The area around the Gapyeong county office is well served by hospitals, pharmacies, restaurants and banks, providing everyday conveniences within easy reach.
Nami Island and Jaraseom — which host annual festivals — are also reachable within about 10 minutes by car. The surrounding area offers water leisure facilities along the Bukhan River, nearby golf courses and nature recreation forests, making a resort-like daily lifestyle a genuine possibility.
For a buyer who wins the auction and opens a café or restaurant on the ground floor, the steady stream of tourists visiting Nami Island and Jaraseom could provide a built-in customer base.
By car, the Seoul-Chuncheon Expressway puts Jamsil and the Gangnam area within roughly an hour, making the property a viable weekend or leisure retreat. Public bus routes in the area are, however, somewhat limited.
hss@heraldcorp.com
