"Fallston"

Live Auction Bidders – a $100,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (wire or cashier’s check).

Online Auction Bidders – a $100,000 deposit, payable by cashier’s check or wire, will be required of all online bidders prior to the start of the live auction. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid. The deposit shall be increased to 10% of the purchase price by cashier’s check or wire transfer by 4:00 P.M. on the day of auction.
Deposit Escrow Agreement

A 5% buyer’s premium will be added to the final bid price. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page and see the Sample Contract.

Harford County, MD

Live Onsite & Online Simulcast Bidding
$1,000,000 Opening Bid

NNN INCOME OPPORTUNITY

7-ELEVEN
Gas Station & Convenience Store
2400 Pleasantville Road
Corner Fallston Road
Fallston, MD 21047

$102,000 Net Annual Income
7-Eleven Corporate Lease

Online Bidding Opens
TUESDAY, MAY 14, 2024

Live Onsite Auction
THURSDAY, MAY 16, 2024
AT 12:15 P.M.

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

GENERAL INFORMATION:
Triple net ground lease to 7-Eleven, Inc., dated September 1, 1979 and as amended by the First Amendment to Lease dated February 22, 2019. The current lease is in the first of 3 five-year extension periods provided by the above referenced First Amendment, running through August 2024, with an annual rent of $102,000 NNN. There are 2 remaining five-year options at increased rentals. The extension beginning 9/1/2024 has an annual rent of $112,200 NNN. Tenant pays for all maintenance, insurance and annual real estate taxes.

LOCATION:
The property is situated in the Fallston area of Harford County at the corner of Fallston Road (MD-152) and Pleasantville Road, a signalized 4-way intersection. An acceleration lane out of the property is immediately off the intersection. Ingress and egress are available from both Fallston Road and Pleasantville Road. Fallston Road is a major artery for those commuting to I-95, Baltimore, APG and other surrounding employment centers in the area. Daily traffic (AADT) is stated to be 22,575 cars along Fallston Road in front of the property, and 4,715 along Pleasantville Road, according to MDOT online mapping. The immediate area is a village center for the surrounding communities, and features restaurants, pharmacy, offices and services businesses. An elementary school and major area recreation complex are approximately one-half mile east. The larger area is a mix of residential, with a number of small and medium sized subdivisions in the area, and large agricultural properties.

IMPROVEMENTS:
Freestanding masonry convenience store building and fuel island. The building was constructed in 1981 and contains 2,520 square feet of gross building area, according to public tax records. The fuel island consists of 3 two-sided pumps with covered awning.

SITE:
1.13 Acres

Survey

Record Plat

Concrete and asphalt paved with parking for 25+ vehicles. Well and septic.

Zoning B1 – Neighborhood Business District is intended to provide limited retail and service facilities convenient to residential neighborhoods. Uses are limited primarily to convenience goods and services satisfying the household and personal needs of the residents of abutting residential neighborhoods. Standards are compatible with low-density residential districts, resulting in similar building bulk and low concentration of vehicular traffic.

TITLE:
The property is in fee simple and sold free and clear of liens. Harford County Deed Book 1019, Page 954.

TAXES:
Published annual real estate taxes are $9,764.11, based on a full value assessment of $891,200. The taxes are paid by the tenant.

ADDITIONAL INFORMATION:
Please complete the Waiver and Confidentiality agreement to receive the ground lease and amendment.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.

Live Auction Bidders – a $100,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (wire or cashier’s check).

Online Auction Bidders – a $100,000 deposit, payable by cashier’s check or wire, will be required of all online bidders prior to the start of the live auction. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid. The deposit shall be increased to 10% of the purchase price by cashier’s check or wire transfer by 4:00 P.M. on the day of auction.
Deposit Escrow Agreement

Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place before 5 p.m. eastern time on Wednesday, July 17, 2024. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the Purchaser. All adjustments, including taxes, rent, all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of settlement and assumed thereafter by the Purchaser. Security deposit, if any, shall be adjusted at the time of settlement. The property will be sold in “AS IS” condition, and subject to the existing lease of the tenant in place, easements, agreements, restrictions or covenants of record affecting same, if any. The Property will be sold subject to Harford County violation notices, if any. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Seller is unable to convey good and marketable title, the Purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the Purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the Purchaser. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.

The Property is being sold subject to the tenant’s right of first refusal as designated in the subject lease. Said right of first refusal must be exercised within 20 days of being notified as to a bona fide offer. In the event that tenant exercises the right of first refusal, Purchaser shall receive a refund of their deposit as specified above, and the Contract will be deemed to be null and void and of no effect. Purchaser shall have no further claim against the Seller or Auctioneers.