"Hagerstown"

 REAL ESTATE AUCTION 

– $75,000 Suggested Opening Bid –

Freestanding Masonry
COMMERCIAL BUILDING
2,814± S.F. GBA ◆ 0.27± Acre ◆ Paved Parking

Sale On Premises
725 POTOMAC AVENUE
A/K/A 725 N. Potomac Avenue
Near Maple Avenue
Hagerstown, Washington County, MD 21740

FRIDAY, SEPTEMBER 27, 2019
AT 12:00 NOON

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.

LOCATION:
725 Potomac Avenue is located in the City of Hagerstown in Washington County, Maryland. At the northeastern corner of the City of Hagerstown commercial district, the property is within the Potomac/Broadway Historic District, a short distance southwest along Potomac Avenue. The site offers good exposure, with an annual average daily traffic count of 7,701 along the corridor of Potomac Avenue in front of the property. Surrounding properties are a mix of retail, automotive and residential uses.

SITE:
0.274 acre, fronting 108.63′ along Potomac Avenue.

Plat

Asphalt paved parking area for 12+ vehicles

Two curb cuts

Rear loading area

Public water, public sewer, gas, electricity, telephone

Zoning CG – Commercial General – According to the City of Hagerstown zoning webpage, Commercial General zoning “Allows all types of commercial uses, except big box retail (e.g, Dual Highway, Eastern Boulevard, Best Buy shopping center, South End shopping center, Railway Lane, etc.).”

Zoning Map

For more information about Hagerstown zoning, please visit:
https://www.hagerstownmd.org/304/Zoning
https://www.hagerstownmd.org/639/Mapping

IMPROVEMENTS:
One Story Concrete Block Building, constructed in 1972 and containing 2,814 square feet of gross building area, according to public tax records. The property has been used in a variety of ways, including most recently as a liquor store.

TITLE:
The property is in fee simple and sold free and clear of liens. Washington County Deed Liber 4927, Folio 92.

TAXES:
Published annual real estate taxes are $3,318.09 ($1,601.66 for Washington County, and $1,716.43 for the City of Hagerstown), based on a full value assessment of $171,300. Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information:
https://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

SUMMARY TERMS OF SALE:
Please refer to the contract of sale for complete terms.
A $10,000 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 by 12:00 Noon, Tuesday, October 1, at the Auctioneer’s office. Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place within 45 days. 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. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of contract to date of settlement. All adjustments, including taxes, 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 contract and assumed thereafter by the Purchaser. The property will be sold in “AS IS” condition, and subject to easements, agreements, restrictions or covenants of record affecting same, 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.

No buyer’s premium.