"Laurel - Maryland City"

Owner Retiring from Business after 32 Years

 REAL ESTATE AUCTION 

$1,000,000 Suggested Opening Bid

LAUREL – MARYLAND CITY

Known As
RED CROWN INN
3440 Laurel Fort Meade Road
MD ROUTE 198
Just West of B-W Parkway (MD-295)
Anne Arundel County, MD 20724

Sale On Premises
THURSDAY, NOVEMBER 1
AT 11:00 A.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.

LOCATION:
The Red Crown Inn, located on Maryland Route 198, just west of the Baltimore-Washington Parkway, has been operated by the same family for 32 years. The surrounding area is known as Laurel, a suburban community which straddles the Prince George’s, Anne Arundel and Howard County lines. The Red Crown Inn is located in Anne Arundel County, between the Laurel Main Street area along U.S. Route 1 and the Baltimore Washington Parkway. The immediate area, known as Maryland City, is comprised a shopping centers, motels, office buildings and other commercial enterprises, surrounded by residential development.

Maryland City is conveniently located equidistant from Washington, D.C. and Baltimore, near NSA, Fort Meade, Laurel Race Course, University of Maryland, Bowie State University, BWI Airport and numerous regional employers.

According to the 2016 Anne Arundel County Traffic Volume Map, the Baltimore Washington Parkway has approximately 101,980 vehicles per day at MD-198 (Laurel Fort Meade Road) and approximately 21,751 vehicles per day along MD-198 at the Red Crown Inn. MD-198 is a six-lane highway with median strip and a traffic signal at the Red Crown Inn, providing excellent access from eastbound or westbound vehicles.

SITE:
Rectangular lot, fronting 178.89′ on the north side of MD-198 by a depth of 243.63′, comprising 1.0 acre of land.

Zoning C2, Commercial Office District

Utilities – gas, electricity, public sewer, private well (public water is available), cable tv and internet.

Asphalt paved parking lot on each side of building.

Concrete curbing and sidewalk along front of property. Entrance at traffic signal.

IMPROVEMENTS:
Two story brick and stucco motel building, constructed in 1979 and containing 19,840 square feet of gross building area, according to public tax records. The structure has shingle and built-up roofs, aluminum sliding windows, and features:

• 52 standard motel rooms with private baths, individual heat pump/central air conditioning, units
• Front portico entry
• Lobby, reception area and office
• Laundry area
• Vending area
• 5 exterior entrances

OCCUPANCY:
The motel has been running at approximately 70% occupancy, according to the current operator.

ADDITIONAL INFORMATION:
Please complete a Waiver and Confidentiality Agreement form to view the income and expense information.

TITLE:
The property is in fee simple and sold free and clear of liens. Anne Arundel County Deed Book 17247, Page 116, also see Book 4444, Page 98 for metes and bounds description.

TAXES:
Published annual real estate taxes are $18,804, based on a full value tax assessment of $1,816,100.

SUMMARY TERMS OF SALE (refer to contract of sale for complete terms):
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. 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. All adjustments, including taxes, rents, 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. 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. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. 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.