"Laurel - Park Place"

REAL ESTATE AUCTION
– Suggested Opening Bid: $125,000 –

Sale On Premises
601 7th STREET – Unit #304
“Park Place”
Prince George’s County, Maryland 20707

WEDNESDAY, SEPTEMBER 13, 2017
AT 12:00 NOON

THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES DEEMED RELIABLE AND BELIEVED TO BE ACCURATE. HOWEVER, NO EXPRESS OR IMPLIED WARRANTY IS MADE AS TO THE ACCURACY OF THESE REPRESENTATIONS. ALL DIMENSIONS CONTAINED HEREIN ARE MORE OR LESS.

LOCATION:
The unit is located in the Park Place Laurel condominiums in the heart of downtown Laurel. Also known as Park Place Professional Park or just Park Place, the project sits between Talbott and Gorman Avenues, immediately opposite the recently renovated Laurel Branch Library and Emancipation Community Park. The US-1 (Washington Boulevard) corridor is approximately 4 blocks to the east. I-95 is less than 2 miles west, and I-295 is approximately 3 miles east. The dense population of workers and residents make the location ideal for a wide variety of businesses, while also retaining an excellent ease of access for both customers and staff coming from outside Laurel.

For more information about the area, please visit:
https://www.cityoflaurel.org/
&
http://www.princegeorgescountymd.gov/

BUILDING:
Park Place is a multi-phase mixed use project comprising two four- story brick buildings, pad site and surface parking. The four story buildings are arranged for retail on the first floor, offices on the second and third floors, and residential units on the fourth floor. Commercial tenants include restaurants, retail stores, service businesses and a variety of professional offices. The pad site is currently occupied by a 7-11.

Unit 304 is located in Phase I, Building 2, known as 601 7th Street. The four story building was constructed in 2007, and features secured entry and elevator. The building is arranged for four retail units on the first floor, eight office condominiums on the second and third floors, and residential condominiums on the fourth floor. Unit 304 occupies the southeast corner on the third floor.

Building Plat

Zoning: Town of Laurel Zoning O-B, Office Building

City of Laurel Zoning and Property Finder

IMPROVEMENT DESCRIPTION:
Commercial condominium – according to tax records the unit contains 1,360 square feet of gross unit area. Finishes include drywall, drop ceilings, commercial carpet and laminate floors. The unit is arranged as follows:

Interior
Large open office area (carpet)
Three private offices (carpet)
Storage room (vinyl flooring)
Kitchenette with refrigerator, range oven and utility sink (laminate flooring)
Powder room (laminate flooring).

Mechanical
Trane high efficiency electric HVAC system
25 gallon electric water heater
100 amp 3 phase office electrical service

Interior Floor Plan

Building Specifications

ANNUAL REAL ESTATE TAXES:
Current annual real property taxes are $2,556.87

CONDOMINIUM FEES:
The monthly condominium dues are $318.47. Condominium Resale Package.

TITLE:
The property is in fee simple; sold free and clear of all liens.

TERMS OF SALE:
A $10,000 deposit, payable by certified check or 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. 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, condominium fees, utilities, 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, and subject to the Declaration and Bylaws of the Park Place Laurel Condominiums. 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. Purchaser waives any right of rescission under the Maryland Condominium Act, having received the condominium resale package in advance of the auction. 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