"Bel Air"

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
$1,250,000 Opening Bid

NNN INCOME OPPORTUNITY

THE LODGE RESTAURANT
2119 Conowingo Road
Bel Air, MD 21014

$136,878.75 Net Annual Income

Online Bidding Opens
MONDAY, SEPTEMBER 25, 2023

Live Onsite Auction
WEDNESDAY, SEPTEMBER 27, 2023
AT 1:00 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, dated January 6, 2006, to 2119 Conowingo Associates Incorporated, assigned on May 16, 2013 to Hickory Lodge, LLC. Current lease runs through April 2026, with 2 five-year renewal options at increased rentals. Tenant pays for all maintenance, insurance and annual real estate taxes.

LOCATION:
The property is situated in the Bel Air area of central Harford County, along the south side of Conowingo Road, just west of Fountain Green Road (MD-543), north of East-West Highway (MD-23) and west of Bel Air Bypass (US-1). The site has good visibility. Daily traffic counts are 17,955 cars on Fountain Green Road, 11,743 on East-West Highway and 23,443 on Bel Air Bypass, according to MDOT online mapping. The immediate area is a mixture of community service businesses, surrounded by extensive residential development. Downtown Bel Air is about one mile south of the site.

IMPROVEMENTS:
Attractive, freestanding stone and wood frame restaurant building, built in 1946, comprising 6,982 square feet of gross building area, according to public tax records. The building has been extensively remodeled and has a large outdoor patio. Onsite parking for approximately 42 cars. Large pole sign.

SITE:
1.36 Acres – Record Plat

Public utilities

Zoning B3/General Business District is intended to provide a wide range of retail, service and business uses serving local and county-wide areas. Such activities are generally located along arterial roads. This district is intended for industrial, office, and business uses of a moderate scale and intensity.

TITLE:
The property is in fee simple and sold free and clear of liens. Harford County Deed Book 3339, Page 467.

TAXES:
Published annual real estate taxes are $17,319, based on a full value assessment of $1,589,000. The taxes are paid by the tenant.

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

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 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, 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.