Email: info@ajbillig.com
6500 Falls Road, Baltimore, MD 21209
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The property will be open 1 hour prior to the live onsite auction and is also available to view during normal business hours.
Live Auction Bidders – a $50,000 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 $50,000 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 4:30 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.
Featuring Live & Simulcast Online Bidding
$400,000 Opening Bid
ESTATE SALE
FALLSTON
FULLY LEASED
RESTAURANT BUILDING
0.71± Acre ✦ Zoned B1 ✦ 2,976 Sq. Ft. GBA
$54,648+ NNN Annual Income
Sale on Premises
2402 PLEASANTVILLE ROAD
Known as “Acapella Italian Restaurant”
Fallston, Harford County, MD 21047
Online Bidding Opens
MONDAY, JUNE 19, 2023
Live On-Site Auction
WEDNESDAY, JUNE 21, 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.
LOCATION:
2402 Pleasantville Road, known as Acapella Italian Restaurant, is located in the Fallston area in Harford County. Located near the intersection of Fallston Road (MD-152), the site affords a convenient location for those consumers who live nearby, in addition to those visiting the area. Traffic along Pleasantville Road in front of the site is 4,834 cars per day (AADT), with another 22,434 cars per day passing along Fallston Road at the intersection of Pleasantville Road. The sprawling Fallston Recreation Complex is a short distance to the south, providing a ready source of traffic in the area. Nearby schools, religious facilities and retail businesses, including Walgreen’s across the street and 7-Eleven next door, provide additional sources of exposure at the site. A significant amount of residential subdivisions are in the immediate area, in addition to those farms, farmettes and wooded tracts for which Harford County is known.
Acapella is a well-known Italian eatery in the area, featuring lunch and dinner service, catering and hosted events. The restaurant boasts a 4.4 star rating on Google among 475 reviews, many of which rave about the excellent pizza and service. The restaurant has been located at the site for nearly 10 years, and has been both a community favorite and destination location throughout that time.
The auction provides an opportunity to purchase a stabilized investment with an asset that is exceedingly well-demanded in the area. There is a low density of retail investments in much of Harford County, notably outside of Bel Air and Edgewood, making the site a rarely available investment opportunity. A good rental history, good product and limited availability should make the site attractive for investors of all types.
For more information about the Acapella and the area in general, please visit:
Acappella Italian Restaurant – acappellamd.com
Harford County, MD – www.harfordcountymd.gov
Harford County WebGIS – hcggis.harfordcountymd.gov
SITE:
Lot size – 0.714 acre, more or less
ZONING:
B1 – Neighborhood Business District
According to the Harford County Zoning Department, the “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.”
For more information about Harford County Zoning, please visit:
Zoning Administration – www.harfordcountymd.gov
IMPROVEMENTS:
Restaurant building – constructed in 1974 and containing 2,976 square feet of gross building area, according to public tax records. Commercial listing services put the building area at 3,401 square feet. The building underwent a comprehensive renovation in conjunction with the current occupant. Features include an ornate Italian villa inspired facade, full dining room, bar, outdoor patio, commercial kitchen, walk-in storage, office and restrooms. Finishes are predominately ceramic tile floors, drywall and acoustic tile ceilings.
Acapella has occupied the site since January 1, 2014. The current lease rate is $54,648 per year, NNN, through December 31, 2023. The tenant has exercised one of two remaining 5 year extensions, with the rent increasing to $62,845.20 per year, NNN, from January 1, 2024 through December 31, 2028.
Please complete a Waiver and Confidentiality agreement to obtain copies of the lease.
TITLE:
In fee simple; sold free and clear of liens.
TAXES:
Published annual real estate taxes are $6,530.01 based on a full value tax assessment of $602,767.
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – a $50,000 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 $50,000 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 4:30 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, ground rent and 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 deposits, 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 except where otherwise mandated by local, State or Federal law. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.
Property 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 15 business 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.
