Email: info@ajbillig.com
6500 Falls Road, Baltimore, MD 21209
Click 'AJ' icon to access map directions.
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
ABERDEEN
– Federal Opportunity Zone –
HIGH EXPOSURE RESTAURANT BUILDING
0.93± Acre ✦ Zoned B3 ✦ 5,129 Sq. Ft. GBA
$60,000+ NNN Annual Income
Sale on Premises
705 S. PHILADELPHIA BOULEVARD (US-40)
Known as “TB3 Bar and Grill”
Corner Old Philadelphia Road
Aberdeen, Harford County, MD 21047
Online Bidding Opens
MONDAY, JUNE 19, 2023
Live On-Site Auction
WEDNESDAY, JUNE 21, 2023
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:
705 S. Philadelphia Boulevard, currently known as TB3 Bar and Grill, is located at the corner of Philadelphia Boulevard (US-40) and Old Philadelphia Road in the heart of Aberdeen. Philadelphia Boulevard, known as Pulaski Highway through most of the span between Baltimore and Wilmington, is a major artery across the United States. The high exposure throughway generates approximately 30,000 cars per day (AADT) passing the site, according to MDOT statistics. Another 5,434 cars per day pass by along Old Philadelphia Road. Aberdeen Proving Ground, the largest employer in Harford County and source of thousands of residents and visitors to the area, is located approximately 2 miles south. The Amtrak Aberdeen Station is less than one mile north. A number of national and local retailers are located throughout the immediate area. A deceleration and turn lane for Old Philadelphia Road is along southbound Philadelphia Boulevard.
The site is comprised of two lots providing a triangle shaped property with substantial exposure and frontage along both Philadelphia Boulevard (US-40) and Old Philadelphia Road. Ample parking, signage and a functional amount of building square footage make the property ideal for entrepreneurs looking to open their own retail location, as well as those investors looking to continue operating the property as a cash-flow asset. The built-in consumer base provided by the expansive number of people working and residing in the immediate area, and further reinforced by the very healthy traffic counts among those passing through, makes the acquisition an attractive retail real estate opportunity for all buyers. The property’s location within a Federally designated Opportunity Zone, providing an array of financial incentives for development, is an additional bonus.
For more information about the area, please visit:
Aberdeen, MD – www.aberdeenmd.gov
Harford County, MD – www.harfordcountymd.gov
Maryland Opportunity Zones – dhcd.maryland.gov
Opportunity Zones FAQs – www.irs.gov
SITE:
Two lots comprising 0.929 acre, more or less. Known as Harford County Tax Ids: 02000156 and 02000148)
ZONING:
B3 – Highway Commercial (City of Aberdeen Zoning)
According to the Aberdeen Zoning Code, “The purpose of this district is to provide for a number of retail and office establishments and commercial services for use by the traveling public on or near major roads or streets in the City and at the same time is intended to maintain the appearance of the highways and their access points by limiting outdoor advertising and establishing high standards for development. Commercial development in this district shall be in the form of well-planned and heavily buffered commercial concentrations as opposed to traditional forms of highway strip commercial.”
A variety of permitted uses are available within the B-3 district, including: hotel and motels; garden, mid and high-rise apartments; office; retail stores; automotive businesses; restaurants; medical services; and a variety of institutional uses.
For more information about City of Aberdeen Zoning, please visit:
Planning and Community Development – www.aberdeenmd.gov
IMPROVEMENTS:
Restaurant building – constructed in 1979 and containing 5,129 square feet of gross building area, according to public tax records. The building has a flat, rubberoid roof, dryvit and wood facade, florescent lighting, large show windows and multiple entrances and exits. The interior is arranged for a dining room with large bar area, full kitchen, storage areas, office and powder rooms.
The property has been occupied by the current tenant since May of 2013, originally as Loafer’s and currently as TB3 Bar and Grill. Current annual rent is $60,000 NNN through May 31, 2028. One 10 year option available in 2028, escalating to $72,000 annual rent.
Please complete a Waiver and Confidentiality agreement to obtain a copy of the lease.
TITLE:
In fee simple; sold free and clear of liens.
TAXES:
Published annual real estate taxes are as follows:
Tax ID 02000156: $7,737.93 (Harford County) and $5,073.12 (City of Aberdeen) based on a full value tax assessment of $813,500.
Tax ID 02000148: $2,942.85 (Harford County) and $1,929.38 (City of Aberdeen) based on a full value tax assessment of $309,400.
Total Taxes: $17,683 based on a full value tax assessment of $1,122,900
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.
