"Bel Air"

 REAL ESTATE AUCTION 

– $500,000 Suggested Opening Bid –

Freestanding Masonry
COMMERCIAL BUILDING
5,000± S.F. Retail ◆ 5,000± S.F. Storage
Paved Parking ◆ Dock Loading

Sale On Premises
305 S. ATWOOD ROAD
Just East of U.S. Route 1
Harford County, MD 21014

THURSDAY, MARCH 21, 2019
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:
305 S. Atwood Road is situated one-half block east of Baltimore Pike (US-1) in central Bel Air. Neighbors include Auto Zone, Pep Boys, Point Breeze Credit Union, Mattress Warehouse, Harford Cleaners, George’s Carpet One, other national and local retailers, restaurants and office buildings.

SITE:
0.406 acre, fronting 100′ along the east side of Atwood Road, by a depth of 181′

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.

Public water, public sewer, gas, electricity, telephone

Asphalt paved parking for approximately 20 cars

Lot slopes down to rear allowing for at-grade access to basement level

IMPROVEMENTS:
One Story Concrete Block Building, constructed in 1973 and containing 5,000 square feet of first floor gross building area and 5,000 square feet of at-grade basement storage, according to public tax records. The building was constructed as a billiards hall with lower level vending machine storage. More recently, the first floor was leased to a Sherwin Williams paint store and then a martial arts studio for approximately $8,000/month triple net. The building is currently vacant.

• First level has aluminum storefront with large show window, clear span space (drywall), 2 rest rooms, utility room, 2 offices
• Loading dock to first floor with overhead and pedestrian doors
• Unfinished lower level with 2 overhead doors and 1 pedestrian door, access in rear
• Separate utility meters for each floor
• New Firestone Red Shield 15-year roof installed in 2018
• First floor has gas forced air heat and central air conditioning

TITLE:
The property is in fee simple and sold free and clear of liens. Harford County Deed Liber 10219, Folio 257.

TAXES:
Published annual real estate taxes are $14,123, based on a full value assessment of $938,000. Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information:
https://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

SUMMARY TERMS OF SALE:
Please refer to the contract of sale for complete terms.
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. 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. 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, 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. 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.

No buyer’s premium.