"Pylesville - Northern Harford County"

$500,000 Suggested Opening Bid

FULLY LEASED
MIXED-USE PROPERTY
– Restaurant & 6 Apartments –

– $84,795± Gross Scheduled Annual Income –

Sale On Premises
301 & 305 PYLESVILLE ROAD
Next to North Harford High School
Pylesville, Harford County, MD 21132

THURSDAY, SEPTEMBER 10, 2020
AT 2:00 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:
301 & 305 Pylesville Road (MD-165) is located in the Pylesville area in northern Harford County. The property sits approximately one-half mile east of the roundabout comprising the intersection of Rocks Road (MD-24), Federal Hill Road (also MD-165) and Pylesville Road. Street is a short distance southeast, and the Falling Branch area and Park are a short distance west. The surrounding area is largely rural and agricultural, with expansive rolling fields, wooded tracts and small clusters of homes on well-sized lots. North Harford High School adjoins the property on two sides, with additional Board of Education property across the street. The auction presents an excellent opportunity to purchase an income producing property with a very stable rental history.

For more information about the area, please visit:
Harford County Government – www.harfordcountymd.gov
Harford County GIS Maps – harfordcountymd.gov
Pylesville – www.visitmaryland.org

SITE:
Two adjoining lots comprising a total of 1.47± acres. Features include:

• 3 curb cuts on Pylesville Road
• Partially gated parking area for 50+ vehicles
• Additional parking area for 8+ vehicles
• 2 wells
• 3 – 1,500 gallon septic holding tanks
• Pole sign (on 305)

301 Pylesville Road – 0.55 acre
305 Pylesville Road – 0.92 acre
                       Total:      1.47 acres

Please complete the non-disclosure agreement under the rental information for well and septic information.

ZONING:
The properties are zoned AG – Agricultural District. The properties have been used in their current configuration for more than 40 years. According to an officer with the Harford County Department of Planning and Zoning, the restaurant is an approved a non-conforming use, with some potential for expansion. Please see links below for additional information about Harford County zoning.

Planning and Zoning – www.harfordcountymd.gov

GIS Zoning Map

IMPROVEMENTS:
The properties are improved by two structures, a free-standing building (305) containing the restaurant and 4 dwelling units, and a duplex (301) containing 2 two-story dwelling units. The buildings are serviced by private well and septic. All spaces are currently leased.

301 Pylesville Road – Single story duplex with lower level at grade in the rear – constructed in 1972, containing a total of 1,620 square feet above grade and 1,620 square feet below grade, according to public tax records. Brick and siding facade, architectural asphalt shingle roof, vinyl-clad replacement windows, and separate meters.

Apartment features:

• Separate exterior front (main level) and rear (lower level) entries
• Approximately 1,400 total finished square feet with additional unfinished storage/utility area
• Arranged for 2-3 bedrooms (2 on first floor, 1 on lower level), full bath, living room and kitchen
• Electric baseboard heat
• Window air conditioners

305 Pylesville Road – Single story building arranged for restaurant and 4 dwelling units – containing 5,574 square feet of gross building area. Brick and stucco facade, asphalt shingle roof, mixed windows, and separate meters. The restaurant has propane service.

Restaurant – Eats & Sweets – Arranged for a retail restaurant, with service counter, two dining areas (approximately 60 seats plus bar seating), full commercial kitchen and 3 powder rooms. Additional seating on the outside patio.

Apartment features:

• Separate exterior entrances
• Single story units averaging approximately 500 square feet.
• Arranged as efficiency or one-bedroom units. Some have separate living room and kitchen areas, others are open floor plan
• Electric baseboard heat
• Window air conditioners

RENTAL INFORMATION AND ADDITIONAL DOCUMENTS:
The restaurant and all 6 apartment units are occupied. Seller provided income information is as follows:

• Gross scheduled annual rental income of $74,848.82
• Plus $9,946.94 in tenant contribution towards trash, common area maintenance, real estate taxes and other expenses
• Estimated annual ownership expenses are $14,250.13
• Net annual income estimated to be $70,545.83

The restaurant has been leased to the current operators since July 1, 2013. Currently on an annual extension executed 6/23/2020 extending through 6/30/2021.

Most of the apartments have been leased to the current occupants for 4 years or longer.

Rent roll with income and expense information, leases, lead certificates, well report, septic bills, and tenant duration available by completing a non-disclosure agreement: Waiver and Confidentiality Agreement.

TITLE:
In fee simple; sold free and clear of all liens

TAXES:
Published annual real estate taxes:

See Harford County Billing site for detailed breakouts of base County tax, State tax, highway tax and Bay Restoration fee.

MANNER OF SALE:
The properties are scheduled to be offered as an entirety (both properties together) only. The seller and auctioneer reserve the right to offer the properties separately and as an entirety if buyer demand warrants the additional offerings. Announcements regarding method of offering will be made at the time and place of sale.

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
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 on November 13, 2020. 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, rents, 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 leases of the tenants in place, 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, including any agricultural transfer tax, if any, 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.