"U Street Corridor - Northwest Washington D.C."

REAL ESTATE AUCTION
Featuring Live & Simulcast Online Bidding

$500,000 Opening Bid

RESIDENTIAL LOT
– 983± Sq. Ft. – Zoned RA-2 –

Sale On Premises
1300 W STREET NW
Corner of 13th Street NW
Washington, D.C. 20009

Online Bidding Opens
FRIDAY, NOVEMBER 27, 2020

Live Onsite Auction Begins
WEDNESDAY, DECEMBER 2, 2020
AT 12:00 NOON

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. The auction will be open for online bidding beginning on Friday, November 13. Once the simulcast begins, both online and in-person bidders will be able to place bids on the property.  The simulcast will end approximately 15 minutes after the live auction begins, at which time online bidding will close.  If you encounter a problem placing online bids, please refresh the page.

LOCATION:
1300 W Street NW is located in the Cardozo neighborhood, more often referred to as the U Street Corridor, in Northwest Washington, D.C. Surrounding neighborhoods include Dupont Circle, Columbia Heights, Adams Morgan, Logan Circle and Shaw. U Street itself is approximately 2 blocks south, and features an array of neighborhood attractions, including the robust music and food scene for which the area is known. The U Street Metro Station (Yellow and Green lines) is also about 2 blocks south. According to the DCPS website, nearby schools are Garrison Elementary, Columbia Heights Education Campus 6-8, and Cardozo Education Campus.

For more information about the area, please visit:
U Street – washington.org 
U Street – en.wikipedia.org 
District of Columbia Public Schools – dcps.dc.gov 

SITE:
Lot number 144, square 235, known as 1300 W Street NW , comprising 983 square feet, according to public tax records.

Lot dimensions, according to Washington DC Subdivision book 19, page 140, are 54.63′ front along W Street NW, and 18′ deep along 13th Street NW.

Plat

The lot is level and fenced, with a few mature trees.

ZONING:
Residential Apartment 2 (RA-2)

According to Washington DC zoning regulations: “The purposes of the RA-1, RA-2, RA-3, RA-4, and RA-5 zones are to: (a) Permit flexibility of design by permitting all types of urban residential development if they conform to the height, density, and area requirements established for these districts; and (b) Permit the construction of those institutional and semi-public buildings that would be compatible with adjoining residential uses and that are excluded from the more restrictive residential zones.” More specifically, “The RA-2 zone provides for areas developed with predominantly moderate-density residential.”

For more information about zoning, please visit:
DC Office of Zoning – dcoz.dc.gov 

Zoning Map

TITLE:
The property is in fee simple and sold free and clear of liens.

TAXES:
Published annual real estate taxes are $3,962, based on a full value assessment of $483,680.

SUMMARY TERMS OF SALE:
Please see 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. If the high bidder is an online purchaser, 10% of purchase price is due by wire transfer or cashier’s check at the Auctioneer’s office, by 4:30 p.m. on the day of the auction. 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 8% 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. 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.

Buyer acknowledges that it is the intention of the Seller to create an IRS Section 1031 Tax Deferred Exchange (the “Exchange”) and that the Seller’s rights and obligations under this Contract may be assigned to a qualified intermediary (the “Intermediary”) to be designated by the Seller to facilitate such Exchange. Buyer agrees to fully cooperate with the Seller and Intermediary, at no additional cost of liability to the Buyer, to enable Seller to utilize the contemplated Exchange.

No Buyer’s Premium!