"Essex Medical Center"

Retail Strip Center - 100% Occupied, On-Site Parking, $104,800 Annual Net Income
6456.jpg

Listing Details

Sold Price
$975,000
Auction Date
Auction Time
11:00 AM
Address
404-410 Eastern Boulevard, Essex, MD, 21221
County
Baltimore County
Neighborhood
Essex
Please complete the Waiver and Confidentiality Agreement (see above link) to receive the rent roll, building expenses and leases.
Financing
See our Financing Page for a list of auction-oriented lenders.
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

Use Mobile?
6457.jpg
6457.jpg
6458.jpg
6459.jpg
6460.jpg
6461.jpg
6462.jpg
6463.jpg
6464.jpg
6465.jpg
6466.jpg
6467.jpg
6456.jpg

REAL ESTATE AUCTION

One Story Masonry
RETAIL STRIP CENTER
100% Occupied ◆ On-Site Parking

$104,800 Annual Net Income

Sale On Premises
"Essex Medical Center"
404-410 EASTERN BOULEVARD
aka 404-410 Eastern Avenue
Baltimore County, MD 21221

THURSDAY, OCTOBER 23, 2014
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:
Essex Medical Center is located in the Essex area of eastern Baltimore County, east of the  Baltimore Beltway (I-695) Exit 38 and west of MD-702.  The property is situated on the north side of Eastern Avenue (MD-150), just east of Mace Avenue in the heart of the community commercial district.  Eastern Avenue is bounded by retail and automotive concerns, restaurants, municipal buildings and professional offices.  The surrounding community is comprised of a variety of owner and tenant occupied residential properties, including single family homes, townhomes and garden apartments.  Eastern Avenue has recently undergone a major street scape redevelopment, including new sidewalks, curbs and lighting.

SITE:
Level, rectangular lot - approximately 130' x 134', comprising 17,467 square feet of land, mostly asphalt paved or improved by the building

Public water and sewer

Zoning BL-CCC, commercial

28-car on-site asphalt macadam parking lot with additional metered parking along Eastern Avenue

IMPROVEMENTS:
One Story Retail Building containing approximately 8,000 square feet of gross building area.

Exterior
Brick and concrete block construction
Rubber membrane roof
High visibility pole sign
Parking lot lights
Wheelchair ramp
Aluminum commercial entry doors and show windows

Interior
The building is configured for 5 tenant spaces.  Each tenant has at least one exterior entrance and one to three rest rooms.  Interior finishes are generally drywall, acoustical tile ceilings with fluorescent lighting, vinyl flooring or carpeting.  The building is clean and appears well maintained.

Mechanical
Separate electrical meters for each tenant
Separate electric heat and air conditioning for each tenant

OCCUPANCY:
The property is 100% tenant  occupied by 3 medical practitioners, a pharmacy and an income tax service.  Scheduled gross annual income is $115,280.  Please complete the Waiver and Confidentiality Agreement to receive the rent roll, building expenses and leases.

TITLE:
The property is in fee simple and sold free and clear of liens.  Baltimore County Deed Liber 23016, folio 438.

TAXES:
Published annual real estate taxes for 2014 are $7,069.19.

TERMS OF SALE:
A $50,000 deposit, payable by certified check or 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.  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, 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.  The property will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, including the rights of the existing tenants in possession.  Purchaser assumes the risk of loss from the date of sale 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.

Conducted in collaboration with
Thornhill Properties Incorporated