Absolute Above $300,000 - "Easton, MD"

High Visibility Eastern Shore Commercial Site
0.85 Acre - Zoned CG, General Commercial
Former Restaurant
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Listing Details

Sold Price
$510,000
Auction Date
Auction Time
11:00 AM
Address
8221 Ocean Gateway (US-50), Easton, MD, 21601
County
Talbot County
Neighborhood
Easton
Inspection
The property will be open for inspection 1 hour prior to the auction.
Additional Documents
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

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★ABSOLUTE★
REAL ESTATE AUCTION
To the Highest Bidder Above $300,000

- EASTON, MD -

High Visibility
COMMERCIAL SITE
0.85± Acre ◆ Former Restaurant
Zoned CG, General Commercial

Sale On Premises
8221 OCEAN GATEWAY
Situated On Northbound Side
US ROUTE 50
Talbot County, MD 21601

FRIDAY, JULY 10, 2015
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:
8221 Ocean Gateway is located in the highway commercial district of Easton, the county seat of Talbot County, Maryland. Easton is a scenic historic town situated on Maryland’s Eastern Shore.  US Route 50, also known as Ocean Gateway is a four to six lane divided highway, leading from the Chesapeake Bay Bridge south to Ocean City, Maryland, which bounds the town on the east.  Easton is a convenient midpoint for travelers from Washington, Baltimore and Annapolis heading to Atlantic beach resorts or Chesapeake Bay attractions.  The auction property is located along the northbound lane of US Route 50, in an area of traffic calming and good visibility.  2014 Traffic Count data published by the State of Maryland indicates approximately 35,000 vehicles per day pass the property.  During peak summer weekends, the traffic count is likely much higher.

Nearby properties include fast food restaurants, convenience stores, automotive related businesses, shopping centers, professional offices and other retail commercial land uses.  Adjacent properties include a newly constructed car wash and a Maryland State Highway Administration service yard.

Links for Easton information:
http://www.eastonmd.org
http://en.wikipedia.org/wiki/Easton,_Maryland
http://www.city-data.com/city/Easton-Maryland.html

SITE:
Level lot fronting approximately 110' by a depth of 269', comprising approximately 37,140 square feet of land or 0.85 acre

Asphalt parking lot

Pole sign

2 curb cuts

Public water and sewer

Zoning - CG, Commercial

Link for Town of Easton Zoning Information:
http://www.town-eastonmd.com/PlanningZoning/Maps.html

IMPROVEMENTS:
One story stucco restaurant building - according to public tax records the building was constructed in 1958 and contains 3,898 square feet of gross building area.  The building has a composition shingle roof and is believed to contain a service counter, booths, 2 rest rooms, commercial kitchen, front and rear entrances.  The property was previously occupied by Smoky King Barbecue.

One story shingle rancher with one car garage - in poor condition.

The property is well suited for redevelopment.

TITLE:
The property is in fee simple and will be sold free and clear of liens.  Talbot County Deed Liber 1239, Page 256.

TAXES:
Published annual real estate taxes for 2015 are $4,260.33, based on a full value tax assessment of $840,300.

TERMS OF SALE:
A $30,000 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 by 12:00 Noon, Monday, July 13, 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. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of sale 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 sale 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 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. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law.   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.

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.