PUBLIC AUCTION
- Essex, MD -


Modern Masonry & Steel
INDUSTRIAL BUILDING
17,250± SF 2.82± Acres

Currently Under a Triple Net Lease

 Ideal 1031 Exchange Property 

5.25% FINANCING AVAILABLE
Photos of auction property
FRONT VIEW      AERIAL OVERVIEW      AERIAL CLOSEUP

Sale On Premises
101 ANN AVENUE
Minutes from I-695 & I-95
Off Stemmers Run Rd., 0.2 Mile South of Eastern Blvd.
BALTIMORE COUNTY, MD 21221


WEDNESDAY, JUNE 28, 2006
AT 11:00 A.M.


       NOTE: The information contained herein has been obtained from sources deemed reliable and believed to be accurate. However, no express or implied warranty is made as to the accuracy of these representations. Prospective purchasers are encouraged to consult with the appropriate government authorities regarding the permitted uses of the property and perform their own due diligence in advance of the auction. All dimensions and acreage contained herein are more or less.

GENERAL INFORMATION

LOCATION:

Great location, less than 5 blocks from the MD-702 on ramp and within several minutes of I-695 and I-95. The property is situated in a re-development area among new home projects, completely renovated homes, as well as commercial and industrial properties. Essex has become a major Baltimore County development area undergoing substantial rejuvenation and is experiencing dramatic property value increases.

LOCATION MAP

For directions from your location, visit:
http://www.mapquest.com/directions/main.adp

SITE:

Two contiguous parcels each comprising 1.41 acres or a total of 2.82 acres , more or less. The total site is rectangular fronting 300' along Ann Avenue, with depths of 410.22', more or less. Macadam paved parking area and full chain link fenced lot. Note: There is potential for constructing additional buildings on the site. Both parcels are identified in Baltimore County Tax Map 90, Grid 22, Parcel 1052.

TAX MAP

Serviced by public water, public sewer and natural gas

Exterior Photos:
Photos of auction property
STREET VIEW - NORTH      STREET VIEW - SOUTH      PARKING AREA      REAR OF BUILDING      SIDE YARD      REAR YARD PHOTO #1      REAR YARD PHOTO #2

ZONING:

BR, business roadside. There are numerous permitted uses for the site including automotive services.

For a list of permitted uses, visit:
http://gcp.esub.net/cgi-bin/om_isapi.dll?clientID=76341&advqu
ery=BR&infobase=baltimor.nfo&softpage=Browse_Frame_Pg42


BUILDING
DESCRIPTION:

Brick and masonry building, believed to be constructed in the 1950's, comprising 17,250 square feet, more or less, features:

  • Warehouse area (11,350 square feet, more or less) - with 18' ceiling height, front and rear (13' wide by 13' high) drive-in bay doors. Overhead space heaters and heavy load concrete flooring. Photo of
  • Office area (4,750 square feet, more or less) - Arranged with central office area, 5 private offices, conference room, large multipurpose room and rest room. The space has hot water baseboard heat, central air conditioning (with newly installed compressors), new roof over the office portion of the building within the past 6 months (at a cost of $35,000) with 10 year warranty. Photos of auction property
    CENTRAL OFFICE AREA    TYPICAL PRIVATE OFFICE
    MULTIPURPOSE ROOM
  • Garage service area (1,150 square feet, more or less) - Three drive-in bay doors (each 13' wide by 13' high); 19.5' ceiling height. Photo of

LEASE
INFORMATION:

Leased to TruGreen LawnCare LLC (a subsidiary of Service Master Company - A New York Stock Exchange traded company)

Lease commencing 8/1/2005, is a triple net 5-year lease with One two-year renewal option. The tenant is responsible for all taxes, utilities, interior building maintenance and insurance. The landlord is only responsible for maintaining the roof and exterior structure. The lease schedule is as follows:

Year 1 - $80,000
Year 2 - $90,000
Year 3 - $100,000
Year 4 - $110,000
Year 5 - $120,000
Renewal Option
Year 6 - $123,600
Year 7 - $127,300

DOCUMENT
INSPECTIONS:

PHASE I & PHASE II ENVIRONMENTAL REPORTS AND COPY OF LEASE AGREEMENT are available for inspection by appointment only at the office of the Auctioneers.

ANNUAL REAL
ESTATE TAXES:

101 Ann Avenue - $4,569
SS of Franklin Avenue, SE Corner of Ann Avenue - $659

AVAILABLE
FINANCING:

The seller will provide financing as follows: 5.25% interest, 30-year amortization, $285,000 down payment with a 2 year balloon. Personal signatures will be required.

TITLE:

In fee simple; sold free and clear of all liens

BUILDING
INSPECTION:


On the day of the auction 90 minutes prior to the sale only.


TERMS OF SALE

       Deposit payable by certified or cashier's check of $75,000 will be required of the purchaser at time and place of sale. The deposit is to be increased to 10% of the purchase price within 72 hours at the office of the Auctioneers. Balance to be paid in cash within 60 days. If payment of the balance does not take place within the specified time, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser. Taxes and all other public charges and assessments, payable on an annual basis, including 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, without express or implied warranty as to the nature and description of the improvements as contained herein; and subject to the rights of the existing tenant, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes 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 Auctioneer. Cost of all recordation and transfer taxes to be paid by the purchaser. TIME IS OF THE ESSENCE.

NO BUYERS PREMIUM!

Broker Participation is invited.
BROKER REGISTRATION FORM