"Cambridge" High Visibility Corner Commercial Property 1.26± Acres, Zoned C-1, 2 Buildings 3.875% Financing Is Available

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Listing Details

Sold Price
$170,000
Auction Date
Auction Time
11:45 AM
Address
715 Leonards Lane, Dorchester County, MD, 21613
County
Dorchester County
Neighborhood
Cambridge
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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REAL ESTATE AUCTION
- Maryland's Eastern Shore -

High Visibility Corner
COMMERCIAL PROPERTY
1.26± Acres  Zoned C-1  2 Buildings

 

Suitable for Contractor Yard or Storage Facility
Excellent Redevelopment Potential

 

 BELOW MARKET FINANCING
$20,000 Down ● 3.875% Interest

Sale On Premises
715 LEONARDS LANE
Corner Washington Street
"Cambridge"
Dorchester County, MD 21613

FRIDAY, NOVEMBER 5, 2010
AT 11:45 A.M.


NOTE:  The information cotained 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 & DIRECTIONS:

The property is located within the City of Cambridge, Dorchester County on Maryland's Eastern Shore.  The property is situated west of the Downtown Business District.  The site is easily accessible to US Route 50 (Ocean Gateway), the main highway from the Baltimore-Washington metropolitan area to Maryland and Delaware Beach Resorts.  Baltimore and Washington are about 1.5 hours north of Cambridge, Ocean City is about 1 hour south.  The Town of Cambridge and surrounding Dorchester County have attractive tax incentives for new and expanding businesses.  


For more information on Cambridge:
http://www.ci.cambridge.md.us

For directions from your location, visit: maps.google.com

 

SITE AREA

1.26 acres,  fronting 356.6' along the west side of Leonards Lane, with varying depths


The site is level, chain link fenced and clear.


Portions of the property are concrete or gravel paved.


Utilities - public water, public sewer


FEMA Flood Map Panel No. 2400260200A - Zone C, beyond the 100-year flood plain
  

RECORD PLAT (pdf)


Tax Map:

 

IMPROVEMENTS
  • Masonry and metal drive-through shop building - according to public records, the building was constructed in 1985 and contains 3,992 square feet of building area.  The building has a pedestrian door, large overhead drive-in doors on the front and rear, a loading dock, shop with overhead heaters, restroom, office and loft.
    Photos of auction property
    SHOP BUILDING INTERIOR - PHOTO #1    PHOTO #2

     
     
  • Frame modular office building, believed to contain approximately 1,000 square feet of building area.
    Photos of auction property
    OFFICE INTERIOR - PHOTO #1    PHOTO #2

     
     
  • Chain link fencing
     

 

ZONING

C-1, Neighborhood Commercial


For additional details:
http://www.ci.cambridge.md.us/index.php/forms-and-permits

 

REAL ESTATE TAXES

 Dorchester County Tax Account No. 07-120184


Tax Map 302, Grid 7, Parcel 2371


Full Value Assessment (2010):

 

Land

$   164,900

Improvements

     153,700

Total

$   318,600

 


Estimated annual Real Estate Taxes (2010) based on the current assessment - $5,241.

 

TITLE

In fee simple.  The property is sold free and clear of liens.  Deed Liber 970, folio 106.  The property shall not be used for any purpose relating to the waste industry, including but not limited to, the hauling, processing, transferring, storage, recycling or disposal of municipal solid waste or hazardous waste.  These restrictions are perpetual and declared to be covenants running with the land and shall be fully binding upon all persons or entities acquiring title to the land whether by descent, devise, purchase or otherwise.


LEGAL DESCRIPTION (pdf)

 

ENVIRONMENTAL

An environmental report has been ordered.  It will be sent in PDF form upon receipt of the signed waiver: CONFIDENTIALITY & WAIVER FORM (pdf)

 

INSPECTION TIME

By appointment with the Auctioneers - telephone 410-752-8440, email dan@ajbillig.com, or one hour prior to the time of sale.

 

TERMS OF SALE

A $10,000 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 noon on Monday, November 8, 2010 at the Auctioneer's office.  Balance to be paid in cash within 45 days.  If payment of the 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 an 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. 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.


Broker participation is invited.
BROKER REGISTRATION FORM (pdf)


A member of the selling LLC is an inactive real estate agent.

 

FINANCING

GUARANTEED FINANCING IS AVAILABLE:

  • $20,000 down payment
     
  • 3.875% year one interest, 4.875% year two interest, 5.875% years three through five interest
     
  • 20-year amortization schedule, 5-year maturity