"Cumberland, MD" Retail & Office Building with 6 Units Absolute Auction over $250,000

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Listing Details

Sold Price
$350,000
Auction Date
Auction Time
12:00 PM
Address
130-138 N. Mechanic Street, Allegany County, MD, 21502
County
Allegany County
Neighborhood
Cumberland
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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ABSOLUTE AUCTION
To the Highest Bidder over $250,000

- Cumberland, Maryland -

RETAIL & OFFICE BUILDING
6 Self-Contained Units
 

$42,324 Gross Annual Income at 83% Occupancy

 Sale On Premises
130-138 N. MECHANIC STREET
Allegany County, Maryland 21502

WEDNESDAY, JULY 23, 2008
AT 12 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.

LOCATION & DIRECTIONS:

The property is located in scenic Cumberland, Maryland, the regional economic hub of western Maryland, West Virginia and the Pennsylvania Highlands.  Cumberland's downtown center features a revitalized streetscape and historic architecture.  The surrounding area has spectacular mountain vistas, steadily developing suburban areas, some manufacturing and rural land uses.  The city is located off U.S. Route 40/I-68 and is less than 2.5 hours west of Baltimore, 2 hours southeast of Pittsburgh and 2 hours northwest of Washington, D.C.

Links to more information about Cumberland:
http://www.downtowncumberland.com
http://www.ci.cumberland.md.us


For directions from your location, visit: MapQuest

 

SITE AREA

162' x 53', more or less
On-site parking lot
Public water, public sewer, electricity and telephone
TAX MAP (pdf)

 

IMPROVEMENTS

Two story brick and masonry storefront building, constructed in 1964.  The building is currently configured for six tenants spaces, each with separate rest room, electric heat pump, central air conditioning and utility meters.  The three first floor tenant spaces have a front show window and separate front entrance.  The three second floor spaces have a front entrance and steel fire escape.  The building has a built-up roof and aluminum frame windows.  According to public tax records, the building contains approximately 8,776 gross square feet.  Interior finishes are drywall, carpeting, ceramic tile suspended ceilings with florescent lighting.
 

Photos of auction property
OFFICE INTERIOR PHOTO #1     PHOTO #2     PHOTO #3

 

RENT ROLL:

Download and return the Confidentiality & Waiver Form and the current rent roll and lease terms will be sent by e-mail.

 

ZONING

B-CBD, Commercial

For more information about zoning, please call the Allegany County Planning Services/Planning & Zoning Commission at  301-777-2199

 

REAL ESTATE TAXES

2008 annual real estate taxes - $5,090.90

 

TITLE

In fee simple.  The property is sold free and clear of liens.  Deed Liber 1138, folio 446.

 

TERMS OF SALE

A $25,000 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 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. All adjustments, including taxes, rents, 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 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.  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.

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