Key Assets

Global Online Real Estate Auction Of A 70,000 Square Foot Retail Leased Investment. Essex, Maryland

  • Year Built:  1950
  • Construction:  Concrete Block and Brick
  • Frontage:  365 feet on Eastern (4 lane street)
  • Zoning:  BR-CCC (Commercial)
  • Parking: 175
  • Lot Size:  2.41 Acres
  • Proforma Gross Income:$495,000 +
  • Current Gross Income: $270,215 +
  • Occupancy::  78%
  • Gross Leasable Area: 67,370 SF
  • + Anchor tenant in 40k SF negotiating rent increase.  Vacant space proforma $12/SF+ CAM
  • Gross Leaseable SF: 67,370 SF (Class C Bldg)
    Street Level Retail GLA- 26,826 SF
    Lower Level (Church) GLA- 40,544 SF
    15 Leaseable spaces

Property acquired by investor via loan transaction December 2014 and has limited operating history

Current vacant rental units not listed with broker.  Major cash flow upside with below market rents

Starting Bid:  $2,499,000 ($39/GLA)

  •  Initial Bid Increment:  $50,000
  • Buyer’s Premium:  5%
  • Broker Coop: 2%
  • Pre-Auction Offers:  Yes
  • Last Appraisal:  $4,000,000 (2014)
  • Property Type:  Retail-Leased Investment