LOS ANGELES–(BUSINESS WIRE)–Heritage Zetabid Realty & Auction Services, a division of Heritage Global Inc., announces the sale at public auction of 501-515 Eastern Blvd located in Essex MD. The retail/office building consists of 67,370 square feet of gross leasable area and is 78% occupied. The property features 175 parking spaces on a 2.4 acre lot with 365 feet of frontage on Eastern Blvd. The center consists of two stories with 26,326 square feet of frontage retail and 40,544 square feet of lower level space currently improved as a church facility.
The online auction is scheduled for August 19th and 20th, 2015 and conducted atwww.zetabid.com. The starting bid is just $2,499,999 ($37/SF) and was last appraised 12 months ago at $4,000,000. Rents are deemed to be below market with proforma rental gross income potential of $495,000. The property has not been professionally managed in recent years so significant rental growth is possible for a professional investor.
“This represents an outstanding opportunity for a developer/investor to achieve double digit cash flow returns. In an investment real estate environment with heavy competition and low yields, this is the perfect chance for a strong operator to improve the rental income stream with professional management,” says Michael Davin Managing Director of Heritage Zetabid Realty & Auction Services.
Buyers must register in advance to obtain diligence information. As always broker cooperation is invited with a 2% fee available to qualified brokers representing their client. Two preview inspection dates will be scheduled in the next few weeks and posted on the auction website at www.zetabid.com.
About Heritage Zetabid Realty & Auction Services (www.zetabid.com)
Heritage Zetabid Realty & Auction Services is a division of Heritage Global Inc. (OTCQB: HGBL, CSE: HGP), a leader in distressed and surplus corporate and financial asset valuations and transactions. Zetabid conducts real estate auctions of estate homes and commercial real estate. Zetabid principals have sold a billion dollars’ worth of real estate including over 3,000 homes, numerous office, industrial , retail, multi-family and resort properties. Zetabid was initially founded by the Tribune Company (Los Angeles Times Media Group), DoveBid and CataList Homes.