Amazing Investment Opportunity!
Large commercial property in the 16th Street Heights Neighborhood of Washington DC.
Highly visible location on Georgia Ave.
Currently operating as 4 Units.
Total monthly rent $7,331.57.
Scheduled annual rent $87,978.84
Lease agreements can be vieweed in the Documents tab.
Unit 1: Office
Rented: $1,200/Month. $14,400/Year
Lease Start Date: 1/1/2018 Lease End Date: 1/31/2020
Unit 2: Mobile Store
Rented: $1,850/Month. $22,200/Year
Lease Start Date: 5/1/2019. Lease End Date: 4/30/2022
3% Annual Rent Increase
Unit 3: Cafe & Market
Rented: $1,963/Month. $23,556/Year
Lease Start Date: 4/1/2019 Lease End Date: 3/31/2024
3% Annual Rent Increase
Unit 4: Hookah Bar & Lounge
Rented: $2,472/Month. $29,664/Year.
Rent increase on 01/19/18 to $2,546.16
Lease Start Date: 1/1/2017. Lease End Date: 12/31/2020
YEAR BUILT: 1939
LOT SIZE: 1,555 sqft
REAL ESTATE TAXES: $11,492.74 (2019-2020)
TITLE: Fee simple. Sold free and clear of all liens.
INSPECTION TIME: Call office for access information.
DEPOSIT: $25,000 deposit. An additional $25,000 deposit is due within 3 business days. All deposits must be cash or cashier’s check.
· 10% Buyer's Premium will be added to the high bid.
·2.5% Broker Co-Op. Agents or Brokers please register your client: https://www.ashlandauction.com/cms/brokers
· Settlement: 60 days from auction sale date.
· Pre-Bid offers accepted via Phone (410-488-3124), Fax (410-488-3125) or Email (Adam@AshlandAuction.com) Pre-Bid offers can only be sumitted before the start of the online auction.
· Winning Bidder is required to tender deposit within 24 hours.
· Winning Bidder is required to sign and return a contract of sale within 24 hours.
· If either the deposit or contract is not received the bid will be voided and Ashland Auction Group reserves the right to terminate bidders account.
· Ashland Auction Group will not be responsible for any errors in bidding, website failure, or internet disruption
· Each bid made on a property in the last few minutes of an auction will add more time to the auction. This will continue indefinitely until the time expires without new bids being placed. A soft close ensures fairness and allows the highest bidder to win.
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 easements, agreements, restrictions or covenants of record affecting same. Dimensions and acreage are more or less. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. Property is sold subject to any Local, State or Federal Government Housing Code Violation Notices or Vacant House Notices issued by Local, State or Federal Government. The purchaser waives and releases the Trustee, 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 Trustee/ 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 Trustee/ Seller or Auctioneers. All expenses, including real estate taxes, sanitary and/or metropolitan district charges, special assessment and private utility charges are to be adjusted to date of sale and assumed thereafter by the purchaser.
Recordation costs, transfer taxes and all other costs incident to settlement, to be paid by the purchaser.
If payment of the additional deposit, if any or the balance of the purchase price is not made within the specified periods, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser. Time shall be of the essence.
Property is being sold subject to exisiting tenant leases. Property sold subject to District of Columbia Tenants TOPA Rights, if any.
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. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction.
Ashland Auction Group, LLC is acting as agent for the Seller in this transaction and or Auction. Ashland Auction Group, LLC is not acting as agent for the any bidder or any successful bidder regarding pre-auction offers, offers online, onsite auction or post auction offers.
Registered Brokers or Agents who represent bidders for pre-auction, onsite auctions or post auctions are acting as an agent for the buyer and not a sub-agent for Ashland Auction Group, LLC