|General Information: PUBLIC AUCTION
VALUABLE COMMERCIAL REAL ESTATE
ON COASTAL HIGHWAY IN LEWES, DELAWARE
SATURDAY, NOVEMBER 25, 2006
Location: 18289 Coastal Highway (Del. Rt. 1), Lewes, Delaware 19958. The property is located just south of the Kings Highway exit on Coastal Highway (Del. Rt. 1).
Inspection: Tuesday, November 14 from 12:00 Noon to 2:00 P.M. (Broker Open House), Sunday, November 19 from 12:00 Noon to 2:00 P.M., and Tuesday, November 21 from 12:00 Noon to 2:00 P.M.
The property is zoned C-1 and consists of 0.9+/- Acre of land on Coastal Highway (Del. Rt. 1) in Lewes, Delaware and is identified on the Sussex County Tax Map in District 3-34 Map 6.00 Parcel 72.00 and is further described in Deed Book 2657 Page 308. The property has approx. 150 ft. of frontage along Del. Rt. 1 and is improved with three separate buildings with a paved parking lot.
The main building on the property has two levels and consists of over 2,000 sq. ft. of space. The first level of the building features a spacious 657 sq. ft. showroom, 2 offices, a large storage room, control room, and ½ bathroom. The second level of the building features an office, a massive 638 sq. ft. office/conference room, a dinette area with mini-fridge, and a bathroom with shower. The second level of the building can also be accessed from an exterior stairway. The building features gas furnace heat, central air conditioning, alarm system, data jacks, and a phone system.
The northernmost building on the property is a two-level Cape Cod style building and consists of over 2,500 sq. ft. of space. The first level of the building features a spacious 1,300 sq. ft. grand room with beautiful hardwood flooring and a 12 ft. ceiling, a side lobby with hardwood flooring and a 12 ft. ceiling, (2) ½ bathrooms, as well as 2 storage closets. The second level of the building features a large office as well as a spacious 800 sq. ft. unfinished bonus room. The building is handicap accessible and features electric forced air heat, central air conditioning, alarm system, data jacks, and a phone system.
The easternmost building on the property is a heated 1,200 sq. ft. garage that features 3 roll-up doors, ½ bathroom, indoor wash bay, and a coated cement floor.
The property has public water & sewer and all buildings have separated electric meters with exterior water hook-ups and exterior electrical receptacles. (Sussex County Annual Property Tax- $2,334.06)
If you are looking for commercial real estate on Del. Rt. 1, do not miss this auction! The property is situated between Lewes and Rehoboth Beach on busy Route 1 and features three new and attractive buildings. This property is perfect for business, investment, or for a Sec. 1031 tax-deferred exchange. Broker Open House will be held Tuesday, November 14 from 12:00 Noon until 2:00 P.M. Visit our website at www.onealsauction.com for pictures of the property.
Terms: $100,000.00 down payment in the form of Cash, Certified Check, or Cashier's Check made payable to Jos. C. O'Neal & Sons. Balance to be paid within 60 days when a good and marketable deed will be given. Credit portion to bear interest at the rate of 0% per annum from the date of sale to date of settlement, and to be secured to the satisfaction of the undersigned, or to pay the full purchase price at the time of sale, at the option of the purchaser. If not settled within 60 days, interest shall be charged at the rate of 15% per annum from the date of sale to the date of settlement. In the event settlement does not occur within 90 days of the sale, the property shall be considered forfeited and resold at the expense and risk of the purchaser. Time is of the essence. State and County and municipal taxes and assessments to be adjusted as of the date of the sale. Purchaser & Seller will equally share all State & County transfer taxes. All title papers, documentary stamps, recording costs and any and all other costs which shall be deemed necessary to transfer the title of the property and put the deed on record shall be at the expense of the purchaser. In the event a good & marketable title cannot be delivered the seller(s) shall have 90 days to correct the flaw. If the flaw is not corrected the only recourse of the purchaser shall be the return of the down payment and the seller and the auctioneer shall be held harmless. If the improvements on the property were built before 1976, they may contain lead paint. Purchaser may conduct a lead paint test at their expense prior to the sale. This property is being sold in "AS IS" condition. Neither the sellers nor the Auctioneer shall accept any responsibility for any Municipal, State or Federal Environmental Violations. To our knowledge none exist at this time. A 3% Buyer’s Premium will be charged on the final selling price. Seller reserves the right to accept or reject any or all bids, but it is their intent to sell said property. Broker Participation invited. Brokers must have clients registered 24 hours prior to auction. Contact our office for complete details.