Bankruptcy Sale - Retail Building Ripe for Redevelopment Kensington, MD

Contract accepted. Please contact Jeff Stein if you would like to submit a back-up offer. Bankruptcy Sale - Retail Building Ripe for Redevelopment, Kensington, MD

• Connecticut Avenue Location with AADT of over 34,000 vehicles per day
• 11,400 sf Building set upon a 20,135 sf lot
• Zoned CRT-1.5

Location, location! Retail building with redevelopment potential. This 2-story building contains 11,400 square feet of leasable space. It is set upon a 20,135 square foot lot with frontage on Connecticut Avenue. The property is located in Montgomery County just 10 minutes from Walter Reed National Military Medical Center and a short 15-minute drive from Washington DC. The first floor is leased to Urban Thrift and the lease expires on 5/31/24. The current rate is $12,395 per month or $148,740 annually. The second floor is a Kung Fu Studio and is currently leased on a month to month basis for $6,000 per month. The traffic count on Connecticut Avenue is over 34,000 AADT. The property occupies an outstanding high visibility corner located in the heart of Kensington. The property is within walking distance to MARC, Capital One Bank, Antique Row, Safeway, Chipotle, 7-11, Dunkin, CVS and Starbucks.

New roof was installed in 2007. HVAC was replaced in 2013. Old system was damaged by a lightning strike and insurance paid to replace.

Parcel ID#: 161301021521
2023 Tax Assessment: $2,548,000
2023 Annual Taxes: $32,707 (total)

Sale subject to US Bankruptcy Court approval

Click on “ACCESS PROPERTY DOCUMENTS.” The Property Information Package contains information, including the sales contract, not available elsewhere.

The following summary of Terms & Conditions of Auction Sale is only intended to provide you a brief outline. For a complete copy, either download the Property Information Package, if available, or contact Jeff Stein

Jeff Stein: Tranzon Key

703-539-8111 jstein@tranzon.com

All bidders must agree to all of the Terms & Conditions of Auction Sale prior to bidding at any Tranzon auction. Listings may be withdrawn or modified without notice at anytime.

For general information on the auction process, please review the Frequently Asked Questions.

Print Terms and Conditions

• Buyer's Premium: 5% Buyers Premium based on the high bid.
• Closing: Settlement shall take place within 45 days of US Bankruptcy Court approval, sold in As-Is condition, no contingencies.
• Deposit Amount: Minimum auction day deposit of $50,000 in guaranteed funds, with total of 10% due within 2 business days.
• Broker Co-op: 2% of the high bid will be paid to a properly registered broker at settlement.
• Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only.
• Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.