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BANKRUPTCY AUCTION - TWO COMMERCIAL BUILDINGS, Red Bay, AL

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PROPERTY LOCATION 508 4th Street W and 310 4th Avenue SW
Red Bay, AL 35582

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Overview

BANKRUPTCY AUCTION - TWO COMMERCIAL BUILDINGS Red Bay, AL

Property Location MAP

508 4th Street W and 310 4th Avenue SW
Red Bay, AL 35582

Property #: TAA2411G

Preview Times

Tuesday, April 16th at 4:00pm CT

Contact Agent

Stephen Griffin, AARE
Tranzon Driggers

404-819-4230 sgriffin@tranzon.com

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Description

Bankruptcy Auction - Two Potential Income Producing Commercial Buildings on One Property

Bankruptcy Auction! Ordered by the U.S. Bankruptcy Court, Southern District of Texas

UPDATE 3/28/24: The lease agreement for the current tenant occupying the property was rejected and terminated by the bankruptcy court when the case converted to a chapter 7. The buyer of the property will need to negotiate a new lease with the tenant who desires to continue leasing the facilities.

Two potential income producing buildings on one property. One building is currently occupied by a Subway Franchisee and the other building is vacant and ready to rent. Property is located at the corner intersection of 4^th Ave S and 4^th St W with an approx. traffic count of up to 6,000 vehicles per day. 4^th Ave is also known as Hwy 19 which runs through the middle of town and connects to Hwy 24.

DON’T MISS THIS OPPORTUNITY TO BUY UNDER MARKET VALUE!!!

Land Area Gross: .25 AC’s or 10,080 SF +|- of land
Flood Zone Determination: OUT
Zoning: Unknown
Topography: Generally, Level and at Street Grade
Utilities: All utilities appear to be available
140’ +|- Road Frontage on 4^th St W
101’ +|- Road Frontage on 4^th Ave S

508 4^th St W, Red Bay, AL 35582

Currently an active Subway Restaurant. Subway restaurant and equipment/product is not conveying in real estate only sale.
1288 SF
Built in 1970
# Stories: 1
2 restrooms (1 per gender)
Foundation Type: Slab
Exterior Walls: Masonry/Brick
Roof Type: Flat Built Up
Interior Finish: Drywall
Interior Ceilings: Suspended
HVAC System: Central
Parking Area Type: Asphalt, 17± parking spaces, 1 handicapped
Storage shed

310 4^th Ave SW, Red Bay, AL 35582

1550 SF
Built in 1970
# Stories: 1
Overall Condition: Vacant
Foundation Type: Concrete
Exterior Walls: Corrugated Metal
Roof Type: Metal Stand Seam BJ & Rigid INS
Interior Finish: Paneling
Interior Ceilings: Acoustic Tile
HVAC System: Central
Parking Area Type: Asphalt

All properties are being sold subject to Bankruptcy Court Approval.

Kelly Toney, Tranzon Asset Advisors, Court Appointed Auctioneer for the U.S. Bankruptcy Court, the Southern District of Texas, Houston Division, Case No. 23-90147

Tranzon Driggers, Soldnow, LLC Jon K. Barber, Lic. Real Estate Broker, AL Lic. #98884-0 & 98882-0 and Auctioneer #5433 | 10% Buyer's Premium

Terms & Conditions

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 Stephen Griffin, AARE

Stephen Griffin, AARE: Tranzon Driggers

404-819-4230 sgriffin@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: 10% Buyers Premium based on the high bid.
Closing: 40-Day closing, sold in As-Is, Where-Is condition, no contingencies.
Deposit Amount: 10% deposit of the Total Sale Price in guaranteed funds.
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.