Salisbury, MA - Mortgagee's Foreclosure Auction - 4 Finished, 12 Unfinished Residential Condos PLUS Development Rights

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Prime Development Opportunity - 4 Finished, 12 Unfinished Residential Condos & the Development Rights to 16 Additional Units - Selling in the Entirety.

JJManning Auctioneers is proud to offer 16 units (4 finished, 12 unfinished) with decks in a 5-story building with an elevator & parking - plus - the rights to develop 16 additional units in a separate building. Lower Level Parking & Easy Walk to Ocean.

k/a The South Beach Landing

Selling in the Entirety

Auction: Thur., October 30, 2008 at 12:00 p.m. Bid Live on Site.

SITE AREA: .92+/- acres

WALK: Ocean beaches, shopping, dining & entertainment

DRIVE: Less than 5 min. to MBTA Commuter Rail, ½ hr. to Portsmouth, NH & 1 hr. to Boston, MA

ZONING: Beach Center Overlay District

EXISTING STRUCTURE: 2008, 5-story wood frame building set on a concrete slab designed for Lower Level: Parking (2 spaces/unit); FL 2 & 3: (8) 1,360+/- sf. 2-BR, 2-BA Units; FL 4 & 5: (8) 1,514+/- sf. 2-BR, 2.5-BA Units

DEVELOPMENT RIGHTS: To 16 additional Units in separate building

HVAC: Gas-fired forced hot air & central A/C


PARCEL ID: Block 33 Parcel 4

LEGAL REF.: Essex South 79925/471122

TAX ASSESSMENT (2008): $2,560,000 (Land Only, Prior to Construction)
Terms of Sale: 10% certified deposit of which $100,000.00 in certified or bank check at the auction with remainder of the 10% by 5pm ET on Monday, 11/3/08. Balance in 30 days. Other terms, if any, announced at the sale. JJManning Auctioneers is acting exclusively on behalf of Seller in this transaction.


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