“To insure that the real estate assets are sold, a number of the parcels are being offered without reserve and regardless of price or with reserve prices at a fraction of market value."
(PRWEB) June 16, 2010
Strasburg, Virginia - Recently deceased Leo Bernstein of Washington D.C. was an inveterate antique collector and “real estate collector.” Over a period of years, Leo, the Patriarch of the D.C.-Based Bernstein Companies, assembled a substantial portion of Downtown Strasburg real estate to house his antique collection, establish a major antique sales center, and found a Museum of American Presidents. Now, Leo Bernstein’s antique collection has been sold by the Family Foundation, the antique center has been previously leased to a new operator, and the President’s Museum has been closed. Remaining are the seven parcels of contiguous real estate on 3.15-acres to be sold under the direction of the Family Foundation at an auction scheduled for 1 P.M., Thursday, July 22, 2010. The Foundation is seeking to redeploy the proceeds of the real estate auction to further fund its philanthropic efforts in the Washington D.C. area.
Handling the auction for the Foundation is Virginia Auctioneer, Gordon J. Greene of the Chartwell Group. Greene said, “To insure that the real estate assets are sold, a number of the parcels are being offered without reserve and regardless of price or with reserve prices at a fraction of market value. In this type of real estate auction it is the bidders who determine the final sales price, not the seller.”
The Auction Properties are located at the intersection of U.S. Route 11(King Street) and State Route 55 (Massanutten Street), traversed by an average of 13,000 travelers daily. Interstate 81 is located approximately one and one-half (1 1/2) miles to the west and north of the downtown with two interchanges serving Strasburg in the Shenandoah Valley. Interstate 66 joins Interstate 81 about four miles north of town and provides direct access to the Washington, D.C. Metropolitan area about 75 miles to the east.
Gordon Greene noted, “This Auction Event provides a unique opportunity for retailers and investors to acquire real estate to either showcase their business at the center of Strasburg or for income purposes. Strasburg is a refuge from the hustle and bustle of Washington D.C. everyday life and is visited by hundreds of thousands of individuals annually from throughout the world. Also available at auction are two early 20th century southern-style manors situated at the entrance of downtown, one of which was formally occupied by the late Leo Bernstein, legendary D.C businessman and philanthropist”.
The auction will include seven commercial and residential properties that are offered either with a Published Reserve Price or Without Reserve & Regardless of Price:
- Parcel #1: a 44,500± Sq. Ft. Retail Facility, billed as Virginia’s Largest Antique Emporium. This facility is rented, generating $90,000 in scheduled annual income. An adjoining, vacant, 8,120± Sq. Ft. F Warehouse is offered together with the Emporium and could produce additional rental income. The Published Reserve Price for Parcel #1 is $865,000.
- Parcel #2: A Vintage 14 Room / 3.5 Bath Brick Manor of over 3,600± Sq. Ft. that was a former residence of Leo Bernstein. It includes a separate Carriage House with 2 Rental Apartments for additional income or mother-in-law suite. Offered Regardless of Price with a Suggested Opening Bid of $145,000.
- Parcel #3: The Vacant Former Museum of American Presidents containing 10,272 Sq. Ft. with Street-Front Retail. Offered Regardless of Price with a Suggested Opening Bid of $165,000.
- Parcel #4: The Heirloom Emporium and 3 Apartments at the corner of King and Massanutten Streets with 5,302± Sq. Ft. The 2-Story Retail Facility is leased, generating $24,000 of scheduled annual income. Offered Regardless of Price with a Suggested Opening Bid of $105,000.
- Parcel #5: The Historic Cayton House, a 2,312± Sq. ft. two-story early 20th century American home featuring an authentic stone façade. Offered Regardless of Price with a Suggested Opening Bid of $ $55,000.
- Parcel #6: A Retail Building of 1,137± Sq. Ft. with Garden & Vacant Lot with exposure on both King & Massanutten Streets. Offered Regardless of Price with a Suggested Opening Bid of $45,000.
- Parcel #7: A Retail Building on King Street in front of the Antique Emporium totaling 3,076 Sq. Ft. w/ brick exterior. Offered Regardless of Price with a Suggested Opening Bid of $15,000.
Seller financing is available to purchasers under terms of the auction with rates as low as 6.5% and with a down payment as low as 30% of the purchase price. Prospective bidders will have the opportunity to preview the properties at any of the scheduled on-site inspections Wednesday, June 30; Wednesday, July 7; Tuesday, July 13 between 12 Noon – 2:00 P.M. and also Wednesday, July 21 between 1:00-3:00 P.M. The auction will take place Thursday, July 22, 2010 at 1:00 P.M. at the Hotel Strasburg, located at 213 S. Holiday St. about four blocks from the auction properties.
For a free color brochure, terms of sale, and more information on the July 22, 2010 Real Estate Auction, call Jason Dolph, AARE at Chartwell Group at 704-831-8983.