COMMERCIAL REAL ESTATE AUCTION

Bank Ordered Auction

Tremendous opportunity! Bank ordered sale of 18,000 Sq. Ft. building on 5.43 acres with BV Zoning (Business Variety). Second 3450 Sq. Ft. building included. Frontage on two major roads! ALSO selling restaurant equipment, furnitures, fixtures and more.

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Live On-Site Auction

Began: Tuesday, November 10, 2009 at 10:00 AM EST

Location: 3100 W. Kilgore Ave., Muncie, IN 47304

Details

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Property Description

According to a survey drawing (dated 10/19/2003) by Ashton Land Surveyor, Inc., the subject site accumulates 5.43 acres which appears to exclude any highway/street right-of-ways. In general, the subject site contains approximately 352.69 feet of frontage along the north side of Kilgore Avenue and has an average depth of approximately 690 feet. At the south end of the building (off of Kilgore Avenue), there is a circular asphalt drive with parking. There is also parking along the east side of the building and a large asphalt parking lot along the north side of the building. Finally, there is an asphalt drive that travels around the west side of the building. In total, the subject has 125 parking spaces – of which approximately 6 are designated for handicap parking.

The subject site is zoned BV – Variety Business, receives all public utilities and is not located within a flood hazard area.

According to the above-mentioned survey, there is a storm sewer easement that extends north from Kilgore Avenue to the rear property line. This easement is situated roughly 55 feet east of the subject’s small commercial building (3116 W. Kilgore Avenue) and 40 to 60 feet west of the subject’s main building at 3100 W. Kilgore Avenue. This easement would prevent the main building from making a significant addition to the west end of the main building. It would also limit development that could occur between the subject’s small commercial building and western (exit) curb cut for the subject’s main building. In addition, situated approximately 50 feet north of the main building, a sanitary sewer line runs across the property in an east-west direction.

The aforementioned survey also revealed the following encroachment issues.

• The subject’s small commercial building encroaches 2.1 feet over the subject’s west property line.

• A portion of a fence, included with the subject property, that runs along the east property line encroaches 1.6 feet over the subject’s east property line.

These are minor issues and are not considered to significantly impact the subject’s value.

Improvements

The subject property includes two building components. PROPERTIES WILL BE OFFERED SEPERATELY AND AS A PACKAGE.

1. Main building (3100 W. Kilgore Avenue)

2. A small commercial building (3116 W. Kilgore Avenue)

PARCEL 1: Main Building (18,105 sqft)

This structure was built as a lodge/hall for the Muncie Fraternal Order of Eagles and was originally constructed in 1968. In 1988 an addition was made to the west end of the building. The exterior is mostly limestone and appears to be a wood frame structure. The roof is a gable style with asphalt/fiberglass shingles. The south side of the building faces Kilgore Avenue, has a drive-under canopy and was originally the building’s main entrance. However, as part of the 1988 addition, the north side (rear) of the building was remodeled and subsequently became the primary entrance for members. The majority of the subject’s parking is also located off the building’s north entrance.

The interior of the building is configured as follows:

· South foyer area with separate men’s and women’s restrooms

· Men’s restroom has 2 urinals, 1 toilet in a stall and a sink.

· Women’s restroom has 4 toilets in wooden stalls and 4 sinks in a single counter

· Large front office with storage room at southeast corner of building

· Room (20’ x 25’ +/-) at southwest corner of building

· Meeting room (20’ x 45’ +/-) along east wall. Seating capacity is 65 +/-.

· Banquet/social room (10,000 sqft +/-) with a seating capacity of 400 +/-.

· Toward the west end, there is a small stage. Directly behind the stage, there are storage rooms and a room for HVAC equipment.

· Large bar/tavern area. This bar area is separated from the banquet room via glass and frame partitions.

· Small service bar intended for wait staff

· Kitchen area

· Northeast section of the building includes:

· A (20’ x 30’ +/-) room

· Men’s restroom with 4 urinals, 3 toilets in wooden stalls, 4 wall-hung sinks, 1 shower stall.

· Women’s restroom with 4 toilets in metal stalls, 1 handicap accessible toilet (in a separate partition), 4 sinks in a single counter.

· Office (20’ x 20’ +/-) with a storage area

· The north end of the building is built-out with a glass-style enclosure in a concrete frame. The east half of this enclosure serves as a foyer. The west half of this enclosure serves as additional dining/seating area.

This building is fully sprinklered.

Interior finishes are as follows:

Floors - Mostly carpeted. The restrooms generally have vinyl flooring. The banquet room has a large, wood dance floor. The kitchen floor area has quarry tiles.

Walls - The walls of the original section are generally finished with wood paneling of no better than average quality. Much of the remaining walls are finished with drywall, with some wood paneled wainscot. Some restrooms have ceramic tile walls.

Ceilings - The ceiling areas are primarily drywall throughout.

Water Heaters - The room at the southwest corner of the building includes a closet with a 40- gallon (+/-) electric water heater that serves the restrooms at the south end of the building. A utility room at the northeast quadrant of the building includes a 40-gallon water heater that serves the nearby restrooms. An 80-gallon water heater is located in the kitchen area that also serves the bar.

HVAC - There are multiple HVAC systems (gas heat, electric air conditioning) and air handling components that appear to serve the building adequately. Some the HVAC compressors located along the exterior of the building do not appear to have been serviced in recent years and may require some service work. The air handling equipment serving the Banquet Room was reportedly designed to circulate the air in a manner to help remove smoke.

Electrical - The main electrical service appears to be served by a 600 amp panel located in the northeast utility room.

It should be noted that there is some deferred maintenance. The glass enclosed area on the north side of the building shows evidence of recent roof leaks. In addition, portions of the building’s exterior as well as some of the HVAC components display a rather “tired” appearance indicating that some repairs may be necessary in the near future. Furthermore, many of the interior finishes are dated, particularly within the original section of the building.

PARCEL 2: Small Commercial Building (3,450 sqft)

At the far southwest corner of the subject site (along Kilgore Avenue), there is a concrete block building that, from 2004 thru Sept. 2007 was leased to Conway Construction (a building contractor). This structure was originally built in 1929. The west half of the building may have been added in subsequent years, but is at least 45 years old.

The exterior is a combination of vinyl/aluminum siding and concrete block. The roof appears to be mostly flat and is constructed of wood joists with a central steel beam. Along the front of the building, there is an older overhead door and another overhead door opening that has been covered over. Along the east side of the building, there is a newer overhead door. There are canopy areas along the south, east and north sides of the building.

The interior is configured with roughly 700 sq ft of office space, which was partially finished in 2003. The finished space is divided into a front reception area and a separate display room off of which there is a private office. Finishes include drywall walls and ceilings finished with either acoustical ceiling tiles or drywall. Heat is provided by electric baseboard units. The display area has a thru-wall air conditioning unit. Off of the reception area, there is a restroom.

The remainder of the subject is garage/storage space and is heated via two, ceiling suspended gas furnace units. Lighting is fairly minimal and consists of a few florescent tube light fixtures. Along the north wall, there is a 40-gallon electric water heater and a wash basin. The ceiling height in the garage area is approximately 12 feet. The electric panel indicates 200 amp service.

ABOVE TEXT TAKEN FROM 2008 APPRAISAL FOR GENERAL INFORMATION PURPOSES ONLY. NO GUARANTEES OF PROPERTY DESCRIPTION, SIZES, CONDITION OR OTHER FACTS.

Auction Terms

THIS PROPERTY is being offered upon the following terms and conditions:

The final purchase price of the Real Property will be calculated as follows: the bid price plus a Buyer’s Premium of ten percent (10%) of the bid price will make up the Total Purchase Price.
Upon conclusion of the auction, the high bidder will be required to remit a Cashier’s Check payable to the Auction Company as a non-refundable earnest money deposit (the “Deposit”) of ten thousand dollars ($10,000.00), or ten percent (10%) of the Bid Price or whichever is greater. In the event that ten percent (10%) of the bid price is greater than the amount remitted, the Bidder must pay the remainder of the Deposit, bringing the total deposit to ten percent (10%), within three (3) business days.
The Deposit will be refunded only if the Seller is unable to deliver clean title or rejects the Contract.
The Property is being offered subject to confirmation or consent by the Seller. The following parties retain the right to bid at the auction: any third party with a security interest in the Real Property; the Auction Company for proxy bidders; the Auction Company on behalf of the Seller; Auction Company for its own account.
Auction Company will present this Contract to the Seller within twenty-four (24) hours after auction. Seller shall accept or reject the Contract by . Bidder or his Agent shall be notified by Auction Company as to Contract acceptance. If accepted, the balance of the Purchase Price is to be paid on or before , at the time and place of closing to be determined by the Seller. If the Bidder is not ready to close title by the scheduled closing date, any adjournment granted at the request of the Bidder shall be only granted upon the provision that all prorations and adjustments shall be as of the scheduled closing date and an additional non-refundable deposit will be required.
Bidder expressly warrants the purchase is being made solely based upon their own examination of the Property without expressed or implied warranties of the Auction Company or Seller. The Real Property is sold and the Bidder agrees to accept the Real Property in its present condition, as is, with all faults, in all respects, subject to utility easements, zoning ordinances, and any other restriction of record. Bidder acknowledges the opportunity was afforded for physical, environmental, lead, radon or other inspections prior to execution of the auction and hereby waives any further right to additional inspections. No warranties as to physical condition, environmental condition, habitability, suitability to particular purpose, tenancies, or compliance with any laws, codes or ordinances, including those relating to water supplies and septic systems (“Deficiencies”) are made by the Seller, unless specifically stated herein.
Any inspections previously made by Bidder or his/her/their representatives were done at Bidder’s expense and for his/her/their information only. Cost and responsibility for curing Deficiencies, if any, is the Bidder’s, and the correction and cure of any Deficiencies shall not be a condition of this sale or in any way affect Bidder’s obligations under this Contract.
Utilities and any other matters appropriate for prorating and adjustment shall be prorated between the Seller and the Bidder to the date of closing. Any installments for local improvements not due and payable at the time of closing shall be paid for by the Bidder as they thereafter become due. The Real Property taxes will be prorated between the Seller and the Bidder to the date of closing. Closing fees, if any, will be shared equally between Seller and Bidder. In the event the Property is sold in subdivided parcels at the auction, the cost to provide a new survey will be shared equally between Seller and Bidder(s).
The Seller shall be required at his own expense to furnish to the Bidder prior to the date of closing, a preliminary binder of title insurance by a recognized title company, showing good and marketable or insurable title to the Real Property. At the time of closing herein, the Seller shall tender to the Bidder an insurable deed to Real Property free and clear of all liens and encumbrances except for easements, restrictions and covenants of record together with an owner’s policy of title insurance. The title company shall act as closing agent with respect to the closing of this sale.
This sale is not contingent upon the ability of the Bidder to secure financing, sell another property or any contingencies whatsoever.
The Auction Company was retained by the Seller and has functioned throughout the transaction as an agent for the seller exclusively. I.C. 25-34.1-10-9.5 provides that the Licensee (Auction Company) has an agency relationship with, and represents the interests of the Seller as Seller's agent to sell the Property. Auction Company owes duties of trust, loyalty, confidentiality, accounting and disclosure to the Seller. However, Auction Company must deal honestly with bidders and disclose certain information to the bidders about the Property. All representations made by Auction Company about the Property are made as the agent of the Seller.
If the Bidder fails to comply with the sale terms, the Deposit made on account hereof shall be forfeited. The Seller shall be entitled to pursue all other available legal and equitable remedies against Bidder, including but not limited to holding Bidder liable for any deficiency resulting from a subsequent resale.
In the event of any litigation arising out of this sale or any breach thereof, the successful party in any litigation shall be entitled to attorney fees and all costs of litigation.
The sale will be governed by, and construed in accordance with, the laws of State of Indiana.
By accepting these terms, Bidder agrees these terms will supersede all prior discussions, negotiations and agreements, whether oral or written. Bidder agrees his/her actions shall be binding and obligatory upon the undersigned, their separate heirs, administrators, executors, assigns and successors in interest of the undersigned. Bidder may not assign the rights afforded the Bidder to any other party without the Seller’s consent.
No amendment, alterations or withdrawal of this Contract shall be valid or binding unless made in writing and signed by both Seller and Bidder.