#1 • Mar 15 2024 @ 2:00PM EDT - Apr 11 2024 @ 11:00AM EDT - Bank Ordered Foreclosure - Loudoun Co. - Income Producing Bank Branch Office - Leased w Long Term Tenant - 341 E. Market St Leesburg VA 20176
Part of Bank Ordered Foreclosure - Loudoun Co. - Income Producing Bank Branch Office - Leased w Long Term Tenant - 341 E. Market St Leesburg VA 20176 (listings by Dudley Resources)
Status: No sale
The auction for this property will take place online and in-person on April 11th @ 11:00 AM EST, with the in-person auction being held at the Loudoun County Courthouse at 18 East Market Street Leesburg, VA 20176. ***ONLINE Bidders deposit must be received no later than 24 hours prior to the Foreclosure Auction, IN-PERSON bidders must provide the deposit in the form of a cashier’s check payable to the substitute trustee, Jeffrey A. Ward This sale is being facilitated as a third party foreclosure, M&T Bank is the Long Term Tenant and in good standing with the lease. There is approximately 2 years and 7 months remaining on the lease with the opportunity for a third 5 year extension including a 10% escalation. Property Highlights: Prime Location within Leesburg's Economic Development Crescent Design District Income Producing with Long-Term Lease w 2 yrs. 7 mo. remaining with a 5 year renewal option. Versatile Commercial/Industrial Use Building Area 2,705 Sq. Ft. Land Area .53 AC (23,087 Sq. Ft.) Converted to Bank Branch in 2006 Zoned CD‐C, Crescent Design – Commercial Town of Leesburg Exceptional Traffic Counts - 75,000 VPD Two Curb Cuts and 97 +/- feet of Frontage on Market Street Convenient Drive-Thru Window Attractive Brick Exterior Utilities include electricity, natural gas, telephone service, public water and public sewer are available and connected Ample 7,000 SF Paved Parking Lot with 19 Parking Spaces POTENTIAL GROSS RENTAL INCOME Potential Gross Rental Income is based on current contract rent of $174,037.50, annually NET OPERATING INCOME NOI Contract Rent: $174,038, Reimbursements: $15,422, Potential Gross Income: $189,460, Operating Expenses: Real Estate Taxes $15,422, Total Expenses $15,422, NOI: $174,038 CAP Rate Calculation Table: Purchase Price Estimated Capitalization Rate $1,500,000 10.42% $1,600,000 9.77% $1,700,000 9.22% $1,800,000 8.68% $1,900,000 8.23% $2,000,000 7.82% $2,100,000 7.44% $2,200,000 7.11% $2,300,000 6.8% $2,400,000 6.51% $2,500,000 6.25% Summary of Lease Terms Tenant: National Bank & Trust Company Use: Bank branch Land Area: (acres) 0.53 Building Area (sf) 2,705 Lease Date: Original Lease: February 25, 2006 Lease Extension and Modification Agreement: December 9, 2020 Lease Commencement Date June 22, 2006 Term: Initial Term of 10 years; Two 5‐year renewal options exercised Expiration Date June 31, 2026 (sic) Per Lease Extension and Modification Agreement dated December 9, 2020 Renewal Options One 5‐year renewal option remaining (with 6 months’ notice) at $191,441.25 annual (10% escalation) Annual Base Rent Years 1‐5: $130,000 ($48.06 psf GBA; $5.63 psf land) Years 6‐10: $145,600 ($53.83 psf GBA; $6.31 psf land) Renewal Option 1 Years 11‐15: $163,800 ($60.29 psf GBA; $7.10 per psf land) Renewal Option 2 Current Term Years 16‐20: $174,037.50 ($64.34 psf GBA; $7.54 psf land) Renewal Option 3 Years 21‐25: $191,441.25 ($70.77 psf GBA; $8.29 psf land) Escalations The original lease escalated 12.0% in Year 6 and 12.5% every five years thereafter. The lease rate was renegotiated with Renewal Option 2 in Year 16. The escalation for Renewal Option 3 is 10%. Operating Expenses Triple Net; Real estate taxes are reimbursed to the Landlord TERMS AND CONDITIONS FOR THIS AUCTION EVENT FOR ONLINE BIDDING This auction is held in connection with a foreclosure sale (the “Sale” or “Auction”) by the substitute trustee (the “Substitute Trustee”) appointed by the beneficiary (the “Beneficiary”) of a deed of trust (the “Deed of Trust”) and in accordance with the terms outlined in the Legal Notice of Sale (available under the Documents tab). The Memorandum of Sale that a successful bidder is required to execute is also provided. This is a simulcast auction. Bidders may submit bids both online and in person on site at the Auction. Summary of Terms and Conditions: Buyer’s Premium: 5% Buyers Premium added to the highest bid. Approval to Bid: To be approved, all online bidders (“Bidders” and each a “Bidder”) must register at least 24 hours prior to the start of the Auction. Deposit: Certified funds or cashier’s checks. A bidder’s deposit of Fifty Thousand Dollars ($50,000.00) is required with settlement in full to be made within 30 days from the date of said Sale. The initial deposit is to be paid by cashier’s check payable to the substitute trustee, Jeffrey A. Ward, 540-946-4408, jward@fdwslaw.com. If a bidder registers to bid online the initial deposit must be received by wired funds or cashier’s check no later than 24 hours prior to the sale. If a bidder appears at the foreclosure sale on the sale date, either in person or by an authorized agent, the deposit may be brought to the sale by cashier’s check. Deposits received from online bidders that are not the successful high bidder will be returned within 24 hours of the completion of the sale. The deposit from the high bidder will be held and applied by the Substitute Trustee as required by the Trustee’s Memorandum of Sale. Broker Co-op: A $2,500 flat commission may be paid to a properly registered broker/agent at settlement. Agents must register their buyers at least 24 hours prior to the Auction. Closing: 30 day closing, As-Is, no contingencies, per the terms of the Trustee’s Memorandum of Sale. Agency Disclosure: Dudley Auctions Inc. dba Dudley Resources is acting as auctioneer/agent and is agent for the Substitute Trustee only. Disclaimer: Information contained herein is believed to be correct to the best of Dudley Resources’ knowledge, but it is the sole responsibility of each Bidder to inspect and verify all information pertaining to the property. This property is subject to sale prior to the Auction and may be withdrawn, modified or cancelled at any time without notice. Full Terms and Conditions: Available in the Document Vault FOR REAL ESTATE AGENTS REPRESENTING BUYERS: If you have been working with a Realtor, please have them click the following link: https://tinyurl.com/Broker-Form and complete the Realtor Representation form. In order for the real estate agent to be compensated, forms must be completed and submitted no later than 24 HOURS BEFORE THE END OF THIS AUCTION SALE.
