Greater Baltimore Building Up for Auction
- Jul 31, 2015
By Adrian Maties, Associate Editor
An office and retail building located just outside Baltimore will soon hit the auction block. Heritage Zetabid Realty & Auction Services, a division of Heritage Global Inc., has recently announced its intention to sell the property at 501-515 Eastern Blvd. in Essex during a public auction scheduled to occur next month.
The two-story center incorporates 26,326 square feet of frontage retail and 40,544 square feet of lower level space currently improved as a church facility. It features 175 parking spaces on a 2.4-acre lot and 365 feet of frontage on Eastern Blvd. Zetabid also said that the Essex property is currently 78 percent occupied.
The auction will be conducted online, on the website www.zetabid.com, on August 19 and 20. The starting bid is $2,499,999 or $37 per square foot. According to Zetabid, the current market value of the 67,000-square-foot property is $4 million. It was last appraised 12 months ago.
“This represents an outstanding opportunity for a developer/investor to achieve double digit cash flow returns. In an investment real estate environment with heavy competition and low yields, this is the perfect chance for a strong operator to improve the rental income stream with professional management,” Michael Davin, managing director of Zetabid, said in a prepared statement.
Photo credit: Heritage Zetabid Realty & Auction Services