A440

Auction & Preview Location: Donaldson Brown Center Located on the Campus of Virginia Tech, Blacksburg, VA 8 Properties Sold ABSOLUTE
	Sale 1 - 403 Progress St., Blacksburg ABSOLUTE This charming twelve-unit apartment building features elegant entrances with columns, hardwood floors and high ceilings. All units are one bedroom. Parking spaces are provided with the apartments in this recently-painted building which is located one block from the Virginia Tech campus and North Main Street in the heart of Blacksburg. The property is fully occupied and provides gross annual rental income of $66,240. Montgomery County Tax Map Parcel No. 256-10(Sec. A)-2A.
	Sale 2 - 371 Charles St., Blacksburg ABSOLUTE This well-maintained two-bedroom, one & one-half bath, townhouse is located in a quiet neighborhood less than two miles from the Virginia Tech campus. The property has been recently vacated and is ready for a new owner/occupant or investor. Rental income for most recent year was $6,000. Montgomery County Tax Map Parcel No. 288-17-42B.
	Sale 3 - 400 Downey St., Radford ABSOLUTE This sale offers the opportunity to purchase a fully-occupied eight-unit apartment building located within walking distance of the Radford University campus. The units all have two bedrooms. This property provides annual rental gross income of $35,040. City of Radford Tax Map Parcel No. 37-A-3.
	Sale 4 - 400 Downey St., Radford ABSOLUTE This two-bedroom, three-bathroom house with a full basement is located adjacent to the apartments in Sale 4 and provides annual gross rental income of $6,000. Zoning is Multi-Family Residential. City of Radford Tax Map Parcel No. 37-A-1.
	Sale 5 - House at 210 Otey St., Blacksburg ABSOLUTE This property features a two-story frame home on a 10,500+/- sq. ft. lot. The house has ten rooms, including one and one-half baths. The house has plaster walls, hardwood floors and a large front porch. Gross annual rental income is $13,200. The parcel is zoned OTR, Old Town Residential District. Montgomery County Tax Map Parcel No. 256(6)Sec.4, Lot 5.
	Sale 6 - Lot at 210 Otey St., Blacksburg ABSOLUTE Adjoining the house in Sale 5 is this level 10,500+/- sq. ft. lot which is zoned OTR, Old Town Residential District. The lot, located on Otey Street, is identified as Montgomery County Tax Map Parcel No. 256(6)Sec. 4, Lot 6.
	Sale 7 - Lot at Corner of Ellett Rd. & Fairfax Rd., Blacksburg ABSOLUTE Sale 7 offers an outstanding .6752+/- acre corner lot zoned RM-48, Medium Density Multi Unit Residential, which permits 48 bedrooms per acre. This property provides an excellent investment opportunity. Montgomery County Tax Map Parcel No. 318-A-46A.
	Sale 8 - 303 Ellett Rd., Blacksburg There are two rental houses on this tract, each with two bedrooms. Annual gross rental income is $9,300. The property is zoned RM-48, Medium Density Multi Unit Residential, which permits 48 bedrooms per acre. The property in this sale is contiguous to the Sale 9 and 10 properties. Montgomery County Tax Map Parcel No. 318-A-45.
	Sale 9 - 307 Ellett Rd., Blacksburg This property has a one-story brick home with two bedrooms and a two-story garage apartment which together generate annual gross rental income of $9,480. The Sale 8 and 10 properties are contiguous to this real estate which is zoned RM-48, Medium Density Multi Unit Residential, for 48 bedrooms per acre. Montgomery County Tax Map Parcel No. 318-A-44.
	Sale 10 - 311 Ellett Rd., Blacksburg A one and one-half story, two-bedroom home is included in this sale. Annual gross rental income is $5,880, increasing to $6,000 effective August 1. The property is zoned RM-48 for 48 bedrooms per acre and is contiguous to the Sale 8 and 9 properties. Montgomery County Tax Map Parcel No. 318-A-43.
	Sale 11 - Lot at 2155 North Franklin St., Christiansburg The 1.34+/- acre lot in this sale provides an excellent opportunity to purchase land in a rapidly-growing area on Route 460. A portion of the property is in the Town of Christiansburg and the balance in Montgomery County. The property is zoned B-3, General Business, and is identified as Montgomery County Tax Map Parcel No. 436-A-18.
	Sale 12 - Colonnade II Office Building, Route 419, Roanoke Sold Absolute Over $3,950,000 bid The Colonnade II Office Building is located along a busy section of Rt. 419 in SW Roanoke County with C-1, Office District zoning. Built in 1990, this three-story brick over steel building is situated on 7.174+/- acres and has 51,791+/- sq. ft. of leaseable office space. The most recent gross annual rental income was $764,671. There is a historic 2% vacancy rate, making this property an excellent investment opportunity. Effective October 1, 2002, the monthly rental income will be $47,241 for 36,518 sq. ft. of leased space (average rate of $15.52/sq.ft.) and there will be 16,273 sq. ft. available to lease by the new owner. The property will be sold absolute over a bid of $3,950,000. Roanoke County Tax Map Parcel No. 76.16-1-38.
	Sale 13 - 133 College Ave., Blacksburg The Lyric Theater, a Blacksburg landmark, is located in this building across the street from the Virginia Tech campus. The Lyric Theater is subject to a ten-year lease expiring September 2005, with an option to extend for two additional ten-year periods. During the period of the lease, the tenant pays taxes only. The building also has two retail tenants generating gross annual rental income of $39,468. There are three one-bedroom apartments on the upper level of the building providing gross annual rental income of $12,480. The property is zoned DC, Downtown Commercial, and is identified as Montgomery County Tax Map Parcel No. 256-A-90. Property adjoins Sales 14, 15, and 16.
	Sale 14 - 222 Draper Rd., Blacksburg ABSOLUTE Located at the corner of College Avenue and Draper Road, adjacent to the Virginia Tech campus, the Old Mill Building is an outstanding investment opportunity. The four retail leases, Gillie’s, Bollo’s, Kinko’s and Rivermill, provide annual gross rental income of $123,096. The nineteen apartments (1 two-bedroom, 17 one-bedroom units and 1 efficiency) generate additional gross annual rental income of $100,560. Zoned DC, Downtown Commercial. Montgomery County Tax Map Parcel No. 256-A-95. Property adjoins Sale 13.
	Sale 15 - 225 N. Main St., Blacksburg Located on North Main Street in Blacksburg, this property has a restaurant, Maria’s Café, on the first floor which generates $30,240 in annual gross rental income. The three apartments on the second floor (two one-bedroom units and an efficiency) produce annual gross rental income of $13,080. Montgomery County Tax Map Parcel No. 256-A-88 and is zoned DC, Downtown Commercial. Property adjoins Sales 13 and 16.
	Sale 16 - 231 N. Main St., Blacksburg Located on the corner of North Main Street and College Avenue, the property in this sale adjoins the Sale 15 and Sale 13 properties. It is across the street from the Virginia Tech campus. There are three retail tenants, Subway, Crossroads CDs and Dairy Queen, which produce annual gross rental income of $89,652. The upstairs portion of the building has six apartments, two one-bedroom units and four two-bedroom units, producing gross annual rental income of $36,360. The property is zoned Downtown Commercial, and is identified as Montgomery County Tax Map Parcel No. 256-A-89. Property adjoins Sales 13 and 15.
	Sale 17 - 126 Jackson St., Blacksburg Sale 17 offers a one-story brick building with 2,424+/- sq. ft. of leaseable space. The building is situated on a 5,000+/- sq. ft. lot on Jackson Street between Main Street and Draper Street . The two leased spaces in this building provide gross annual rental income of $20,232. The property is zoned DC, Downtown Commercial. Montgomery County Tax Map Parcel No. 256-A-92.
	Sale 18 - Lot at 4431 Starkey Rd., Roanoke This 1.20+/- acre lot is located on Starkey Road in Roanoke County, one of the busiest, most valuable areas in the Roanoke Valley, located just across from Holiday Inn Tanglewood and near Tanglewood Mall, Roanoke Athletic Club, offices and retail businesses. The level lot is zoned C-2, Commercial District. The property is identified as Roanoke County Tax Map Parcel No. 77.19-1-20.
	Sale 19 - Lot at Wildwood Rd., Salem Located .40 miles from I-81 exit 137 in Salem, this .75+/- acre lot has great investment potential. The tract is located in the Food Lion Plaza near the corner of Route 11 and Route 112. It is zoned B-3, Business District. City of Salem Tax Map Parcel No. 138-1-3.
Sale 20 - 121± Acres, Rt. 600, Pulaski County Overlooking the New River, this beautiful 121.325± acre parcel in Pulaski County offers a recreational retreat. The tract will also appeal to timber buyers. Pulaski County Tax Map Parcel No. 003-001-0000-0001.

1. Bids accepted only from registered bidders. Come early for registration which begins at 3:00 on sale day.
2. All information provided by the Auction Company is obtained from sources believed to be reliable, but is not warranted. Bidders should perform such independent investigation with regard to the property as they deem necessary or appropriate.
3. All property is being sold “AS IS, WHERE IS.” Please inspect before bidding.
4. Announcements day of sale take precedence over all prior releases, verbal and written, concerning this sale.
5. Auction Company and its representatives represent the Seller.
6. Sales 1, 2, 3, 4, 5, 6, 7 and 14 are being sold at ABSOLUTE AUCTION to the highest bidder. Sales 8, 9, 10, 11, 12, 13, 15, 16, 17, 18, 19 and 20 are being sold subject to Seller confirmation. All sales are final.
7. Detailed terms and conditions will be provided on the day of sale.
8. A five percent (5%) buyer’s premium will be charged on real estate to determine the contract price.
9. A ten percent (10%) deposit (based upon the high bid plus the buyer’s premium) shall be due immediately following the sale. The ten percent (10%) deposit is payable by cash, cashier’s check, wire transfer into the Auction Company’s escrow account or a pre-approved personal check accompanied by a bank letter stating “_____________________ is a customer of this bank and we guarantee payment of checks written on account number _________ up to (specify amount) dollars for purchase at the auction being conducted by Woltz & Associates, Inc. on August 28, 2002.” The balance of the purchase price is due at settlement on or before September 27, 2002.
10. The real estate will be conveyed by General Warranty Deed free and clear of liens, subject, however, to any rights of way, easements and restrictions of record.
11. Lead-Based Paint: Houses in Sales 2, 4, 5, 8, 9 and 10 were built prior to 1978 and may contain lead-based paint. Inspection may be performed by bidders prior to sale date. Applicable lead paint documents and information are available from Auction Company. Bidders will be provided a lead paint disclosure in the Real Estate Bidder Packet and agree to waive the ten day (10) right to inspection after the sale. Property is being sold “as is, where is.”
12. Existing Management Agreements are terminated with sale of properties. Management Company is interested in continuing to manage the properties.
13. All properties sold subject to existing leases.