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2047 Magnolia Avenue (Camelot)
2043 Magnolia Avenue (Annex)
2037 Magnolia Avenue (Arts Council)
2067 Magnolia Avenue (Linric)
2002 Magnolia Avenue (Salon)
Corner of Magnolia Avenue and 20th Street
2117 Magnolia Avenue (Town Square)
2159 Magnolia Avenue (Dollar Value buildings and Middle Lot)
2161 Magnolia Avenue (Dollar Value buildings and Middle Lot)
2175 Magnolia Avenue (Dollar Value buildings and Middle Lot)
2045 Forest Avenue (McCormick)
2076 Magnolia Avenue (Ramsey)
Buena Vista
Buena Vista
Buena Vista

    Property: 1
    “Linric” – 2067 Magnolia Ave.
    Suggested Opening Bid: $175,000
    SF (±): 8,950
    Historic Tax Credit Eligible: Yes
    New Market Tax Credit Eligible: Yes
    Tax Assessed: $247,200
    Notes: Remodeled upstairs 4-bedroom 1,850 SF apartment $800 per month and a 500 SF studio $400 per month, downstairs space ready for rehab

    Property: 2
    “Ramsey” – 2076 Magnolia Ave.
    Suggested Opening Bid: $150,000
    SF (±): 6,750
    Historic Tax Credit Eligible: Yes
    New Market Tax Credit Eligible: Yes
    Tax Assessed: $310,500
    Notes: One professional office $350 per month, lower level is rehab ready

    Property: 3 – UNDER CONTRACT
    “Salon And Parking Lot” – 2002 Magnolia Ave. and parking lot
    Suggested Opening Bid: $85,000
    SF (±): 2,440
    Historic Tax Credit Eligible: Yes
    New Market Tax Credit Eligible: Yes
    Tax Assessed: $123,100
    Notes: Monthly income salon $600, Vacant rear office available to rent, Vacant land 10,000± SF

    Property: 4
    “Magnolia Parking Lot” – Corner of Magnolia Avenue and 20th St.
    Suggested Opening Bid: $90,000
    SF (±): Vacant Land 12,500
    Historic Tax Credit Eligible: No
    New Market Tax Credit Eligible: Yes
    Tax Assessed: $47,500
    Notes: 12,500± SF gravel parking lot. Access from Magnolia Ave and 20th street

    Property: 5
    “Arts Council” – 2037 Magnolia Ave.
    Suggested Opening Bid: $175,000
    SF (±): 10,250 – 2 Stories
    Historic Tax Credit Eligible: Yes
    New Market Tax Credit Eligible: Yes
    Tax Assessed: $219,500
    Notes: Vacant land 1,125± SF

    Property: 6
    “Annex” – 2043 Magnolia Ave.
    Suggested Opening Bid: $50,000
    SF (±): 625
    Historic Tax Credit Eligible: Yes
    New Market Tax Credit Eligible: Yes
    Tax Assessed: $49,200
    Notes: Large storefront window. Ready for rehab. 

    Property: 7
    “Camelot” – 2047 Magnolia Ave.
    Suggested Opening Bid: $150,000
    SF (±): 5,220
    Historic Tax Credit Eligible: Yes
    New Market Tax Credit Eligible: Yes
    Tax Assessed: $258,000
    Notes: Large first floor commercial space, Second story has 4-bedroom apartment $1,000 per month

    Property: 8 – UNDER CONTRACT
    “McCormick” – 2045 Forest Ave.
    Suggested Opening Bid: $95,000
    SF (±): 5,000
    Historic Tax Credit Eligible: Yes
    New Market Tax Credit Eligible: Yes
    Tax Assessed: $140,400
    Notes: Vacant land 1,250± SF

    Property:9
    “Town Square” – 2117 Magnolia Ave.
    Suggested Opening Bid: $65,000
    SF (±): 13,204
    Historic Tax Credit Eligible: No
    New Market Tax Credit Eligible: No
    Tax Assessed: $110,000
    Notes: Grass lot in the heart of downtown.

    Property: 10 – UNDER CONTRACT
    “Dollar Value Trio” – 2159, 2161-2163, 2175 Magnolia Ave.
    Suggested Opening Bid:
    SF (±):
    Historic Tax Credit Eligible: 2159 – Yes, 2161-2163 No, 2175 No
    New Market Tax Credit Eligible: 2159 – Yes, 2161-2163 No, 2175 – Yes
    Tax Assessed (2159 Magnolia. Ave.): $80,500
    Tax Assessed (2175 Magnolia. Ave.): $139,100
    Notes: 2159: 2,000 SF bldg and 1,125 SF vacant land.
               2161-2163: 4,812 SF vacant land.
               2175: 2,880 SF bldg and 1,682 SF vacant land.

     

    • Investment Opportunity
    • 1.5 miles to I-81
    • 7.4 Miles from Lexington
    • 20% more affordable to live than average in US
    • Near 3 colleges
    • Maury River
    • Mixed use zoning

    Tax Credit Information

    Virginia: Introduction to Historic Rehabilitation Tax Credits

    https://www.dhr.virginia.gov/tax-credits/

    Federal: Tax Incentives for Preserving Historic Properties

    https://www.nps.gov/tps/tax-incentives.htm

    Terms and Conditions of Broker Participation

     Any broker actively licensed in the Commonwealth of Virginia whose agent properly registers the successful high bidder will be paid a two percent (2%) commission at settlement by the Seller.  Registration must be on a Woltz & Associates, Inc. Broker Participation Application form and contain the name, address and signature of agent and prospect as well a Broker’s license number and Federal Tax ID number.  The form must be received in the office of Woltz & Associates, Inc. by 12:00 noon on November 16, 2020. If prospect attends preview, agent must attend with prospect. Additionally, agent must attend sale and co-register with prospect on auction day. Only the first broker to register the high bidder will be paid a commission. Agents acting as principals, on behalf of licensed real estate agents, on behalf of family members, on behalf of entities in which they hold an ownership interest or who represent prospects who have had prior contact with seller or auction company are not eligible. Only one registered bidder per agent.

     

    Terms & Conditions of Auction for Online Bidding
    City of Buena Vista, Rockbridge County, Virginia

    Bidding Opens: November 1, 2020
    Bidding Closes: 1 PM, Tuesday, November 17

    1. AUCTION SALE:  The Property will sell subject to seller confirmation.  The property is auctioned “AS IS, WHERE IS” with all faults in its condition at the time of sale without recourse by way of refund, reduction of the purchase price, or otherwise.  Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate. Bidding signifies you have read and are in agreement with the terms and conditions of the auction. If you do not agree with the terms and conditions of this auction Do Not Bid!
    2. REAL ESTATE DEPOSIT: The Buyer is required to pay a deposit in the amount of ten percent (10%) of the contract sales price and sign an Auction Real Estate Purchase Agreement within twenty-four hours (24) of sale day executed and delivered via email. Buyer may wire funds or overnight a cashier’s check for the earnest money deposit. The Deposit shall be placed in Auction Company’s escrow account until final settlement. 
    3. FINANCING:  Your bidding and purchase of the property are NOT CONDITIONAL UPON FINANCING.  Be sure you have arranged financing, if needed, and are capable of paying cash at closing.
    4. LIABILITY:  Bidders inspecting property enter at their own risk.  Auction Company assumes no risk for bodily injury or damage to personal property.
    5. ANNOUNCEMENTS:  Announcements on day of sale take precedence over all prior releases, verbal and written, concerning this auction sale.
    6. BUYER’S PREMIUM:  The Buyer’s Premium on the real estate is five percent (5%) of the high bid amount.  The Buyer’s Premium will be added to the high bid to determine the final contract sales price.
    7. AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER.
    8. REAL ESTATE DEED AND POSSESSION:  The real estate will be conveyed by general warranty deed to be prepared at the expense of the Seller and the cost of Virginia Grantor’s tax shall be borne by the Seller. It is agreed the Property is being conveyed free and clear of liens, subject, however, to any rights of way, easements and restrictions of record.  The balance of the purchase price is due at settlement on or before December 30, 2020.  The contract to purchase is not assignable.  Possession of the Property shall be given to the buyer at closing.
    9. BIDDING AND SOFT CLOSE: The Soft close will allow extended bidding until no bids are placed for five minutes. If a bid is placed within last five minutes an additional five minutes will be added to ensure everyone gets time to place their bid.
    10. WITHDRAWAL OF PROPERTY: Seller reserves the right to withdraw any property or properties from the sale prior to the opening of the auction. Properties withdrawn from sale are: 3, 8 & 10.
    11. DEFAULT: If the successful bidder fails to remit the deposit in guaranteed funds, or if the successful bidder fails to remit the balance due by the closing deadline in guaranteed funds, the bidder will be in default, and will be liable for all losses suffered by, and costs incurred by, the seller, including collection costs, reasonable attorney’s fees and any reduction in funds received from a subsequent sale of the property.
    12. GENERAL: The information contained online, in the brochure, and the Bidder’s Information Packet is subject to verification by all parties relying on it.  No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.

     

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