Absolute Auction: Valuable Real Estate Development Opportunity

If you plan to attend the auction and bid in person, which we hope you do, registration will start March 28, 10 AM  at The Inn at Virginia Tech (Skelton Conference Center .)

Click for Registration for Online Bidding 


PRIME DOWNTOWN LOCATION WITHIN WALKING DISTANCE TO VIRGINIA TECH CAMPUS

Approved Certificate of Appropriateness/Redevelopment Plan-Rehabilitation of Kelsey House on South Main Street (Into a Restaurant) & Construction of 7 Townhouses along Lee and Church Street!

Company names and logos are trademarks™ or registered® trademarks and remain the property of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

201 S. Main Steet & 103-105 Lee Street Blacksburg, VA 24060
Parcel ID’s 002612 & 002611 – .61 Acres Total

This property includes a 1.5-Story home (Kelsey House) that fronts along South Main Street in downtown Blacksburg and only a few blocks from Virginia Tech campus. It is subject to interior and exterior rehabilitation prior to any construction of the townhouse development. House approved for a restaurant.

The property along the corner of Lee and Church Street is approved for the construction of seven townhouses.

The property is comprised of two tax parcels totaling .61 acres. The parcels are zoned Downtown Commercial District.

DISCLOSURE: See “Town of Blacksburg’s Update & Status Document for 201 E. Main St & Lee & Main Development”

This project has an Approved Certificate of Appropriateness and Four Amendments, Approved Conditional Use Permit, Approved Site Plan, Approved Preliminary Subdivision Plat, however, building permit needs to be renewed. Information on the status can be obtained in the “Update and Status Letter from the Town of Blacksburg”.

DISCLOSURES: See “Town of Blacksburg’s Update & Status Document for 201 E. Main St & Lee & Main Development”.

This Approved Redevelopment Plan includes Certificate of Appropriateness (COA) approved by the Historic Design Review Board (HDRB) and includes rehabilitation of the Kelsey House and construction of seven townhouses. Furthermore, this Redevelopment Plan has binding recommendations for the approved demolition, rehabilitation and redevelopment. Any substantial changes to the Redevelopment Plan would require HDRB approval. Construction Sequencing is further explained in the “Update and Status” letter from the Town of Blacksburg. A Certificate of Occupancy for the townhouses cannot be issued without the completed interior and exterior rehabilitation of the Kelsey House and issuance of a certificate of compliance in accordance of COA.

Directions

From I 81 in Christiansburg, VA take Exit 118 C-B-A, to ramp toward US-11/US460 toward Blacksburg/Christiansburg. Stay straight on US 460 W for 5 miles and take exit 5AB. Head right onto ramp for US-460 Bus East/Us 460 Bus West Toward Blacksburg, Continue on US460 West Bus/S Main St for approximately 3 miles property on right (201 S Main St Blacksburg, VA 24060)

Terms & 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 commission of two percent (2%) of the High Bid at settlement by the Auction Company.  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 as Broker’s license number and Federal Tax ID number.  The form must be received in the office of Woltz & Associates, Inc. by 12:00pm on Tuesday, March 27, 2024. 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.

Basic Terms & Conditions of Auction

  1. REGISTRATION: Bids will be accepted only from registered bidders.
  2. AUCTION SALE: The property is to be sold at ABSOLUTE AUCTION. Sale conducted for Lee and Main Street, LLC, Chapter 11 Debtor in Possession. Sale subject to final approval of the U.S. Bankruptcy Court. The secured Creditor, whose claims are secured by the real estate being sold, may bid to protect its interest. ALL SALES ARE FINAL. All 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.
  3. AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER, LEE AND MAIN STREET, LLC, CHAPTER 11 DEBTOR IN POSSESSION.
  4. ANNOUNCEMENTS: Announcements made sale day will take precedence over all prior communications, verbal and written, concerning this sale.
  5. BIDDING: The auctioneer will determine bid increments.
  6. BUYER’S PREMIUM: A ten percent (10%) Buyer’s Premium will be charged. The Buyer’s Premium is added to the high bid to determine the contract sales price.
  7. DEPOSIT: A deposit in the amount of ten percent (10%) of the contract sales price will be required on the day of sale upon the signing of the Real Estate Purchase Agreement and/or Trustee’s Memorandum of Sale. The deposit is payable by cashier’s check or a pre-approved personal check made payable to Woltz & Associates, Inc. Escrow Account. A personal check will be approved if, prior to or at the time of registration, the bidder presents a bank letter stating the bidder is a customer of the bank and that the checking account is in good standing
  8. CLOSING DATE FOR REAL ESTATE: The balance of the Contract Sale Price shall be due within thirty (30) days of the sale date or five (5) business days of the date the sale is approved by the Bankruptcy Court (whichever is later) by wire or cashier’s check.
  9. TRANSFER OF TITLE TO REAL ESTATE: The real estate will be conveyed by Special Warranty deed free and clear of liens subject, however, to any recorded rights of way, easements and conditions of record. Legal title will be conveyed at settlement.
  10.  FINANCING: The sale of the real estate is not conditioned upon the bidder obtaining financing. Bidders should have arranged any necessary financing prior to registering to bid.
  11. REAL ESTATE INFORMATION PACKET: A Real Estate Information Packet is available from the Auction Company and the items included in the Packet have been posted on our website.
  12.  BROCHURE: The information contained in the auction brochure, website, and other advertising is subject to independent verification by prospective bidders. Neither the Auction Company nor the Seller assumes any liability for its accuracy, errors or omissions. Boundaries shown on aerial photographs are approximate. Please refer to survey for boundary locations.

Download our App:

 

App Store Banner Google Play

SOLD – Real Estate Portfolio Auction (AM Session)

 

  • AM Auction Tract 1: 320 Commonwealth Blvd.
  • AM Auction Tract 2: 1900 Virginia Ave.
  • AM Auction Tract 3: 706 N Memorial Ave.
  • AM Auction Tract 4: GPS 4571 Westover Drive, Danville, VA
  • AM Auction Tract 5: 25 Ridgewood Terrace Townhomes
  • AM Auction Tract 6: 1515 Church Street Ext., Townhomes
  • AM Auction Tract 7: 29 Broad Street
  • AM Auction Tract 8: 25 Broad Street
  • AM Auction Tract 9: 100 Buena Vista Ave, Stuart, Virginia
  • AM Auction Tract 10: Chatham Road, 115± acre timber land tract
  • AM Auction Tract 11: Chatham Road, 108± acre timber tract
  • AM Auction Tract 12: Chatham Road, 17.2± acres in 6 tracts
  • AM Auction Tract 13: 3921 Greensboro Road, Ridgeway, VA
  • AM Auction Tract 14: Chatmoss Court Ext/Mt Olivet, 36± acres
  • AM Auction Tract 15: 16783 A L Philpott Hwy
  • AM Auction Tract 16: 5.5± Acres Located at the End of Melody Lane
  • AM Auction Tract 17: 137 Daniel Rd., Axton Va
  • AM Auction Tract 18: Faulkner Drive/Jessteen Lane, Bassett Va
  • AM Auction Tract 19: 3838 Dillons Fork Rd, Fieldale Va
  • AM Auction Tract 20: 940/950 Blackberry Rd., Bassett, VA
  • AM Auction Tract 21: 910 Blackberry Rd., Bassett, VA
  • AM Auction Tract 22: 930 Blackberry Rd., Bassett, VA
  • AM Auction Tract 23: Blackberry Rd Lots
  • AM Auction Tract 24: 45 Bermuda Dr., Bassett, VA
  • AM Auction Tract 25: 83 Mary Hunter Rd., Bassett, VA
  • AM Auction Tract 26: 67 Mary Hunter Rd., Bassett, VA
  • AM Auction Tract 27: Oakhaven Road, Bassett VA

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 as 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 15, 2022. 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

1. REGISTRATION: Bids will be accepted only from registered bidders. Registration begins at 9:00 AM for the AM SESSION and 3:00 PM for the PM SESSION. Please bring a driver’s license for identification.
2. AUCTION SALE: The property will be sold subject to seller confirmation of the high bid. ALL CONFIRMED SALES ARE FINAL: All 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.
3. FINANCING: Your bidding and purchase of the property is 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 and Seller assume no risk for bodily injury or damage to personal property.
5. BIDDING: Qualified bidders may bid on individual tracts or any grouping of tracts. The auctioneer will determine all bid increments. All decisions by the auctioneer regarding bid acceptance are final.
6. ANNOUNCEMENTS: Announcements on day of sale take precedence over all prior releases, verbal and written, concerning this auction sale.
7. BUYER’S PREMIUM: The Buyer’s Premium on the real estate is 5% of the high bid amount. The Buyer’s Premium will be added to the high bid to determine the final sale price.
8. AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER.
9. LEAD PAINT: The majority of the properties in this auction were built prior to 1978 and may contain lead-based paint. A lead-paint inspection may be performed by bidders prior to the auction sale date. Applicable lead paint documents and information are available from Auction Company. Bidders will be provided a lead-paint disclosure prior to signing a real estate purchase agreement and agree to waive the ten (10) day right to inspection after the auction sale.
10. REAL ESTATE DEPOSIT: A deposit in the amount of ten percent (10%) of the contract sale price will be required on day of sale. The deposit is payable by cash, cashier’s check, or pre-approved personal check payable to Woltz & Associates, Inc. Escrow Account. Personal checks will be approved if the Buyer presents a bank letter stating that the Buyer is a customer of the bank and the checking account is in good standing.
11. REAL ESTATE DEED: The real estate will be conveyed by Special Warranty Deed 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 January 31, 2023. There will be no assigning of tracts or deeds between bidders. Tracts will be deeded in the manner purchased at the auction.
12. BOUNDARY LINES: Boundaries on aerial photos and topo maps are approximate.
13. GENERAL: The information contained in this brochure 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.
14. LEASES: Copies of all the leases we have are on our web site and all properties are being sold subject to their existing lease. Rents posted in brochure and on website are from management company and are believed to be accurate.

SOLD – Real Estate Portfolio Auction (PM Session)

  • PM Auction Tract 1: 907 Hunting Ridge Road, Martinsville, VA
  • PM Auction Tract 2: 1266 & 1268 Westover Drive, Collinsville, VA
  • PM Auction Tract 3: 1280 &1282 Westover Drive, Collinsville, VA
  • PM Auction Tract 4: 723 Jefferson St. Martinsville, VA
  • PM Auction Tract 5: 221 Broad St., Martinsville, VA
  • PM Auction Tract 6: 205 Broad St., Martinsville, VA
  • PM Auction Tract 7: 216 College St., Martinsville, VA
  • PM Auction Tract 8: 212 College St., Martinsville, VA
  • PM Auction Tract 9: 612 E Church St., Martinsville, VA
  • PM Auction Tract 10: 1111 Chatham Hgts Rd., Martinsville, VA
  • PM Auction Tract 11: 1121 Chatham Hgts Rd., Martinsville, VA
  • PM Auction Tract 12: 1414 Mountain Rd., Martinsville VA
  • PM Auction Tract 13: 1776 Trenthill Dr., Bassett, VA
  • PM Auction Tract 14: 126 Dexter St., Martinsville, VA
  • PM Auction Tract 15: 64 Beaver Rd., Martinsville, VA
  • PM Auction Tract 16: 900 Banks Rd., Martinsville, VA
  • PM Auction Tract 17: 902 Banks Rd., Martinsvile, VA
  • PM Auction Tract 18: 634 Fayette St., Martinsville, VA
  • PM Auction Tract 19: 224 Pine St., Martinsville, VA
  • PM Auction Tract 20: 208 Stuart Street, Martinsville, VA
  • PM Auction Tract 21: 1204 Chatham Hgts Rd., Martinsville, VA
  • PM Auction Tract 22: 841 Liberty St., Martinsville, VA
  • PM Auction Tract 23: 907 Liberty St., Martinsville, VA
  • PM Auction Tract 24: 915 Liberty St., Martinsville, VA
  • PM Auction Tract 25: 911 Liberty St., Martinsville, VA
  • PM Auction Tract 26: 913 Liberty St., Martinsville, VA
  • PM Auction Tract 27: 909 Liberty St., Martinsville, VA
  • PM Auction Tract 28: 112 Ellsworth St., Martinsville, VA
  • PM Auction Tract 29: 110 Ellsworth St., Martinsville, VA
  • PM Auction Tract 30: 116 Ellsworth St., Martinsville, VA
  • PM Auction Tract 31: 111 Maple St., Martinsville, VA
  • PM Auction Tract 32: 115 Maple St., Martinsville, VA
  • PM Auction Tract 33: 119 Maple St., Martinsville, VA
  • PM Auction Tract 34: 114 Maple St., Martinsville, VA
  • PM Auction Tract 35: 1206 Chatham Hgts Rd., Martinsville, VA
  • PM Auction Tract 36: 112 Maple St., Martinsville, VA
  • PM Auction Tract 37: 109 Maple St., Martinsville, VA
  • PM Auction Tract 38: 117 Maple St., Martinsville, VA
  • PM Auction Tract 39: 122 Maple St., Martinsville, VA
  • PM Auction Tract 40: 1413 Rivermont Hts., Martinsville, VA
  • PM Auction Tract 41: Vacant lot beside 907 Hunting Ridge Road (P1), Martinsville, VA

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 as 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 15, 2022. 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

1. REGISTRATION: Bids will be accepted only from registered bidders. Registration begins at 9:00 AM for the AM SESSION and 3:00 PM for the PM SESSION. Please bring a driver’s license for identification.
2. AUCTION SALE: The property will be sold subject to seller confirmation of the high bid. ALL CONFIRMED SALES ARE FINAL: All 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.
3. FINANCING: Your bidding and purchase of the property is 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 and Seller assume no risk for bodily injury or damage to personal property.
5. BIDDING: Qualified bidders may bid on individual tracts or any grouping of tracts. The auctioneer will determine all bid increments. All decisions by the auctioneer regarding bid acceptance are final.
6. ANNOUNCEMENTS: Announcements on day of sale take precedence over all prior releases, verbal and written, concerning this auction sale.
7. BUYER’S PREMIUM: The Buyer’s Premium on the real estate is 5% of the high bid amount. The Buyer’s Premium will be added to the high bid to determine the final sale price.
8. AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER.
9. LEAD PAINT: The majority of the properties in this auction were built prior to 1978 and may contain lead-based paint. A lead-paint inspection may be performed by bidders prior to the auction sale date. Applicable lead paint documents and information are available from Auction Company. Bidders will be provided a lead-paint disclosure prior to signing a real estate purchase agreement and agree to waive the ten (10) day right to inspection after the auction sale.
10. REAL ESTATE DEPOSIT: A deposit in the amount of ten percent (10%) of the contract sale price will be required on day of sale. The deposit is payable by cash, cashier’s check, or pre-approved personal check payable to Woltz & Associates, Inc. Escrow Account. Personal checks will be approved if the Buyer presents a bank letter stating that the Buyer is a customer of the bank and the checking account is in good standing.
11. REAL ESTATE DEED: The real estate will be conveyed by Special Warranty Deed 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 January 31, 2023. There will be no assigning of tracts or deeds between bidders. Tracts will be deeded in the manner purchased at the auction.
12. BOUNDARY LINES: Boundaries on aerial photos and topo maps are approximate.
13. GENERAL: The information contained in this brochure 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.
14. LEASES: Copies of all the leases we have are on our web site and all properties are being sold subject to their existing lease. Rents posted in brochure and on website are from management company and are believed to be accurate.