PROPERTY INFORMATION PACKAGE

Transcription

1 PROPERTY INFORMATION PACKAGE Downtown Commercial Building, Johnstown, PA Main Street, City of Johnstown, Cambria County Sells at or above $50,000! ( plus 10% Buyers Premium) Preview: Auction Date: Property#: Wednesday, October 25 from 3:00 5:00 PM Online Bidding Opens: Wednesday, October 25 at 1:00 PM ET Online Bidding Closes: Wednesday, November 1 at 1:00 PM ET AL110117A Lon Clemmer, CAI, AARE.MPPA,CES Tranzon Alderfer 672 Main Street, Suite C, Harleysville, PA lclemmer@tranzon.com Lic. #AY L In conjunction with:

2 TABLE OF CONTENTS Project Summary Page 3 Property Description Page 4 Photographs Page 5 Location Maps Page 8 Aerial View Page 9 Zoning Description Page 10 Legal Description Page 13 Proposed Rehab Apartment Conversion Page 14 Projections After Rehab Page 21 About Johnstown, PA Page 23 Terms & Conditions Page 24 Agreement of Sale Page 26 Agency Disclosure & Disclaimers Page 28 2

3 PROJECT SUMMARY ONLINE ONLY AUCTION - Downtown Commercial Building, Johnstown, PA Property # Auction Date: Open House: AL110117A Online Bidding Opens: Wednesday, October 25 at 1:00 PM ET Online Bidding Closes: Wednesday, November 1 at 1:00 PM ET Wednesday, October 25 from 3:00 5:00 PM ET Property Address: Main Street City of Johnstown Cambria County Summary of Terms: Property is being sold online only. Property will be sold at or above a bid of $50,000. A 10% Buyer s Premium will be added to the high bid to obtain the final purchase price. For example, if the high bid is $100,000, the 10% Buyer s Premium (10% of the high bid) is $10,000. When added to the high bid, the final purchase price is $110,000. At the conclusion of the auction and upon bid acceptance of the Seller, the successful bidder will be notified and must execute the Agreement of Sale and submit a 10% deposit to Tranzon Alderfer within 24 hours of the auction closing. The balance of the contract price id due at closing which is to be on or before December 15, % paid to a properly registered cooperating broker. The property is being sold as-is with no contingencies. Please see complete Terms and Conditions. License #AY L Thank you for you interest in the property located at Main Street, Johnstown, PA. We wish you success as a Tranzon Alderfer bidder and look forward to working with you! Sincerely, Lon M Clemmer, CAI, AARE, MPPA, CES Sales Associate/Auctioneer, Tranzon Alderfer 3

4 PROPERTY DESCRIPTION Address Main Street Johnstown, PA Property Description Great investment opportunity! Commercial office building located in downtown Johnstown, PA. In need of complete remodel but has great potential for retail or apartments! Located one block from train station, Greyhound and all downtown. Roof top was leaking but was sealed and more roofing materials are available. One to two blocks from City Hall and all major banks downtown. Property Data Tax Parcel No: County: Cambria Municipality: City of Johnstown School District: Greater Johnstown Property Class: Retail/Apartment Property Type: Commercial Year Built: 1900 Taxes (est.) $5, Tax Year: 2017 Zoning District: C3 Central Business District # of Floors: 3 plus Basement Construction: Brick Parking: Street Meters Garage Doors: 2 Overhead Roll-Up Doors Plumbing: Removed Electrical: Removed 4

5 PHOTOGRAPHS 5

6 PHOTOGRAPHS 6

7 PHOTOGRAPHS 7

8 LOCATION MAPS Local Area Map Regional Area Map 8

9 AERIAL VIEW 9

10 ZONING CODE Per the municipality, this lot and structure are location in the C3 Central Business District For your convenience, a portion of the zoning is included. Please contact the municipality o verify and obtain complete zoning information. 10

11 ZONING CODE Per the municipality, this lot and structure are location in the C3 Central Business District For your convenience, a portion of the zoning is included. Please contact the municipality o verify and obtain complete zoning information. 11

12 ZONING CODE Per the municipality, this lot and structure are location in the C3 Central Business District For your convenience, a portion of the zoning is included. Please contact the municipality o verify and obtain complete zoning information. 12

13 LEGAL DESCRIPTION 13

14 PROPOSED REHAB-APARTMENT CONVERSION 14

15 PROPOSED REHAB-APARTMENT CONVERSION 15

16 PROPOSED REHAB-APARTMENT CONVERSION 16

17 PROPOSED REHAB-APARTMENT CONVERSION 17

18 PROPOSED REHAB-APARTMENT CONVERSION 18

19 PROPOSED REHAB-APARTMENT CONVERSION 19

20 PROPOSED REHAB-APARTMENT CONVERSION 20

21 PROJECTIONS AFTER REHAB 21

22 PROJECTIONS AFTER REHAB 22

23 ABOUT JOHNSTOWN, PA Located in the Laurel Mountains of Pennsylvania, Johnstown had a colorful history as a booming steel town in the 1800s. We have great connections to neighboring communities and beyond, as well as an airport that offers daily flights to Washington and Greyhound and Amtrak train service. Johnstown is home to nearly 22,000 and our family-friendly neighborhoods, good schools, and superb quality of life are just a few of the reasons why our residents have chosen this area as their home. We invite you to come and see for yourself all that Johnstown has to offer. Once you get here, you won t want to leave! People move to Johnstown for many reasons: our excellent schools, first-rate health care facilities, scenic beauty, tourism, and proximity to Pittsburgh. Families that left our city years ago are moving back to Johnstown to enjoy a lifestyle that offers convenience, affordability and a community spirit that can t be found in larger cities. Our surrounding communities offer many specialty shops. You can also take a historic walking tour of our downtown visit the Flood Museum and learn a lot about the Great Johnstown Flood that killed more than 2,200 in Although it s a story of great tragedy, it s also one of inspiration and triumphant recovery and one that has helped shaped who we are today. 23

24 TERMS & CONDITIONS THE property of Sunsun Corp is now being offered for sale under and subject to the following conditions and stipulations. SAID property to be sold is Main Street in the city of Johnstown, County of Cambria, in the Commonwealth of Pennsylvania with all buildings and improvements and known as tax parcel # SAID property shall be sold at or above $50,000 (plus 10% buyer s premium). The highest and best bidder shall be the Buyer or Buyers. Should any dispute arise between two or more bidders, the property may, at the option of the Seller, be put up for sale again. Bidder Verification: In order to bid at this auction, all bidders must complete an online registration at All bidders seeking to register for this auction must be eighteen (18) years of age or older and are subject to verification through credit card information that must be provided in the registration process. You will be asked to provide credit card information for this purpose, and we will use a third party service to verify that your credit card is valid and has available credit. When your registration to bid on this auction has been approved, you will receive an notification that you have been approved for bidding. If we are unable to verify your credit card, you will have no rights to bid at this auction, and your registration will be deemed to be not accepted and/or terminated or extinguished without notice. In addition, bidding rights are not absolute, and all registrations, even if successfully verified by credit card as described above, are subject to manual verification at any time, and from time to time, by the Auctioneer. We may suspend or terminate your registration for this auction at any time, and for any and all reasons or for no reason, in our sole discretion. We will notify you by if your approval to bid at this auction has been terminated or suspended. Bidding Format: Bidding will take place online at until Wednesday, November 1, 2017 at 1:00 PM EST. Once bidding has commenced, any advances on a bid must be made in increments at least as great as those which Tranzon Alderfer has determined. You will be ed if someone outbids you. In the event of competitive bidding in the last 4 minutes of the auction, this auction enables an auto-extend feature at 4 minute intervals which prohibits all sniping software and activity. It is recommended that bidders use the maximum bid option to avoid last minute confusion. Buyer s Premium: A ten percent (10% ) Buyer s Premium will be added to the bid price to obtain the Final Sale Price. Example: Bid Price: $100,000 Plus 10% Buyer s Premium: $10,000 Final Purchase Price: $110,000 Technical Problems: Bidders will need a continuous internet connection (high speed connection is recommended). Tranzon Alderfer and the Seller are not responsible for any technical problems with hardware, software, internet connectivity or human errors and reserve the right to postpone or cancel the auction and/or extend the bidding time for this auction and/or relist the property for auction at another time. Notification of Winning Bidder: At the conclusion of the auction, the successful bidder will be notified and must immediately execute and return the Agreement of Sale to Tranzon Alderfer. Use of online contracts and electronic signatures may be required. Deposit Amount: The successful bidder will deposit 10% of the Final Purchase Price in the form of a certified check or by wire transfer to Tranzon Alderfer within 24 hours of the auction closing. This deposit will be held in the escrow account of Tranzon Alderfer. Documents Available: Property description, legal description, plot plan and other information are available for review and inspection during the On-Site inspections or by appointment. All information contained in the brochure and all other auction-related material is subject to and superseded by the Contract. 24

25 TERMS & CONDITIONS Settlement Date: The Buyer will pay the balance of the Final Purchase Price on or before December 15, Possession will be transferred upon recording of the deed. Taxes will be prorated to the day of closing. Property Condition: The property is being offered for sale AS-IS, WHERE-IS and with all faults without warranty, expressed or implied, of any character, except for any warranties described in the Agreement of Sale. The sale is not contingent on mortgage financing, seller assistance, property inspection, radon inspection, water certification, septic inspection or termite inspection. To the extent the municipality in which the property is located requires any Certificate of Occupancy or similar certificate in connection with the conveyance of the property, it shall be Buyer s responsibility to obtain same at its sole cost and expense, including the cost for repairs of any item required to obtain same, regardless upon which entity the law imposes such obligation. Your complete inspection of the property prior to the submission of a bid is invited. Bidder understands that he will be relying solely on bidder s own information when bidding and that bidder has conducted sufficient due diligence to honor all bids, execute the Agreement of Sale, and close the sale if bidder is the successful bidder for the property. Agency Disclosure: Tranzon Alderfer and all other licensees employed by or associated with Tranzon Alderfer represent the Seller in the case of this property. The information provided herein is provided for the convenience of those that might be interested in the property, however the Seller or Tranzon Alderfer makes no representation or warranty as to zoning descriptions or like matter. Any prospective Purchaser may wish to perform their own due diligence and information searches. Tranzon Alderfer is acting as a licensed Pennsylvania auctioneer in this matter and although references may be made to the Pennsylvania Real Estate License Law and there may be certain conformity with that law, it is purely voluntary on behalf on the auctioneer. Notwithstanding the above, it is understood that Sanford Alderfer Real Estate is also a licensed real estate broker in accordance with the laws of the Commonwealth of Pennsylvania and in the event that the property is sold in accordance with those laws as opposed to auction laws, Sanford Alderfer Real Estate by agreement of the parties, may also in its capacity as a real estate broker be complying with the Pennsylvania Real Estate Commission laws and regulations. Broker Participation: A two percent (2% ) referral fee will be paid to the licensed real estate broker whose prospect purchases and closes on the property. Referral fees are only paid if the broker s client closes the transaction and Tranzon Alderfer receives its commission. To qualify for a referral fee, the real estate broker must be a properly licensed real estate broker, register* the prospect by fax at or by to saralyn@tranzon.com no later than 5:00 pm EST on the business day prior to the start of the online auction, inspect the property with the prospect and sign-in with the prospect during a scheduled on-site inspection with their prospect. The Broker Acknowledgement Form must be signed by the prospect and received by Tranzon Alderfer by the deadline above. No agent will be recognized on a prospect who has previously contacted or been contacted by the Sellers or Tranzon Alderfer representatives. No referral fees are paid if the agent or a member of his immediate family is participating in the purchase of the property. In its sole discretion, Tranzon Alderfer may require proof that the agent is serving only as broker and not as a principal. Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice. This is not a solicitation or offering to residents of any state where this offering is prohibited by law. Tranzon Alderfer is a member company of Tranzon, L.L.C., is independently owned and operated, and uses the Tranzon name by license from Tranzon, L.L.C., which is not conducting or otherwise involved in this auction. *Request a Broker Acknowledgement Form by calling the Tranzon Alderfer office ( ) or download it from our website ( property #AL110117A. 25

26 AGREEMENT OF SALE 1. This AGREEMENT, dated November 1, 2017 between SELLER(S) Sunsun Corporation 672 Main Street Suite C, Harleysville, PA AGREEMENT OF SALE And BUYER(S) 2. The property SELLER(S) hereby agrees to sell and convey to BUYER(S), who hereby agrees to purchase is described as: Main Street in the city of Johnstown, County of Cambria, in the Commonwealth of Pennsylvania with all buildings and improvements and known as tax parcel # a. Terms: Purchase Price (which includes Buyer s Premium) which shall be paid as follows: Deposit (Cash or Check) at signing of this agreement: Cash or Check within days: Balance due at final settlement: Total Purchase Price: 3b. Deposit shall be deposited and held in escrow by Sanford A. Alderfer Inc. to conform with the Pennsylvania Real Estate license law. Buyer(s) agrees to abide by the terms and conditions of this agreement and in the event of a breach of this agreement agrees to forfeit all deposit monies. 4a. Seller(s) written approval on or before: November 1, 2017 Settlement to be on or before: December 15, b. Conveyance from Seller(s) shall be by fee simple deed of special warranty unless stated here: 4c. Payment of total transfer tax shall be split equally between the Buyer(s) and Seller(s). 4d. At the time of final settlement the following will be adjusted pro-rata on a daily basis between Buyer and Seller: taxes, rents, water and sewer fees. Seller will pay up to and including day of settlement and Buyer will pay all days following settlement. 5. Fixtures and Personal Property: All personal property is excluded unless stated here: Included in this agreement are all existing items permanently installed in the property including plumbing and heating, lighting fixtures, antennas, shrubbery and trees, storage sheds, mailboxes, build-in appliances, and any remaining heating and cooking fuels stored on the property at the time of settlement, unless otherwise stated here: 6. This agreement is not contingent on mortgage financing, seller assistance, property inspection, radon inspection, or termite inspection. Buyer has inspected the property or has waived the right to do so and agrees to purchase the property in its present condition. Buyer hereby releases Seller, Agent, and their employees from any claims, losses including personal injury and property damage and all the consequences thereof whether known or not, which may arise from the presence of termites, other wood destroying insects, radon, lead based paints, environmental hazards, defects in the on-site septic system and the on-site water system or any other defects or conditions on the property, including lead-based paint, if applicable. Buyer(s) has acknowledged receipt of the Property Information Package. 7. This agreement is not contingent on a water certification or septic inspection. 8. All inspections including lead based paint (on properties built before 1978) and mold are to be conducted 10 days prior to the auction date. Buyer agrees to buy the property in an as is, where is condition and agrees to sign any waivers required by law. 26

27 AGREEMENT OF SALE 9. The property is to be conveyed free and clear of all liens, encumbrances and easements excepting existing deed restrictions, building restrictions, easement of roads and rights of public service companies. The title shall be good and marketable and such as will be able to be insured by a reputable Title Insurance Company. Buyer shall pay for title insurance, flood insurance, fire insurance and customary settlement costs. 10. The zoning classification for the property is C3 Central Business District. 11. Possession is delivered by deed and keys. Property is to be conveyed broom clean free of debris unless hereby noted: 12. Seller will maintain the property in its present condition with normal wear and tear excepted. 13. Mediation is waived, however, Buyer and Seller may choose to mediate at a later date should a dispute arise. 14a. Should Buyer: (i) Fail to make any additional payments as specified in paragraph 3a, OR (ii) Furnish false or incomplete information to Seller or any other party identified in this Agreement concerning Buyer s legal or financial status, OR (iii) Violate or fail to fulfill and perform any other terms and conditions of this Agreement, Seller may hold the Buyer in default. 14b. In the event of default, Seller is limited to retaining sums paid by Buyer, including deposit monies, as liquidated damages. 14c. If Seller retains all sums paid by Buyer, including deposit monies, as liquidated damages pursuant to this Agreement, Buyer and Seller are released from further liability or obligation and this Agreement is VOID. 15. Seller shall carry appropriate insurance on the Property and bear the risk of loss from fire or other casualties until settlement. If the Property included in this sale is destroyed and not replaced, Buyer will: (i) Accept the Property in its current condition together with the proceeds of any insurance recovery obtainable by Seller, OR (ii) Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer and this Agreement will be VOID. 16. All terms, conditions and provisions in this Agreement that by their nature are to survive settlement shall survive settlement. 17. Special Clauses: Buyer (s) mailing address: Buyer (s) phone numbers: Witness: Buyer: Date: ID or SS#: Witness: Buyer: Date: ID or SS#: Seller (s) mailing address: Seller (s) phone numbers: Witness: Seller: Date: ID or SS#: 27

28 AGENCY DISCLOSURES Please review the following agency disclosures. Tranzon Alderfer and all other licensees employed by or associated with Tranzon Alderfer represent the Seller in the case of this property. The information provided herein is provided for the convenience of those that might be interested in the property, however the Seller or Tranzon Alderfer makes no representation or warranty as to zoning descriptions or like matter. Any prospective Purchaser may wish to perform their own due diligence and information searches. DISCLAIMER All information contained in this package and any advertisements was obtained from sources believed to be accurate. However, no warranty or guarantee, either expressed or implied, is intended or made with regard to the accuracy or completeness of this information. All purchasers must independently investigate and confirm any information or assumptions on which any bid is based. Neither auction company nor the Seller shall be liable for any errors or the correctness of the information provided in this package or in any advertisements or materials disseminated pertaining to the property. Property and included personal property is sold AS IS, WHERE IS, with all faults. Prospective bidders should verify all information. The property is offered for auction to qualified bidders without regard to prospective purchaser s race, color, religion, sex, marital status or national origin. The property and improvements will be offered AS IS without representation or warranty of any kind, including any representations regarding environmental conditions affecting the property or its title. The property shall be offered subject to conditions, restrictions, rights-of-way, easements, and reservations, if any, of record; subject to the rights, if any, of tenants-in-possession, under law. Neither the auction company nor the Seller make or have made any representations or warranty with respect to the accuracy, correctness, completeness, content or meaning of the information contained herein. Any decision to purchase or not to purchase is the sole and independent business decision of the potential purchaser. No recourse or cause of action will lie against any of the abovementioned parties should purchaser become dissatisfied with its decision, whatever it may be, at a later date. 28