Restaurant And Retail Building In Maine

$ 10000.00

Description

YOU ARE BIDDING ON THE DOWN PAYMENT AND WE WILL FINANCE THE REST SO THAT YOU CAN ESCAPE TO GOD’S COUNTRY AND OWN A RESTAURANT AND RETAIL BUILDING NEAR THE CANADIAN BORDER! Up for auction is a bank foreclosed restaurant and retail building located at 280 Main Street in the heart of downtown Madawaska, Maine. Madawaska sits right on the border with Canada and is a full service town with all the basics. The primary employer is the Twin Rivers Paper Company which operates a large paper mill within a couple blocks of this property. Above is a picture of one of the signs on this building, and here are some outside views of the building: This building consist of three retail spaces including a fully equipped restaurant on one side of the street level, a completely remodeled retail/office space on the other side of the street level, and large basement level space that was formerly used as a fitness center. The building has approximately 8000 square feet of space, with around 4000 square feet on each level. We are starting this eBay auction out less than $13 per square foot, and this is a small fraction of what this building is worth and what it would cost to build. We purchased this building from one of the local banks that foreclosed on it, and we spent over $30,000 in the past two months cleaning, repairing and upgrading the building, and it is ready for immediate occupancy. Here are some pictures of the restaurant space: This restuarant is fully equipped with two pizza ovens, gas stove, refrigerators, walk in cooler, commercial mixer, seating booths, etc., and all of this comes with this purchase. It would cost a small fortune to equip a restaurant like this! You could open a new restaurant in this space, and be up and running in short order. The restaurant also has a large central air conditioner that sits on the roof and provides for cooling during the warm summer months. This property has a tax assessed value of $151,000, and property taxes run $2400 per year. The taxes are up to date. On the other side of the street level floor is a retail/ office space, and here are some pictures of it: This space was completely gutted and remodeled for use as a beauty parlor shortly before the building went into foreclosure, and it looks brand new. The building was lost to foreclosure before this space could be occupied and used, and the former owners loss is your gain. This space could be used for a retail store of any kind, and it could also be used as professional office space. The bottom level of the building was used in the past as a nightclub and also as a full service fitness facility. Here are some pictures of it: This lower level was recently completely cleaned and repainted, and it could be used for almost any kind of retail business. Below are a couple of sketches that we put together showing the approximate floor plan of each level of the building: We are private investors, and we have not operated the restaurant or building, so unfortunately we do not have any operating data to provide. The estimated monthly rental value of the restaurant is $900 per month, and there is a local lady in town that is interested in possibly renting the space to operate a restaurant. She is short on working capital, so she couldn’t operate this restaurant on her own, but the new owner could work with her on starting up the restaurant if you don’t want to start this up on your own. The retail / office space should rent for around $750 per month, and the lower level should rent for around $750 per month. The building has a central air conditioning system for the upper floor, and the complete building is heated by an oil fired hot water boiler. Here is a picture of the boiler: You are bidding on the DOWN PAYMENT on this complete and furnished 8000+/- square foot commerical building, and we will provide owner financing for the balance of your purchase price. The successful bidder will be provided with a $89,900 loan at 7.9% interest for 20 years with monthly payments of $746.37 per month. There is no prepayment penalty on the loan, so pay it off early or refinance at any time. You will be issued a Warranty Deed guaranteeing clear title, and we will issue a mortgage for the loan amount. We will prepare all documents and record them in the public record at our cost, so you will have no closing costs. GOOD TITLE IS GUARANTEED! The total purchase price is determined by ADDING the downpayment you are bidding on to the $89,900 loan amount. The high bidder must either “beam” the downpayment using paypal.com (major credit cards accepted) or overnight a cashiers check within 48 hours of the close of the auction. Because this land is being sold so inexpensively at absolute auction here on ebay, the land is being sold “as-is where-is” with no warranties either expressed or implied. Bidders are required to perform all due diligence prior to bidding. Please only bid if you can abide by the terms of the auction. GOOD LUCK ON YOUR BIDDING!! You may pay for this auction using a major credit card or PayPal—eBay’s service to make fast, easy, and secure payments for your eBay purchases!

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