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BANK TRUST LIQUIDATION
AUCTION!
Open Outcry Auction
To be held at the Holiday Inn - National City
Thurs., October 5 at 7:07 PM
700 National City Blvd
National City, CA 91950
(Information Session:
Friday, Sept. 15 from 1-3pm)
6 Properties in San Diego, National City, & Chula Vista
Well located vacant lots & commercial property...excellent development potential!
Property #1 - Physical Property Description
Vacant Lot located at the SE corner of Albemarle St & Reo Dr in the Paradise Hills area of the City of San Diego, CA 92139. Approximately 13,125sf (.30acre) in size. Lot is relatively flat and almost square in shape, with one slightly curved side abutting Albemarle St. Currently Zoned CN-1-2. Parcel #587-192-01
SOLD: $330,000
Property #2 - Physical Property Description
2310-2318 Reo Dr, San Diego, CA 92139 (Paradise Hills) - Two adjacent rectangular parcels totaling approximately 13,800 sf (6,900 sf each) located on the west side of Reo Dr. Northern portion of the property is improved with a building currently being utilized as a VFW facility. Zoned CN-1-2. Parcel #'s 587-191-17 & 587-191-18.
SOLD: $451,000
Property #3 - Physical Property Description
Vacant rectangular lot on 8th st west of V Ave in National City, CA 91950.
Extends from the north side of 8th st to the south side of 7th st and is located immediately west of the corner property at 8th & V. Approximately42,689 sf and flat.
Currently Zoned IP/PD. Parcel #557-140-25.
SOLD: $825,000
Property #4 - Physical Property Description
Vacant lot at 8th st and Harbison Ave, National City, CA 91950. This
L-shaped property has street frontage on both 8th st and Harbison Ave, and abuts what is currently a Church's Chicken Restaurant at the corner of 8th and Harbison.
Currently Zoned CL. Parcel #'s 558-050-20, 558-050-21, and 558-050-23.
SOLD: $825,000
Property #5 - Physical Property Description
1424 and 1430 Broadway, Chula Vista, CA 91911. Property consists of two adjacent parcels totaling approximately 1.7 acres. 1430 Broadway is approximately .28 acre, faces Broadway (a major arterial) and is currently occupied by a Tire/Auto shop. 1424 Broadway is approximately 1.42 acres and lies directly behind (west) of 1430 Broadway, it is long and roughly rectangular, currently operated as the Bayside Trailer Park.
The property (#5) is comprised of Parcel #'s 622-041-24 and 622-041-26. Both parcels are currently zoned CT.
SOLD: $1,540,000
Property #6 - Physical Property Description
1605 4th St, National City, CA 91950. Located on the NE corner of 4th St and Palm Ave, currently being operated as a grocery. Zoned CL. Parcel #554-050-19.
SOLD: $400,000
TERMS:
BIDDER REGISTRATION: All prospective buyers must register to bid. A cashier's check or certified check payable to PACIFIC AUCTION EXCHANGE, INC. in the following amounts will be required to bid on each property: #1) $20,000 #2) $25,000 #3) $50,000 #4) $40,000
#5) $70,000 #6) $12,500. The successful bidder will be required to deposit a
10% non-refundable payment in Broker's Trust Account until time of closing. A 10% Buyer's Premium will be added to the final bid and included in the total contract price.
CLOSING: Closing will take place within thirty (30) days of the auction. A Grant Deed
will be supplied by the seller at the seller's expense, giving marketable title subject to
restrictions of record. Taxes are prorated. Title insurance will be at the buyer's expense.
BIDDER'S INFORMATION PACKAGE: A package of information has been assembled for each property and includes a Preliminary Title Report and other disclosures and information. Bidder's are required to obtain and review Bidder's Packages prior to the auction.
PROPERTY INSPECTION: Preview of the property is essential. Properties are being sold in "as-is, where-is" condition. Properties will be sold subject to easements, restrictions, zoning and other matters of record. Announcements made from the podium at the time of auction take precedence over all printed material.
CONDUCT OF AUCTION: Conduct of auction and increments of bidding are at the discretion of PACIFIC AUCTION EXCHANGE, INC. PACIFIC AUCTION EXCHANGE, INC reserves the right to deny any person admittance to the auction. Open Outcry auction will be conducted at the Holiday Inn, National City, 700 National City Blvd. Broker ID #01325159. Bond #CSC3040947.
BROKER PARTICIPATION INVITED: Subject to established PACIFIC AUCTION EXCHANGE, INC guidelines. Properly registered brokers are eligible for a fee of two and one half percent (2.5%)
of the winning bid price payable upon closing to the broker whose prospect pays and closes on
the property. Brokers must register prospects no later than Friday, September 29.
AUCTION PURCHASE AGREEMENT: The winning bidder of each auction will be required
to immediately complete and sign the Pacific Auction Exchange Auction Purchase Agreement
and "Addendum A," a copy of which is included in the bidder's package.
NO CONTINGENCIES: Purchase of the property is NOT SUBJECT TO ANY CONTINGENCIES.
AGENCY DISCLOSURE: It is understood that PACIFIC AUCTION EXCHANGE, INC is acting in
the capacity of real estate broker on behalf of the seller. The seller and Pacific Auction
Exchange have executed a listing agreement which provides for the payment of
a commission to the Pacific Auction Exchange, INC upon the sale of the real property.
All information in this brochure was derived from sources believed to be correct, but is not guaranteed. ALL PROPERTY MEASUREMENTS ARE APPROXIMATE. It is the Buyer's responsibility to verify all property specifications prior to the auction date. PAX IS AN AGENT OF THE SELLER. THE INFORMATION CONTAINED HEREIN IS FROM SOURCES BELIEVED TO BE RELIABLE BUT BIDDER IS RESPONSIBLE FOR VERIFYING ALL FACTS. NEITHER SELLER NOR BROKER ASSUMES LIABILITY FOR ANY INACCURACIES.
The seller reserves the right to cancel or withdraw properties from the auction without prior notice.
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