Mr. Michael Davin reports

HERITAGE ZETABID ANNOUNCES PUBLIC AUCTION OF RETAIL LEASED INVESTMENT PROPERTY OUTSIDE OF BALTIMORE, MD

Heritage Zetabid Realty & Auction Services, a division of Heritage Global Inc., will hold a public auction for the sale of 501-515 Eastern Blvd., located in Essex, Md. The retail/office building consists of 67,370 square feet of gross leasable area and is 78 per cent occupied. The property features 175 parking spaces on a 2.4-acre lot with 365 feet of frontage on Eastern Boulevard. The centre consists of two stories with 26,326 square feet of frontage retail and 40,544 square feet of lower-level space currently improved as a church facility.

The on-line auction is scheduled for Aug. 19, 2015, and Aug. 20, 2015, and conducted at the Zetabig website. The starting bid is just $2,499,999 ($37 per square foot) and was last appraised 12 months ago at $4-million. Rents are deemed to be below market with pro forma rental gross income potential of $495,000. The property has not been professionally managed in recent years, so significant rental growth is possible for a professional investor.

"This represents an outstanding opportunity for a developer/investor to achieve double-digit cash flow returns. In an investment real estate environment with heavy competition and low yields, this is the perfect chance for a strong operator to improve the rental income stream with professional management," said Michael Davin, managing director of Heritage Zetabid Realty & Auction Services.

Buyers must register in advance to obtain diligence information. As always, broker co-operation is invited with a 2-per-cent fee available to qualified brokers representing their clients. Two preview inspection dates will be scheduled in the next few weeks and posted on the Zetabid auction website.