4503 Hwy 58, Chattanooga, TN 37416 (Hamilton County)
Auction: Lender Owned Absolute Auction of Retail & Restaurants in AL-FL-NC-TN-WY

 

Bid Deadline: Thursday, May 24 at 1:00 PM ET

Closing Deadline: Tuesday, June 26, 2018

Inspection: Monday, May 14 & Monday, May 21 at 11:00 AM ET SHARP. An Auction Right of Entry form must be signed in order to gain access to the building which releases seller from liability in the event of accidents while onsite.

Sale Manager: Jeb Howell, 770-980-9565, info@amcbid.com

 

Property Description: Former national chain coffee shop. Brick sided retail and restaurant building on .55 acres built in 2007 with drive through access and 18± parking spaces. Located off a signalized intersection just east of Hwy 58/153 four lane exit in a vibrant area of north Chattanooga. Includes pylon sign. Per Hamilton County tax records, the asset sold in 2007 for $1.4 million and was tax appraised at $718,500.

 

According to an October 8, 2007 Phase 1 Environmental Site Assessment, no evidence or indication of Recognized Environmental Conditions was revealed.

 

Zoned C-2 Commercial

Water: Tennessee American Water Company
Sanitary Sewer: Hamilton County
Storm Sewer: Hamilton County
Electric: Electric Power Board (EPB)
Natural Gas: Chattanooga Natural Gas

 

Hamilton County Parcel ID# 129H_E_011

2017 Taxes $7,947.18

 

Julian E Howell, III TNAL#5451

 

This auction features a grouped bid extension - please see details in terms below.

 

Terms:  Bank Proof of Funds Required to Bid, 10% Buyer’s Premium added to winning bid to determine sale price, 10% Earnest Money Deposit, close by June 26, 2018. Auctioneer is not responsible for bidding errors caused by internet outages, bid platform failures, or power failures.

 

All of the properties sell individually as "lots" however they are all tied together by the auction clock. We will set a bid deadline for all of the assets. Once we get within 5 minutes of that bid deadline, any bid placed on Any of the assets will extend All of the assets another 5 minutes. This extension will continue until no bids are placed on any of the assets in a five-minute window.

 

This feature is in place partially to prevent "sniping" which can occur on online auctions with a hard deadline. It recreates the action of a "Live Auction". If your opponent bids in the waning seconds of the auction, you still get another chance to bid.

 

With that in mind, don't wait out the bid until the last second, as it can put you at risk for not getting your bid in before the 5-minute clock runs out.