Family Retirement Sale of Real Estate at Public Auction. 7,000-sq. foot mixed-use commercial building in downtown Hampton Center, home of the 100-year old historic MARELLI’S MARKET. The 3,500-sq. ft. ground floor includes the market & an 800-sq. ft. Yoga study. Upper floors include office suites & a one-bedroom apartment. Auction live on-site on Monday October 24th beginning at 2 PM. Please view & download our Bidder’s Package. Bennett & Moore Auctioneers at 603-502-7457. BIDDER PACKAGE
BENNETT & MOORE AUCTIONEERS
PO Box 4010 , Portsmouth, NH 03802
Stephen Bennett #2423 sbennett999@gmail.com
Joseph Moore #3072 jrmauctioneer@gmail.com
www.bennettandmooreauctioneers.com
603-502-7457
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RETIREMENT SALE OF REAL ESTATE at AUCTION
465 Lafayette Road – Hampton, NH
Mixed-use commercial building in Hampton Center
Monday October 24th at 2 PM.
INTRODUCTION
Dear Prospective Bidder – Bennett & Moore Auctioneers are pleased to announce that they have been retained by the Marelli family of Hampton to sell at Public Auction, this prime piece of Hampton property which has been the home of the historic Marelli Market for 100-years !
– A Rare Opportunity !
– Retirement sale of real estate
– Includes 461, 465 & 467 Lafayette Road
– Prime high profile Route-1 location in Hampton Center
– High traffic count
– 7,000+ total square feet
– 3,500- ground level commercial space
– 2nd & 3rd floor office / apartment options
The information contained herein is provided as a guide to the property & to the auction process. As an interested party you are encouraged to do as much independent research as is necessary for you to make an educated decision to bid.
The property will be sold in “as is” so please attend one or more of our many open houses to perform your inspections prior to the auction.
Good luck and thank you for your interest. Please feel free to ask any questions.
Stephen Bennett, NH Lic. #2423 – 603-502-7457
Joseph Moore, NH Lic. #3072 – 603-234-0688
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DISCLAIMER – This property is being sold “as is”. Information contained herein was obtained from sources believed to be reliable. However, this material is subject to errors and omissions and is not guaranteed. No warranty is made as to the accuracy or completeness of this information. No reliance should be placed upon this information. The Auctioneer, the Owner’s & their Attorney’s shall have no liability for any damage arising from such reliance.
PROPERTY INFORMATION
Address : 465 Lafayette Road, Hampton, NH
US Route-1 frontage, at the The Old Salt intersection at High Street / Route-27
Town of Hampton reference : Map 160 / Lot 006
Lot : 0.14-acre city lot.
Dimensions : 54-feet Route-1 road frontage. Average depth Is 93-feet.
Town Tax Assessment : $791,000 x 77.9% equalization = $616,200 effective assessment
Appraised Value : as of July 2022 is $675,000 (approx. $110,00 per square foot)
2021 Taxes : approx. $9,760 includes water bill
Projected Gross Income : $75,000 to $80,000 a year.
Sewer : city septic Water : city water
Utilities : 200-amp electric; city gas; oil
Building :
– Total of almost 7,000-square feet on 3-floors.
– First floor ground level commercial space is 3,500-square feet configured as (2) units, Marelli’s Market and the 800-square foot Yoga Parlor.
– 2,600-square feet of office space on the second floor; ½ currently leased.
– 977-square foot residential apartment on the 3rd floor.
– 2,077-square foot basement.
Zoning: Town Center Historic District
– Permitted uses – Apartments, convenience store, pharmacy, art gallery, grocery store, café, retail sales & services, restaurant, hotel, B&B, day care, business & professional offices, etc.
AUCTION INFORMATION
Type of Auction : Family Ordered Retirement Sale at Public Auction.
Subject Property : Mixed use commercial / residential property
Date & Time of the Auction : Tuesday October 24th, 2022, beginning at 2 PM.
Location of the Auction : On-site at the property.
Qualifications of Bidder : The only qualification necessary to bid at this auction is the presentation of the required below referenced Deposit.
Deposit : A deposit of $20,000 is required to obtain a Bidder Number for this auction.
Deposits presented on the day of the auction should be in the form of cash, or by Certified Check, cashier’s check, treasure’s check. Please make your check payable to yourself. If you are the successful bidder you will then sign your check over to the Auctioneer for deposit into our escrow account.
The entire deposit will be credited towards the purchase price.
Deposits of the non-successful bidders will be returned immediately following the auction.
Deposits of the successful bidder are NON-REFUNDABLE should the Successful Buyer fail to close for any reason.
Purchase & Sales Agreement : Immediately upon conclusion of the bidding the successful high bidder will be required to sign the Purchase & Sales Agreement. A copy of the P&S Agreement will be available for review prior to the.
Buyers Premium : There is a 10% Buyer’s Premium being applied at this auction. For example, if the Auctioneer says sold for $100,000 (a.k.a. the Hammer Price), the Actual Purchase Price will be $110,000.
Closing : The closing must take place on or before thirty-five (35) days after the auction.
Back Taxes : This is not a foreclosure auction so there will be No Back Taxes.
Deed : Warranty Deed free and clear of all encumbrances.
NH State Transfer Taxes : will be split equally between the Buyer & the Seller.
INSPECTIONS & OPEN HOUSES
INSPECTIONS
This property is being sold “as is”.
The Purchase & Sales Agreement will not be contingent on post-auction inspections or financing.
However, we offer multiple opportunities for prospective Buyers to view and inspect the property prior to bidding. Please take advantage of one or more of these open house opportunities.
Or by appointment with the Auctioneer.
OPEN HOUSE SCHEDULE
Sunday October 16th from 11AM to 2PM
Monday October 17th from 11AM to 2PM
Sunday October 23rd from 11AM to 2PM
Monday October 24th from 11AM to 2PM (auction at 2PM)
Morning of the auction at 11 AM.
HOW TO BID / PARTICIPATE
You may bid any of the following ways …
- By attending the live auction on auction day, Monday October 24th.
- Phones will be available for bidders who are unable to attend the auction in person. Pre-registration is required. Please call our office in advance to register as a phone bidder.
- By absentee / left bid : we will accept absentee bids where one of our staff members will execute bids for up to the amount of your maximum authorized bid. Please call our office in advance to set up an absentee bid.
NOTE – If you are planning to bid by phone or by absentee bid then your deposit must be received prior to auction day. The method of payment would be to mail the check to us, time prevailing, or, wire transfer to our escrow account.
BROKER PARTICIPATION
The intent of our Broker Participation Fee is to allow real estate agents to introduce new customers to the property being offered (procuring). Below are the qualifications required to qualify for the Procuring Broker Participation Fee offered for this property. We are not Realtors, therefore, we are not subject to Realtor Agency relationships.
- We will offer the broker participation fee only to a Procuring Broker.
- To qualify as a Procuring Broker the agent / broker must make the initial contact with the auctioneer. No exceptions.
- The auctioneer is not obligated to pay the Broker Participation Fee if the client contacts the auction company directly prior to the agent / broker introducing us to the said client.
- The agent / broker must accompany their client to all showings and / or open houses and be present the day of the auction.
- If your client is the successful bidder at the auction and successfully closes the sale per the Terms & Conditions set forth in the Purchase & Sales Agreement, then we will pay to their agent, a fee of 2% of the hammer price at the auction.
- Broker / Principal relationships can not be recognized.
