621 FLORIDA AVE NW Washington DC 20001-1852

REAL ESTATE AUCTION

Featuring Live & Online Simulcast Bidding

- $800,000 Opening Bid -

NORTHWEST WASHINGTON, D.C.

Ledroit Park - Shaw Area

THREE STORY BUILDING

3,904± Sq. Ft. GBA ✦ Zoned MU-4: Mixed Use

- Redevelopment Opportunity -

OPPORTUNITY ZONE

Known As

621 FLORIDA AVENUE NW

Near 7th Street NW

Washington, D.C. 20001

Online Bidding Opens

WEDNESDAY, MARCH 23, 2022

Live Onsite Auction

FRIDAY, MARCH 25, 2022

AT 12:00 NOON

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

LOCATION:

621 Florida Avenue NW is located in the Ledroit Park neighborhood in Northwest Washington, D.C. To the immediate south is the Shaw neighborhood. Howard University and Howard University Hospital are immediately north. Ledroit Park is an historic community, named on the National Register in 1974, with impressive architecture and an exceedingly convenient location. The area has a robust, storied history dating back approximately 150 years, and has seen an impressive amount of development over the most recent decade. The property itself spent approximately 80 years as the home of Hall Brother's Funeral Home.

The Shaw-Howard University Metro Station is within 2 blocks. Surrounding properties comprise a collection of single family homes, multi-unit apartment and condominium buildings, new mixed-use projects, religious facilities, the Howard University Hospital and an attractive variety of restaurants and retail businesses. The world famous Howard Theatre is across the street. Exposure at the site is good, with DDOT reporting 28,135 cars per day (AADT) in front of the property.

The auction affords an opportunity to purchase a large structure with permissive zoning in a rapidly developing area. Options for redevelopment abound, and include apartments, commercial use and a variety of mixed-use options. The property is also within a Federally designated Opportunity Zone, providing tax incentives for investors and developers.

For more information about the area, please visit:

Washington, D.C. Government - dc.gov

Official Tourism Site of Washington, D.C. - washington.org

Ledroit Park - Washington Post www.washingtonpost.com

Howard University - howard.edu

For more information about Opportunity Zones in Washington, D.C., please visit:

Opportunity Zones - dmped.dc.gov

Interactive Map of Opportunity Zones - dcgis.maps.arcgis.com

SITE:

Lot size - 2,143 square feet, or 0.05 acre, more or less, according to public tax records

Approximately 18' front with depths of approximately 112'

Alley access to rear garage (approximately 1 car)

All public utilities

ZONING:

Zoned MU-4, Mixed-Use

According to the Washington, D.C. zoning code, "The MU-4 zone is intended to: (a) Permit moderate-density mixed-use development; (b) Provide facilities for shopping and business needs, housing, and mixed uses for large segments of the District of Columbia outside of the central core; and (c) Be located in low- and moderate-density residential areas with access to main roadways or rapid transit stops, and include office employment centers, shopping centers, and moderate bulk mixed-use centers.

Available uses within an MU-4 district (MU - Use Group E), whether matter-of-right or by special exception are abundant, and include:

Principal residences

Multi-unit residential

Retail - including restaurants (no fast food), stores, medical and child/elder care facilities

Office

Institutional"

Details as to property uses, limitations under the zoning code, set backs and additional zoning regulations can be found at DC Office of Zoning - dcoz.dc.gov/

IMPROVEMENTS:

Three story semi-detached brownstone - constructed in 1900, containing 3,904 square feet of gross building area, according to public tax records. Actual age may be older, and square footage may not include below grade square footage (partial basement).

The building is arranged as a funeral home, with a large, open parlor, various offices, powder rooms and storage areas. Architectural details include an array of embellishments on the facade, multiple fireplaces, front and rear stairwells and a collection of wood details.

The property has been vacant for approximately 3 years, and is in need of full renovation.

TITLE:

In fee simple; sold free and clear of liens.

TAXES:

Published annual real estate taxes are approximately $27,188.70, based on a full value assessment of $1,529,340.

SUMMARY TERMS OF SALE:

Please see the contract of sale for complete terms.

Live Auction Bidders - an $80,000 deposit, payable by cashier's check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price by 12:00 NOON, Monday, March 28, 2022 at the Auctioneer's office.

Online Auction Bidders - a 10% deposit, payable by cashier's check or wire transfer, will be required of the purchaser by 4:00 p.m. on the day of auction, at the Auctioneer's office.

Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the Purchaser. Interest to be charged on the unpaid purchase money, at the rate of 8% per annum, from date of contract to date of settlement. All adjustments, including taxes, ground rent and all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of contract and assumed thereafter by the Purchaser. The property will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Seller is unable to convey good and marketable title, the Purchaser's sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the Purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the Purchaser except where otherwise mandated by local, State or Federal law. Time is of the essence.

No Buyer's Premium!

• Exceptional Redevelopment Opportunity
• Opportunity Zone
• Off-Street Parking
• Excellent Exposure
• Ledroit Park - Shaw - Howard University Area