Gates Auction

704 735-1977

Auction

COMMERCIAL PROPERTY / SERVICE STATION

Don's BP and Used Cars

503 East Main Street, Lincolnton, NC 28092

Parcel ID# 00515 ~ Zoned CBT

Wednesday Dec. 27 @ 12 Noon


AUCTIONEER'S NOTE:  Attention mechanics, service station owners, entrepreneurs, speculators, prospectors . . .
Gates Auction has been selected to offer at public auction one of downtown Lincolnton NC's most iconic landmark businesses. 
This legacy location is at the intersection of East Main Street and North Laurel Street now known as Don's BP and Used Cars.

Here is your opportunity to purchase a land mark location in downtown Lincolnton, NC.


Step back in time to the full-service era when patrons drove to their local service station to top off the gas, grab a pack of smokes, soda pop, get there windows cleaned, oil and tire pressure checks before hitting the open road.


This fabulous location is zoned CBT that offers multiple income opportunities from full-service service station, sundries, retail, car sales / detailing, automotive repairs, restaurant / cafe, hair salon,  and much more.  Potential bidders should research specific potential uses with the City of Lincolnton Zoning Administration.  Property is subject to City of Lincolnton's Downtown Beautification Plan.

Corner locations and facilities of this type are very rare and hard to find so take advantage of this opportunity by bidding your price on auction day.  This location is close to banks, small businesses and restaurants.  


Property History

This location has been serving downtown Lincolnton since the 1930's.  The Gulf Oil Company owned the site from 1930 until 1972 and operated a service station on the site since at least the mid 1950's.  The current building was erected around 1959-60.  Don Alexander started renting from Gulf Oil in 1963.  Roster Oil purchased the property from Gulf Oil in 1972.  In 1989, Gulf Oil was bought by BP Oil.  In 1996, Louise Mahoney purchased the "business" from her dad Don Alexander, in 2000 she purchased the real estate from Royster Oil where she continues the family business to this day.  In 1993, a single 20,000 gallon 3 section UST was installed.  The fuel tanks were drained in 2012 and have been inspected since then with no leaks, contamination and the ground water has been monitored with no contamination noted.





























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Terms and Conditions

Bidding Notice: This is a Live On-Site Auction.  Those intending to bid at this real estate auction must be 18 years old and of legal capacity to enter into a real estate contract in the state of North Carolina.  It is the sole responsibility of potential buyers to determine what uses are allowable via City of Lincolnton Zoning Administration.

The successful bidder/s shall sign an auction purchase agreement and present a non-refundable deposit amount of $10,000 in US dollars immediately following the auction and being declared the successful bidder by cash, company check or certified funds.  A 10% Buyers Premium applies to final accepted bid.  Total contract price is obtained by multiplying the accepted bid by the 10% Buyers Premium.  Purchase of real estate is not contingent upon obtaining a loan, inspections or any other contingencies whatsoever.  Auctioneer reserves the right to request prior to or day of the auction a pre-qualification letter, proof of funds, irrevocable letter of credit or any other manner auctioneer deems relevant for proof of buyers ability to complete the transaction if declared the high bidder.

The deposit shall be placed in escrow with Gates Auction, Lincolnton, NC. Balance of total purchase price is due within 30 days of auction day or at closing by cash equivalent.  The property is offered As Is, Where Is with no warranties implied or expressed by the owner or Gates Auction. All disclosures shall be provided to the buyers.  All interested parties wishing to bid on this property shall provide proper identification satisfactory to auctioneer along with complete contact information.

Closing costs
Seller/estate shall pay for the deed preparation, revenue stamps and pro-rated taxes for year ending 2018 up to closing date. Buyer shall pay for pro-rated taxes for year ending 2018 up to closing date, closing representation, attorney, title insurance, inspections or any other costs relating to the closing of the transaction.

Onsite Buyer Registration Terms
All interested parties wishing to bid on this property shall provide proper identification satisfactory to auctioneer along with complete contact information.

The buyer/s bidding and ability to purchase the property is not contingent upon financing, inspections, surveys so be sure you have arranged the immediate availability of your funds and completed all pre-auction inspections. The property will be sold subject to seller’s approval or negotiation of final bid. Property sells as-Is, no warranties expressed or implied with any and all faults. The auction is subject to prior sale (the property can be purchased prior to the end of the auction).

The seller reserves the right to cancel the auction at any time prior to the final bid closing. Final closing is NOT contingent upon financing. A Warranty Deed will convey the property. The buyer may purchase title insurance policy at closing. The buyer will pay attorney and any other fees associated with buyer’s duty to close. Real estate taxes will be prorated to the day of closing. Seller will pay for deed preparation and revenue stamps. Possession will be granted as of the recording of the deed. The successful Bidder shall execute an “Auction Real Estate Sales Contract” for the property immediately after being declared the Successful Bidder by the Auctioneer. Each potential Bidder is responsible for conducting at their own risk, their own independent inspections, investigations, and due diligence concerning the property prior to auction time. Gates Realty and Auction and their representatives are exclusive agents of the Seller.

All announcements made up to the final close of the Auction bidding take precedence over all advertising, oral or printed material. All information was gathered from reliable sources and is believed to be correct as of the date this brochure is published; however the seller or auctioneers have not independently verified this information. Auction plats and drawings are for representation purposes only and buyer/s assume all liability whether to rely upon provided materials. Its accuracy is not warranted in any way by the seller or auctioneer. There are no obligations on the part of the sellers or auctioneer to update this information.

It is the responsibility of all potential buyer/s, buyer’s agents to inspect property and determine for themselves the accuracy of information given that is deemed to be true and accurate but not guaranteed and thus bid accordingly relying solely upon their own findings or by inspection by qualified inspectors or contractors hired by and paid for by buyer. Buyers may make inspections prior to the auction. However, sale of the property is not contingent upon inspection results or ability to obtain a loan in order to purchase.

Default
If any conditions contained herein are not complied with by the buyer, Gates Realty And Auction , inaddition to asserting all remedies available by law, including the right to hold defaulting buyer liable for the purchase price, either, a) cancel the sale, retaining as liquidated damages any payments made by such buyer, b) resell the property at public auction or privately on seven days notice to such buyer, or c) take such other action as it deems necessary or appropriated.  If Gates Realty And Auction resells the property, the original defaulting buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder. In any event, the buyer’s earnest money deposit will be retained by Gates Realty And Auction as liquidated damages.

Broker Participation
A commission shall be paid to any agent with a valid, active NC real estate license representing the successful high bidder, completes the Broker Participation form and provides the NC Buyer's Agent representation and compensation form and faxes to 704 490 4003 within 72 hours of auction.  No compensation paid to Brokers as a party to the transaction in any manner.
 

Buyer’s Acknowledgment of Terms and Conditions: _________________Date:_____________

Auctioneer Robert S. Gates, NCAL 4823
704-735-1977