121 RENTAL LN Grasonville, MD 21638

**THERE WILL BE A GUIDED TOUR ON THURSDAY, FEBRUARY 1 PROMPTLY AT 1PM**
List price to be opening bid at online only auction. Bidding begins Friday, February 2nd & ends Wednesday, February 7th, 2024 @ 1:00 PM. Location: Located off Route 50, in close proximity to the Bay Bridge, with prominent digital signage visible to approximately 60,463 vehicles per day. (Per a 2020 traffic study). Zoning: The property is zoned Urban Commercial (UC). Please see the external link from the Queen Anne County website going over permitted uses. Tenancy: The site is leased to 2 tenants that utilize the buildings and open air storage. There is additional rental income for parking utilized by the neighbor (Rental Works). There is a vacant portion of the site that has rental income potential. The owner has been in discussions with a cell phone tower company and the correspondence is located in the document section with the leases. It is also possible to utilize the vacant section for additional outdoor storage. The site would also be ideal for an owner user looking to occupy one or both of the buildings. The current owner has declined to renew the leases early in anticipation of selling the property potentially to an owner/user. The tenants have indicated they would like to renew. Improvements: The Galahan Marine Building is believed to be 130' x 60' which includes a 30' x 60' office area, a 30' x 60' storage area and a 70' x 60' shop area which totals 7,800+/- SF. The RV building is believed to be 80' x 50' on the first floor and 50' x 20' 5" on the second floor for offices which totals 5,025+/- SF. Both buildings are steel and have mezzanine levels which makes the usable square footage more than the footprint. Environmental Study: There was an environmental site evaluation done in December of 2023 in anticipation of bringing the property to market. It is avaialble for review in the documents section. Utilities: The property is served by public sewer and water is provided by well. Heat is a mixture of oil furnaces running both industrial heaters and heated flooring in the warehouse areas. The office and retail areas are served by HVAC systems. Rent Roll: **Current Gross Monthly Scheduled Rent of $18,804.80** **Current Annual Gross Scheduled Rent of $225,657.60** Annapolis RV Center: Rented for $8,482.20/month. Galahad Marine: Rented for $9,822.60/month. Rental Works: Rented for $500/month
Potential cell tower for $1,000/month. **Potential Gross Annual Rent of $237,657.60 if cell tower deal is made.**