0.086 acs. Los Banos Commercial Building
$300,000
Los Banos, CA
Status: Sale Pending
Acres: 0.086±
Price Per Acre: $3,488,372
Description
***OVERBID INFORMATION *** The hearing date for sale approval and overbid is scheduled for August 13th at 9:30 AM at the US District Court, 2500 Tulare Street, Department B, Courtroom 13 (5th floor), Fresno, CA 93721. The minimum overbid amount is $220,000. The minimum subsequent overbid increment is $5,000. The sale is “As-Is”, with any due diligence of the property conducted and approved prior to the hearing date. The proposed purchaser has agreed that the sale of the Commercial Building is subject to overbid prior to approval by the Bankruptcy Court. Prior to considering approval of the sale of the Commercial Building, Plan Administrator requests the Court to entertain higher and better offers from qualified bidders. Plan Administrator requests the Court to utilize the following overbid procedure. 1. As a condition of its ability to submit an overbid, any overbidder must notify Plan Administrator of its intent to submit an overbid at least 3 court days prior to the hearing on this motion. 2. Any potential overbidder must submit documentation reasonably requested by Plan Administrator to establish the potential overbidder’s financial ability to close the transaction. 3. Immediately prior to the hearing on this motion any person wishing to submit an overbid must provide Plan Administrator with a deposit in the amount of $25,000 payable to Stewart Title Company. 4. Any overbidder must submit its bid(s) on the same terms and conditions as set forth in the offer and counter offers, except that the price component shall be fixed at the amount of the successful overbid. Within one day following submission of a successful overbid, the bidder must provide Plan Administrator with a signed contract on the terms and conditions set forth in the original offer and counter offers, except as to price. 5. Closing shall be 15 days following the court approval of the successful bid. Please contact agents for additional information. *** This 1,200± square foot building was recently updated and was previously used as office space. There is a large front reception area with granite counter tops and tile flooring, along with three offices, concrete block safe room, private restroom, and a storage/server room. The building is 1,200± square feet on a 3,751± square foot lot (0.086± acres).
Location
This commercial building is located in the heart of Los Banos’ downtown commercial district at 507 J Street, Los Banos, CA 93635. Nearby businesses include City Hall, Wells Fargo, law offices, chiropractor, and beauty salon.
Legal
026-052-002
Zoning
C-1 General Commercial District, City of Los Banos.
Comments
$300,000 cash at the close of escrow. Sale of the property is subject to court approval and may be subject to overbid and final approval by the Bankruptcy Court. Seller is a court-appointed plan administrator in a Chapter 11 bankruptcy case. Because Seller has limited information regarding the property, the property is being sold “AS-IS”.