Second Sale Date:
Thursday, May 29th @ 12:00 PM
More Information
Bidding starts at $880,000 based on a $1,320,000 appraisal. 6,562 SF freestanding commercial building plus basement on .74 Acres. Great redevelopment opportunity. Previously known as the Florentine Restaurant. Located in an opportunity zone in the Franklinton submarket of Columbus just West of Downtown. Prime for a mixed-use development. 200 plus feet of frontage on West Broad and located at the corner of Broad and Martin Ave. Approx. 17,000 vehicles per day on W. Broad. The current zoning is LC-4. Vacant restaurant with ample parking. The property to the West is also on the market which would give you the entire block.
History of the Florentine: The Florentine Restaurant was a cherished Italian American eatery located in Columbus, Ohio's Franklinton neighborhood. Established in 1945 by Tony Penzone, it became a local institution over its 71-year history, renowned for its classic Italian dishes like spaghetti and meatballs, lasagna, and its signature house salad dressing. The restaurant was a family-run business, with three generations of the Penzone family contributing to its legacy.
Lot Size: .74 Acres
Annual Taxes: $19,993
Plaintiff
The Huntington National Bank
Defendant Name
907 West Broad Real Estate LLC
Attorney
Park Street Law Group
Viewing Dates
The property is vacant. If you wish to have a showing, text the Auctioneer with your name and the address of the property you wish to see. We will schedule an appointment for you.
Property Map
Basic Terms:
* This is a Foreclosure Auction ordered by the Franklin County Common Pleas Court. The foreclosure process intends to clear all liens and encumbrances on the subject property. You are encouraged to purchase Title Insurance at closing for an extra layer of protection.
* The property sells with a minimum opening bid of $880,000.
* The required deposit is 10% of the high bid amount.
* The successful bidder will be required to wire or direct deposit the above amount into the trust account of Ohio Sheriff Sales by 5:00 pm day of auction. If the deposit has not been made by the stated time, the purchaser automatically authorizes Ohio Sheriff Sales to charge the credit card provided at the time of registration for the required deposit amount plus a 10% processing fee.
* The real estate is sold As-Is with no contingencies.
* Closing required within 30 days of court confirmation.
* No contract is signed after the auction. A one-page Purchaser Information Form is the only document that is required by the Court. See the Documents section of this listing for the form.
* A 10% buyer's premium will be added to the high bid to obtain the final selling price.
* Buyer pays all closing costs.
* Private Selling Officer Deed or equivalent given at closing.
* The purchaser shall be responsible for those costs, allowances, and taxes that the proceeds of the sale are insufficient to cover. This generally only comes into play when a property goes to the 2nd auction with no minimum bid, or the property sells for less than is owed for back taxes and court costs.
* BUYER DEFAULT: Be aware, if you are unable to close within 30 days of court confirmation, your deposit is non-refundable, and you could be liable for other costs and penalties including being found in contempt of court.
* CASH ONLY SALE: All sales are considered CASH ONLY with no contingencies. You MAY be able to obtain financing on properties where interior access is available. Banks and Mortgage Co’s will only lend on properties when they can receive an interior appraisal. Keep in mind, the purchase of the property is not contingent upon the result of the appraisal or being denied for financing. The property is being sold AS IS with no warranties or guarantees.
* BIDDING NOTES:
Bid Increment: Required bidding increment is $5,000. Max Bid: When bidding, you can place a "Max Bid" and the automated bidding software will bid for you in the required increment up to your stated maximum. You will be notified by email and or text if your maximum is exceeded by another bidder. Bid Extensions: If a bid is placed in the last 5 minutes before the scheduled auction end time, bidding will extend back out to 5 minutes. Bid extensions will continue until a 5-minute period of time elapses after the stated auction end time with no advance in the bidding.