City of Buena Vista, VA • Rockbridge County

Online Real Estate Auction: Commercial Opportunity

PREVIEW DATES: November 1 and 6 From Noon – 3:00 pm at “Ramsey”, 2076 Magnolia Avenue

Bidding Opens November 1, 2020 ¦ Closes November 17, 2020, 1 PM (Soft Close)

If you need bidding assistance, representatives will be available November 17 from 11:00 am to 1:00 pm at the House Mountain Inn, 455 Lonesome Dove Trail, Lexington, VA 24450.

• Investment Opportunity
• 1.5 miles to I-81
• 7.4 Miles from Lexington
• 20% more affordable to live than average in US
• Near 3 colleges
• Maury River
• Mixed use zoning

Property: 1
“Linric” – 2067 Magnolia Ave.
Suggested Opening Bid: $175,000
SF (±): 8,950
Historic Tax Credit Eligible: Yes
New Market Tax Credit Eligible: Yes
Tax Assessed: $247,200
Notes: Remodeled upstairs 4-bedroom 1,850 SF apartment $800 per month and a 500 SF studio $400 per month, downstairs space ready for rehab

Property: 2
“Ramsey” – 2076 Magnolia Ave.
Suggested Opening Bid: $150,000
SF (±): 6,750
Historic Tax Credit Eligible: Yes
New Market Tax Credit Eligible: Yes
Tax Assessed: $310,500
Notes: One professional office $350 per month, lower level is rehab ready

Property: 3 – UNDER CONTRACT
“Salon And Parking Lot” – 2002 Magnolia Ave. and parking lot
Suggested Opening Bid: $85,000
SF (±): 2,440
Historic Tax Credit Eligible: Yes
New Market Tax Credit Eligible: Yes
Tax Assessed: $123,100
Notes: Monthly income salon $600, Vacant rear office available to rent, Vacant land 10,000± SF

Property: 4
“Magnolia Parking Lot” – Corner of Magnolia Avenue and 20th St.
Suggested Opening Bid: $90,000
SF (±): Vacant Land 12,500
Historic Tax Credit Eligible: No
New Market Tax Credit Eligible: Yes
Tax Assessed: $47,500
Notes: 12,500± SF gravel parking lot. Access from Magnolia Ave and 20th street

Property: 5
“Arts Council” – 2037 Magnolia Ave.
Suggested Opening Bid: $175,000
SF (±): 10,250 – 2 Stories
Historic Tax Credit Eligible: Yes
New Market Tax Credit Eligible: Yes
Tax Assessed: $219,500
Notes: Vacant land 1,125± SF

Property: 6
“Annex” – 2043 Magnolia Ave.
Suggested Opening Bid: $50,000
SF (±): 625
Historic Tax Credit Eligible: Yes
New Market Tax Credit Eligible: Yes
Tax Assessed: $49,200
Notes: Large storefront window. Ready for rehab. 

Property: 7
“Camelot” – 2047 Magnolia Ave.
Suggested Opening Bid: $150,000
SF (±): 5,220
Historic Tax Credit Eligible: Yes
New Market Tax Credit Eligible: Yes
Tax Assessed: $258,000
Notes: Large first floor commercial space, Second story has 4-bedroom apartment $1,000 per month

Property: 8
“McCormick” – 2045 Forest Ave.
Suggested Opening Bid: $95,000
SF (±): 5,000
Historic Tax Credit Eligible: Yes
New Market Tax Credit Eligible: Yes
Tax Assessed: $140,400
Notes: Vacant land 1,250± SF

Property:9
“Town Square” – 2117 Magnolia Ave.
Suggested Opening Bid: $65,000
SF (±): 13,204
Historic Tax Credit Eligible: No
New Market Tax Credit Eligible: No
Tax Assessed: $110,000
Notes: Grass lot in the heart of downtown.

Property: 10 – UNDER CONTRACT
“Dollar Value Trio” – 2159, 2161-2163, 2175 Magnolia Ave.
Historic Tax Credit Eligible: 2159 – Yes, 2161-2163 No, 2175 No
New Market Tax Credit Eligible: 2159 – Yes, 2161-2163 No, 2175 – Yes
Tax Assessed (2159 Magnolia. Ave.): $80,500
Tax Assessed (2175 Magnolia. Ave.): $139,100
Notes: 2159: 2,000 SF bldg and 1,125 SF vacant land.
           2161-2163: 4,812 SF vacant land.
           2175: 2,880 SF bldg and 1,682 SF vacant land.