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Lebanon Wholesale Auction

JOIN US FOR AN ON-SITE AUCTION PREVIEW
SATURDAY – OCTOBER 5th FROM 10:00 A.M. – NOON!
ABSOLUTE AUCTION
SATURDAY – OCTOBER 12th, 2024 – 10:30 A.M.
LEBANON WHOLESALE, INC. / ESTATE OF JUNE C. RUCKER
COMMERCIAL BUILDINGS – 96 STORAGE UNITS
LAND w/ DEVELOPMENT POTENTIAL
8.32 ACRES (+/-) – 5 TRACTS
ZONED B-2
3 ENTRANCES ON E. MAIN STREET
 & 1 ENTRANCE ON S. WOODLAWN AVENUE
LEBANON, KY 40033
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AUCTIONEER’S NOTE

The Lancaster Agency, Inc. is auctioning this exceptional real estate located within the city limits of Lebanon, Kentucky in the bustling East end just a 1/2 mile from downtown!
Per the latest traffic study conducted by the KY Transportation Cabinet in 2022…An average of 10,827 vehicles pass by this location every day!
All tracts are serviced by the municipal sewer system, KU electrical service, Atmos natural gas & Lebanon Water Works.
Don’t miss the opportunity to purchase this extraordinary real estate…Zoned B-2…
With all five tracts offering serious money-making potential!
OFFERED AS A WHOLE & IN TRACTS!

THE TRACTS

 

TRACT 1 – 1.46 ACRES (+/-)

3 CONNECTING COMMERCIAL WAREHOUSE BUILDINGS
133′ (+/-) OF ROAD FRONTAGE ON E. MAIN STREET WITH A COMMERCIAL ENTRANCE APPROVED BY THE KY TRANSPORTATION CABINET – DIVISION 4
Tract 1 offers approximately 15,000 square feet (+/-) under roof on the ground level…Plus an additional 1,200 square feet of loft storage in the rear warehouse!
The front building measures 46′ X 118′ (5,428 square feet) w/ an adjoining 26′ X 46′ (1,196 square feet) storage room w/ 2 overhead doors.
This building also features a reception area, 3 offices, 2 half bathrooms, and central heat & air conditioning!
This warehouse connects to a 50′ X 70′ (3,500 square feet) storage area offering an overhead door & loading dock…Plus central heat & air conditioning!
Another overhead door connects to a 48′ X 100′ (4,800 square feet) warehouse in the rear w/ a 12′ X 100′ (1,200 square feet) storage loft.
This warehouse also features a large overhead door on the opposite end leading to the outside!
 

TRACT  2 – .23 ACRE (+/-)

FORMER RESTAURANT BUILDING
115′ (+/-) OF ROAD FRONTAGE ON E. MAIN STREET WITH A COMMERCIAL ENTRANCE APPROVED BY THE KY TRANSPORTATION CABINET – DIVISION 4
Tract 2 offers a location that is second to none with plenty of off-street parking…Perfect for a take-out fast food restaurant!
Many of the locals refer to this as the ‘Dairy Freeze Building’ as it was a staple take-out fast food restaurant for several decades.
Most recently this is the former location of the Lagwen Drive-In restaurant.
This concrete block building has central heat & air conditioning and offers approximately 600 square feet (+/-),
including a toilet room & an attached 12′ X 12′ storage room…Plus an outside 6′ X 8′ metal storage building!
 It is set up and ready to go as a restaurant as all the equipment & appliances stay…Including a Vulcan Flat Top Grill,
Dean Deep Fryer, Imperial Gas Stove, GE Refrigerator, Manitowoc Ice Machine,
Advance 3 Compartment Commercial Sink & Kidde Fire Suppression System!
 

TRACT 3 – 2.86 ACRES (+/-) 

4 SEPARATE BUILDINGS WITH A TOTAL OF 96 RENTAL STORAGE UNITS
76′ (+/-) OF ROAD FRONTAGE ON E. MAIN STREET AND A SHARED COMMERCIAL ENTRANCE (WITH TRACT 4) APPROVED BY THE KY TRANSPORTATION CABINET – DIVISION 4
Tract 3 offers a ready made money making venture with 96 rental storage units already in place…And room to build more!
Note:  Prior to the auction the Sellers will construct a gravel driveway solely on Tract 3 leading to the storage units.
The part of the current driveway located through Tract 1 will be solely for the use of Tract 1.
This will not be an easement for Tract 3.
Front Left – Building A (30′ X 98′ – Concrete Block w/ Asphalt Shingle Roof):  23 Units
Front Right – Building B (30′ X 98′ – Concrete Block w/ Asphalt Shingle Roof):  23 Units
Rear Right – Building C (20′ X 100′ – Metal w/ Metal Roof):  30 Units
Rear Left – Building D (30′ X 100′ – Metal w/ Metal Roof):  20 Units
 
Note:  The Sellers stopped taking on new renters in January 2024.  As of July 22, 2024 – 53 of the 96 units were still occupied.
See below for the breakdown of the rental units & rental prices as of May 5, 2021.
30 – 5′ X 10′ Units:    $30/Month
38 – 10′ X 10′ Units:  $45/Month
28 – 10′ X 20′ Units:  $65/Month

 

TRACT 4 – 1.81 ACRES (+/-)

UNIMPROVED LAND WITH DEVELOPMENT POTENTIAL
65′ (+/-) OF ROAD FRONTAGE ON E. MAIN STREET AND A SHARED COMMERCIAL ENTRANCE (WITH TRACT 3) APPROVED BY THE KY TRANSPORTATION CABINET – DIVISION 4
Tract 4 offers plenty of development potential subject to B-2 Zoning (General Business District).
Note:  B-2 Zoning also includes R-3 (Multi-Family Residential District).

TRACT 5 – 1.96 ACRES (+/-)

UNIMPROVED LAND WITH DEVELOPMENT POTENTIAL
61′ (+/-) OF ROAD FRONTAGE ON S. WOODLAWN AVENUE
Tract 5 adjoins the 30′ right-of-way for Evergreen Drive, which is a non-maintained public road.
  This tract also offers plenty of development potential subject to B-2 Zoning (General Business District).
Note:  B-2 Zoning also includes R-3 (Multi-Family Residential District).
 
Note:  For details regarding B-2 Zoning, Land Usage, Ordinances & Regulations…Please visit the City of Lebanon’s website:

www.lebanon.ky.gov

 Or call Lebanon City Hall at (270) 692-6272

ORDER OF SALE

1st OFFERING:  To be offered AS A WHOLE with all 5 tracts grouped together totaling 8.32 acres (+/-), per survey.
 
2nd OFFERING:  TRACT 1, TRACT 2, TRACT 3, TRACT 4 & TRACT 5 to be offered BY THE TRACT utilizing the ‘PICK & CHOOSE‘ auction method. 
The highest bidder for a tract will have the priority to select the tract, or tracts desired, at that price per tract. 
This process will continue until all 5 tracts have been selected in the 2nd Offering.
 
NOTE:  THE AUCTION IS NOT FINAL UNTIL BOTH OFFERINGS HAVE BEEN COMPLETED.  THE REAL ESTATE WILL BE SOLD PER THE OFFERING REALIZING THE MOST MONEY FOR THE SELLERS
 

TERMS & CONDITIONS

                   * A 10% Buyer’s Premium will be added to all winning bids to determine the final sales and purchase price.
 
* Any Purchaser of a real estate tract will pay a 20% deposit of the final sales and purchase price the day of the auction.  The balance will be due on or before November 12, 2024.
 
                  * The 2024 Real Estate Property Taxes will be paid by the Sellers.
 

INSPECTIONS

* The real estate & all improvements are being sold ‘AS IS‘ with no warranties, guarantees, or assumptions of liability, including environmental hazards.  All inspections are invited & encouraged. 
For any inspections of this property, please call The Lancaster Agency, Inc. at (270) 692-6748, or Charles Lancaster, Jr. at (270) 692-7270.

 

ANNOUNCEMENTS MADE THE DAY OF THE AUCTION SUPERSEDE ANY AND ALL PRIOR ANNOUNCEMENTS, DOCUMENTATION, BROCHURES, SIGNS, ADVERTISING, OR STATEMENTS, WHETHER ORAL, WRITTEN, OR OTHERWISE, REGARDLESS OF WHO MADE THEM OR WHEN THEY WERE MADE.

 
CHARLES E. LANCASTER, JR. – PRINCIPAL BROKER / AUCTIONEER
CHARLES E. LANCASTER, SR. – AUCTIONEER
IRVIN ABELL – APPRENTICE AUCTIONEER
TREY ABELL – APPRENTICE AUCTIONEER