The closed 5th Street Pub in Lansdale is on the auction block.
Alderfer Auction Co. in Hatfield will auction off the property and building at 401 W. Fifth Street on June 11 at 4 p.m.
The property is owned by a bank - BNB Real Estate Holding, LLC of Ft. Lee, NJ, according to Montgomery County records. BNB Bank is also a Small Business Administration lender.
BNB Bank lists the property on its site with a sale price of $375,000. It does not mention an upcoming auction and it is not known whether this would be the staring bid price. Its previous use, according to the bank, was a commercial condo unit.
The listing states the property has seven units, with a gross building area of 4,518 square feet. Apartments make up about 2,040 square feet, according to county records. The entire property, according to Montgomery County records, has an area of 6,625 square feet. It exists in Lansdale Borough's Class C Residential zoning district.
Inspection of the property will take place on June 4, from 3 p.m. to 5 p.m.
The two-story building was built in 1910, according to county records. Prior owners included Joe and Dolores Cupchak from about 1973 to 1987; Louis and Cynthia Rosini from about 1987 to 1995; Brocke/Drissel Real Estate Partnership from about 1995 to 2006; and The 5th St. Pub from about 2006 to 2010.
BNB Real Estate Holding, LLC took ownership of the property in October 2010, according to county records.
According to BNB Bank, here are the amenities featured on and in the property:
- Concrete block and stucco structure
- Vinyl siding exterior
- Drywall and paneling interior
- Asphalt shingles
- Paved parking lot
- Hardwood and carpeted floors
- 2.3 bathrooms (Two half-baths on first floor; two full baths and 1¾ bath on second floor)
- Vinyl tiling and drywall in bathrooms
- Four adequate electrical panels
- Central hot water/baseboard and radiator heat
- Individual central air conditioning in tavern area
For those who may be interested, here are some terms and conditions by Tranzon Alderfer Auction:
- Closing: On or before June 30, 2012, sold in As-Is condition, no contingencies.
- Deposit Amount: $5,000 in cash or certified funds. Deposit to be increased to 10 percent of total purchase price within 5 days of auction.
- Broker Co-op: 2 percent of the high bid will be paid to a properly registered broker at settlement.