Historic Memphis Development Opportunity

Great Development Opportunity!

Online Auction Friday November 20 12 NOON

Known as the Frayser Bauhaus Property

- 3590 Thomas St. (Hwy 51) Memphis, TN 38127

- 1.7 Acres =/-

- Approx. 3417 sq. ft. Uniquely Designed Structure

- Zoned CMU-1

- Shelby County Parcel # 069062 00031C

- It was originally built as a residence. Its last use was a Medical building/Clinic.

- This is your opportunity to own an iconic piece of Memphis history with great visibility on Hwy 51.

- Property is in shell condition and ready for your development.

- Many Potential Uses including office, event center, art gallery, spa, clinic, residence

To schedule an inspection of the property, contact Lance Walker at (901) 493-1936 or [email protected]

One of Memphis's rarest mid-century landmarks, the Frayser Bauhaus at 3590 Thomas Street, sells at auction November 20. It's an unusual chance to restore a nationally rare piece of modernist architecture.

Maxwell McCall Millstead built the home around 1946, more than ten years before the City of Memphis annexed Frayser. The AIA calls it the best example of Bauhaus-inspired International Style in Memphis. The Art Moderne exterior has smooth walls, a flat roof with ledge coping, strong horizontal lines, curved windows, glass block, and an asymmetrical front. Few buildings in this style were ever built, and few survive anywhere in the country. The home is listed in the AIA Memphis survey of modern houses.

Some of the interior has been taken down to the studs and is ready for a full renovation. With a clean slate inside, the next owner can plan the layout, finishes, and systems from scratch behind one of the city's best-known facades. The property suits a buyer who wants to restore it as a private residence, or one who wants to adapt it as a design studio, creative workspace, or showpiece office.

The property sits on Thomas Street (U.S. Highway 51) in Frayser, which runs straight to downtown Memphis. It is between the growing Millington and the St. Jude expansion.

Being sold in conjunction with Commercial Broker Conner Walker of Cushman Wakefield Commercial Advisors

(901) 366-6070-O or (901) 413-9739-M or [email protected]

Real Estate Terms:
10% Buyers Premium added to the final bid price to determine final selling price. $10,000 down day of sale and balance due at closing. Property information believed to be accurate but not guaranteed. Buyer should independently verify all information prior to bidding. Any house built prior to 1978 may contain lead-based paint. Any prospective buyer has 10 days prior to auction to complete any inspections. Announcements made day of sale take precedence over any previous advertising. Any items remaining on the property at closing shall be the buyer’s responsibility to remove.

Online Terms:
1. Bidding Increments:
Each Walker Auctions LLC auction may have different bidding increments. The software will calculate the next bid amount before submitting the bid.

2. Agency:
Walker Auctions LLC Agents and Representatives are agents of the Seller.

3. Buyer's Premium:
There will be a ten percent (10%) Buyer’s Premium added to final bid price to determine the final selling price.

4. Auction Ending:
The auctioneer will have sole discretion when to close the bidding for this auction.

5. Time Increase or Decrease:
Walker Auctions LLC may increase or decrease the amount of time to place a bid for this auction.

6. Outbid Notification:
Bidders will need to watch their bidding screen to determine the current winning bid amount. Absentee bids may receive an email notice if outbid, but not guaranteed.

7. Property Information and Inspection:
Walker Auctions LLC is not responsible for any missing or incorrect listing information. Walker Auctions LLC has attempted to provide accurate descriptions. However, it is the bidder's responsibility to conduct any inspections to determine the condition and feasibility of the bidder’s intended use. Descriptions that are provided by Walker Auctions LLC are provided in good faith and are matters of opinion.

8. Auctioneer's Discretion:
Walker Auctions LLC has full discretion to modify the date, time, order, and details of the auction for any reason or no reason at all, including but not limited to technical issues, emergencies, and convenience of Walker Auctions LLC or the seller.

9. Server and Software Technical Issues:
In the event that there are technical difficulties related to the server, software or any other online auction-related technologies, Walker Auctions LLC reserves the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software nor Walker Auctions LLC shall be held responsible for a missed bid or the failure of the software to function properly for any reason. Email notifications may be sent to registered bidders with updated information as deemed necessary by Walker Auctions LLC

10. Terms:
Buyer will put down $10,000 as non-refundable earnest money within 24 hours of the close of auction (or next business day), with the balance of purchase price due at closing. Closing will be as specified in the Contract for Sale of Real Estate. Purchase of this property is not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by Bidder and or Buyers at registration prior to bidding and specified in the Contract for Sale of Real Estate under “documents” sections of the webpage.

11. Contract for Sale of Real Estate:
The contract is required to be fully and correctly completed, WITHOUT any modifications and properly signed immediately following the close of the auction.

12. Closing:
As specified in the Auction Day Contract for Sale of Real Estate.

13. Closing Costs:
Seller shall pay Seller’s side closing fee and title search. Buyer shall pay Buyer’s side closing fee and title, insurance if need be. Seller shall pay no closing costs for Buyer, including any lender's fees or recording fees unless otherwise agreed to in the Contract for Sale of Real Estate.

14. Property Condition:
Buyer specifically acknowledges herein that the property is being purchased "AS IS" and that neither the Seller nor Walker Auctions LLC makes any warranties or representations, express or implied, as to the habitability, condition, square footage, septic area, utilities, acreage or boundary lines of the real property conveyed herein. Seller is not responsible for any repairs.

15. Hold Harmless:
Buyer and or Bidder agrees to hold harmless and indemnify Walker Auctions LLC and its Agents, Owners, Directors, Employees and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.

16. Disputes:
Any dispute between Walker Auctions LLC its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Shelby County, Tennessee. By bidding on any item, buyer agrees to all terms and conditions set forth. EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY.

17. Auction Bidder and/or Buyer Default:
Successful Bidder and or Buyer not executing and returning the contract with earnest money deposit will be considered in default. In the event a winning Bidder and or Buyer fails to submit the signed Contract for Sale of Real Estate and earnest money deposit, the winning Bidder and or Buyer shall pay to Walker Auctions LLC as damages, an amount equal to the Buyer's premium or commission percentage, as set forth in said Contract, and any and all expenses incurred by the said Walker Auctions LLC for said auction. Should Buyer's earnest money check be returned for any reason whatsoever, this shall constitute an item of default, and in addition to the remedies previously stated hereinabove, Buyer shall also pay an additional penalty of five percent (5%) of the earnest money check to Walker Auctions LLC Buyer shall also pay a reasonable attorney's fee and costs incurred in the collection of these monies owed by Buyer as a result of Buyer's default. Buyer shall also pay the Seller any damages caused by said breach of contract, including attorney's fees and costs. This shall not preclude the Seller from suing for specific performance of the Contract of Sale, in addition to said damages. It is specifically understood and agreed by and between the Seller and Walker Auctions LLC that in the event the Buyer should default in the terms of this Contract in any manner whatsoever, that the earnest money, or sufficient sums therefore, shall be paid first to the agent for the Buyer's premium or commission percentage, and the balance, if any, to the Seller. Any disputes will be tried in a court of jurisdiction in Shelby County, Tennessee. Walker Auctions LLC reserves the right to sell to the next highest qualified Bidder and or Buyer in the event the successful high Bidder and or Buyer does not comply with the terms of the sale. By bidding on the property, buyer agrees to all terms and conditions set forth. The contract is required to be fully and correctly completed, without any modifications and properly signed. A contract that is incomplete, incorrect, or modified in any respect, by the Bidder and or Buyer, is considered to be in default.

18. Auction Cancellation – Bid Rejection:
Walker Auctions LLC reserves the right to reject any and all bids for any reason. Walker Auctions LLC reserves the right to cancel this auction, or remove any item or lot from this auction prior to the close of bidding even if a bid has been placed.

19. Acceptance of Bid Prices:
ALL BIDS ARE SUBJECT TO SELLER CONFIRMATION UNLESS NOTED AS ABSOLUTE. The auctioneer and/or Seller shall make the sole and final decision as to the winning high bid amount. Acceptance by the online bidding platform does not necessarily constitute an accepted bid by the auctioneer. Successful Bidder and or Buyer(s) will be required to enter into a purchase agreement immediately following the close of the auction. Walker Auctions LLC will e-mail documents to be executed and faxed or e-mail back to Walker Auctions LLC immediately following the close of the auction. Successful Bidder and or Buyers not executing and returning contract immediately following the close of the auction and earnest money deposit within 24 hours (or next business day) will be considered in default. Any and all inspections that a buyer may want must be completed at buyer’s expense prior to the close of the online bidding. Walker Auctions LLC Agents, Representatives or Employees may bid. Walker Auctions LLC reserves the right to sell to the next highest qualified Bidder and or Buyer if the winning Bidder and or Buyer is in default of these terms. Winning Bidder and or Buyer must execute the contract with no changes, modification, additions or deletion.

20. Title:
As specified in the Contract for Sale of Real Estate

21. Deed:
As specified in the Contract for Sale of Real Estate

22. Possession:
As specified in the Contract for Sale of Real Estate

23. Real Estate Taxes and Closing Cost:
UNLESS OTHERWISE STATED IN THE CONTRACT FOR SALE OF REAL ESTATE, all taxes will be prorated to day of closing using the most current available year’s tax amount. HOA fees and condominium assessments, if any, will be prorated up to the date of closing. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees and any cost associated with the purchaser’s loan.

24. Easements/Restrictions:
Subject to any and all easements and restrictions of record.

25. Zoning:
This property is subject to all state and local zoning ordinances.

26. Acreage and Aerial Photos:
Parcel dimensions and acreages are based on legal descriptions. Aerial photos are for illustration purposes only and not surveyed boundary lines.

27. Bidder Verification:
The identity of all bidders will be verified. Bidding rights are provisional, and if complete verification is not possible, Walker Auctions LLC will reject the registration, and bidding activity will be terminated. The Seller and Walker Auctions LLC reserve the right to preclude any person from bidding. Walker Auctions LLC reserves the right to modify, change, or remove usernames at any time.

28. Bidder Responsibilities:
Bidder responsibilities include, but are not limited to: Bidders agree to keep their username and password confidential, as they are responsible for ANY and ALL activity involving their account. If the registered bidder's user name is offensive to Walker Auctions LLC or in their sole opinion detrimental to Bidding Activity, Walker Auctions LLC reserves the right to delete the bidder from bidding or unilaterally change the username with notification to the Bidder. When using the web site, you must obey any and all local state and federal laws. Violations will result in termination of web site use privileges. Auction company employees and/or auction company may bid on auction. We gather aggregate information from the web site which may include but is not limited to: number of page visitors, most visited pages, and any and all correspondence. Walker Auctions LLC reserves the right to modify, change, or remove usernames at any time.

29. Guaranty Agreement:
By submitting a bid in the name of a business entity or corporation, the individual submitting the bid enters into a guaranty agreement whereby he or she personally guarantees earnest money payment to Walker Auctions LLC.

30. Age Requirement:
All bidders must be eighteen (18) years of age or older.

31. Bidding Priority:
The auction company reserves the right to make live floor bidding a priority over all online bidding at any time during the auction.

32. Seller reserves the right to accept an offer at any time during this sale.

33. Any items remaining on the property at closing shall be the buyer’s responsibility to remove

Historic Memphis Development Opportunity

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