FROM AUCTION MANAGEMENT CORPORATION
Two former Alabama bank branches will be sold in an Online Only Auction with a bid deadline of Wednesday, November 13th at 11:00 AM CT. A 10% Buyers Premium will be added to winning amount. Winning Bidder must close in 20 days.
As more and more banking customers migrate to on-line banking, many banks find it more cost-effective to have fewer bank branches. As we have demonstrated in hundreds of sales through the past few years, auctions are the best way for banks to obtain fair market prices in a short period of time.
Who buys these buildings? Many of these bank branches are located in smaller, more rural towns and are situated on “Main Street”. The buildings are often brick, well maintained with great visibility and ample parking. Many times the buyer is the city or local municipality itself. They repurpose the building to accommodate expanding administrative services, the city water department or social services. Local financial planners, insurance agencies and realtors are often the winning bidders. Sometimes a local jeweler, a gun dealer, or a pawn shop owner wins the property. And sometimes they sell to other banks.
These bank branches are located all across America, so repurposing emerges in many ways: as a ski clothing shop in Mt. Shasta, CA, as a bridal boutique in upstate New York, a craft brewery in Kansas, a NAPA Dealership in Nevada, and in Pensacola, FL as a coffee shop, where customers can conduct meetings at a conference table…inside the vault.
In Savannah, GA a former bank branch was repurposed by a trendy local restaurant group into The Vault, where you can actually dine inside the vault! And in WA, OR and CA, one of the most strategic repurposings of these types of buildings is as a dispensary. How perfect for a dispensary –lots of parking, drive through lanes, bulletproof glass and yes…a vault.
These buildings have so much potential and can be a great investment. Obviously, they can be converted or repurposed to accommodate many types of businesses. And let’s be honest…who wouldn’t want to own a vault! Here is your opportunity to buy a bank branch in Alabama.
Fort Payne, AL – Located at 1718 Gault Avenue North, Fort Payne AL 35967 (Dekalb County), this former bank branch building will be auctioned, Online Only,
The 3,356± SF building is a beautiful brick and stucco sided structure with a metal roof. The building has 29 parking spaces and 4 covered drive through lanes. The property is located at a signalized intersection on a main thoroughfare and is situated on .89 Acres with 241’± SF of frontage and a curb cut on Gault.
1718 Gault Ave N, Fort Payne AL 35967
Inspection: Mon., Nov. 11th at 12 Noon CT.
Montgomery, AL – Located at 6900 Vaughn Road, Montgomery AL 35967 (Montgomery County), this former bank branch building will be auctioned, Online Only, with a bid deadline of Wednesday, November 13th at 11:00 AM CT.
The 4,008± SF building was built in 1989 and is a stately brick sided structure with lots of windows and natural light. The building has 45 parking spaces and 7 covered drive through lanes. The property is located at a signalized intersection of Vaughn Road with 176’± SF of frontage and Bell Road, with 116’± of frontage.
6900 Vaughn Road, Montgomery AL 35967
Inspection: Mon., November 11th at 4:00 PM CT.
More info: www.amcbid.com
Auction Management Corporation (amcbid.com), Julian E Howell, AL Auctioneers License #1682, is a premier auction company that specializes in the rapid disposition of commercial real estate and business liquidations for many financial institutions throughout the United States.
