Former B&B Contractors Garage Sells for $225,000
NORTH LIMA, Ohio – The former B&B Contractors and Developers garage on state Route 7 was sold for $225,000 at auction Friday.
Real estate broker and auctioneer Paul Basinger of American Real Estate Specialists and Basinger Auction Service offered the winning bid and said he will use the site as an investment property. Market value of the property, 10766 Market St., according to the Mahoning County auditor’s office, is $118,510 with a $4,404.46 annual tax bill.
“We have our auction business running out of North Lima, so that’s right down the road,” he said. “We could do a lot with it. We like doing business in North Lima.”
Basinger, the sole bidder, must close by May 31. About 75 people had registered.
The property consists of three parcels on 1.65 acres. Two buildings are on the site; the main garage is 7,440 square feet with a 1,600-square-foot attachment. It was sold as-is.
B&B Contractors put the building up for auction because it’s downsizing, said auctioneer Chris Roman of George Roman Auctioneers, representing Northwood Realty Services. Before starting the auction, George Roman noted that B&B is not going out of business, instead operating solely out of its location on Salt Springs Road in Youngstown.
“It’s a great location with good access to local freeways. Having the turnpike right there makes it very accessible,” Roman said. “It’s a good, usable building that a lot of contractors and other business could utilize. There are some good zoning regulations here in Beaver Township.”
After the real estate was auctioned, about 300 more item were put on the block. Among them were skid steers, backhoes, tools, parts and other garage equipment.
“There’s a good assortment going up today,” Roman said before the auction began. “This machinery is all in good condition. The hours on some of the equipment are very low. We expect some lively action on all of it.”
Most in attendance, it seemed, were there to bid on the equipment and tools. Most of the items sold drew several bids.
Copyright 2023 The Business Journal, Youngstown, Ohio.