A one-story commercial building in a high-traffic of downtown Summit is scheduled to be sold by order of the city in October.

Max Spann Real Estate & Auction Co., the national auction house, is auctioning the 6,462-square-foot building located at 2 Walnut Street at 11 a.m. Thursday, Oct. 4 as part of a multiparcel auction of properties.

The auction will be held in the Common Council Chamber at City Hall, 512 Springfield Avenue, Summit, NJ 07901. The final property preview has been scheduled from noon to 2 p.m. on Tuesday, September 25. The building sits on .17 acres at the signalized intersection of Walnut Street, Broad Street and Lower Overlook Road.

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While the existing building is commercial, the Gateway II Zone with T-3 subzone zoning allows for townhomes, multi-family building, mixed-use building, parking, public building, community facility, office uses.

“This is a good investment property in a great location,” said Max Spann, the president and CEO of the firm. “I encourage real estate professionals, investors and developers to come to one of our property previews.”

The property is one of three that will be sold at the Oct. 4 auction. Max Spann is also auctioning a former bank branch in Vineland and land in Montague near High Point with over 173+/- Acres and 190+/- lots.

To learn more about the auction, call 888-299-1438 or visit maxspann.com to obtain a property information package. For more information about Max Spann’s auctions, visit maxspann.com, or follow Max Spann on Facebook/MaxSpann and Twitter/MaxSpann.