4 BR/2.5 BA Multi-Tenant Home and Large Detached Shop/Garage on 1.619 +/- Acres in Downtown Madison, VA--ONLINE ONLY BIDDING!!

PUBLIC REAL ESTATE AUCTION EVENT

ONLINE ONLY BIDDING!!

By Order of the Trustees:  Small-town downtown setting with regional accessibility--Rare opportunity to acquire one of the largest undeveloped/redevelopment tracts within the Town of Madison, VA--BID NOW!!  ONLINE ONLY BIDDING!!

Please bid early and often & understand the online only bidding begins to close on Monday, September 14, 2026 @ 12:00 Noon (Eastern).

Need Financing?....Just click on one of the lenders in the "Financing" menu above.

Property Tour:  Monday, August 31, 2026 @ 12:00 Noon SHARP!! (Feel free to bring your inspector/contractor).  Please contact Tony Wilson for additional information (540-748-1359).

You will also have the opportunity to purchase an adjacent 1.07 +/- acre multi-use vacant lot AND an 18,000+ sf. commercial building on 1.917 +/- acres--All 3 parcels total 4.6 +/- acres!!

• Historic 4 BR/2.5 BA 2,932 +/- gross sf. multi-tenant home on 1.619 +/- acres (circa 1820)
• The home is currently set up as a duplex, but can easily be converted to a single-family home.
• Apartment 150A
  • 2 BR/1.5 BA, large eat-in kitchen (dishwasher conveys), dining room, living room, large foyer and covered porch.
  • Flooring:  hardwood throughout; vinyl in kitchen & enclosed utility porch
  • Fireplaces in living room & bedroom
  • Washer/dryer convey
• Apartment 150B
  • Separate exterior entrance
  • 2 BR/1 BA, kitchen (refrigerator & range convey), covered front porch, attic w/scuttle-hole access
  • Flooring:  hardwood; vinyl in bathroom
  • One fireplace
  • Washer/dryer convey 
• Basement/cellar: walk-up access; interior access; utility area; mechanical equipment
• Heating:  heat pump; Cooling:  window AC units
• Main residence is presently supplied by a shared well located on another parcel.  The original well on this property remains in place, and can be returned to service if desired.  Public sewer is available.  Electric water heater
• Detached cottage:  approx. 16'x20'; metal roof; aluminum siding; chimney; utilizes original well on the property
• Large covered carport; detached 30'x36' storage/garage/shop building; additional outbuildings
• Access is available from both N Main St. & Washington St.
• Power:  Rappahannock Electric Co-op

• Located within walking distance to downtown Madison, minutes from Rt. 29, approx. 30 minutes to Charlottesville, 25 minutes to Culpeper, 45 minutes to Fredericksburg & 90 minutes to NOVA & DC!!
• Tax Map:  39A-15; Deed Book:  22/1643; Zoning:  A-1; Annual county real estate taxes:  $1,917; Home was constructed in 1820 w/additions added in the 1900s; $10,000 deposit (wired funds or certified check ONLY) is due immediately after confirmation of the final bid and the balance due at closing within 45 days;  WE GUARANTEE A FREE & CLEAR DEED
• Only $200,000 Starting Bid!!

FOR REALTORS:  if you are currently working with a Realtor and want them to represent you, please have them CLICK HERE and complete their auction bidder representation form.  In order for the Realtor to be compensated, broker forms must be completed and submitted no later than 6 AM on the day of the auction (9/14/26), and all terms adhered to. 

ONLINE ONLY AUCTION TERMS:

Auction Terms and Conditions (for online-only auctions): In addition to the “General Terms and Conditions” referenced below, which apply to all of our services, the following Auction Terms and Conditions (“Auction Terms”) apply to the auction described above. Please review these Auction Terms and the General Terms and Conditions prior to participating or registering to participate in the auction, as they form a legally binding agreement between you and Nicholls Auction Marketing Group, Inc. (“Nicholls Auction”). Terms used but not defined in these Auction Terms will have the meanings ascribed to them in the General Terms and Conditions.

Contact the Auction Coordinator with Questions: Please contact the auction coordinator, Tony Wilson (540-748-1359), immediately if you need additional information.

Approval to Bid: Approval to bid is subject to completing an on-line bidder registration form and verification of the required earnest money deposit by auction personnel. The approval of online bidders is subject to confirmation by the auction coordinator.

Earnest Money; Deposit Payment: A $10,000 (home on 1.6 +/- acres), $5,000 (vacant lot), $15,000 (commercial bldg.) or $30,000 (3 parcels purchased together) earnest money deposit will be required from the successful bidder and is due immediately after confirmation of Final Bid. If you are declared the successful bidder (or Buyer), the credit card that you provided at registration will be charged (and you agree Nichols Auction is authorized to charge your credit card) $500 toward your deposit. The remaining earnest money deposit of $9,500 must be in the form of cashier’s or certified check (United States Bank) or wire transfer to Nicholls Auction Marketing Group, Inc. and is due immediately. The entirety of the remaining balance of the final Purchase Price is due at closing within 45 days or as soon thereafter as seller’s closing documents are available. Buyer shall be responsible for all wire transfer fees. You may be asked to show proof of funds for the deposit (via text or email) prior to being approved to bid. The deposit is non-refundable. The deposit will be held in a non-interest bearing escrow account until settlement.

Closing: If you are the Buyer (as defined in the General Terms), you must sign (in person or electronically) all documents and contracts immediately after the acceptance of the Final Bid. Buyer will also be required to make an appointment with the closing agent to pay the balance of the purchase price and receive the deed to the property. Closing is to take place on or before 45 days from date of auction (unless prior arrangements have been made with and agreed to in writing by Nicholls Auction). Buyer acknowledges and agrees that time is of the essence. Buyer will pay for all of their closing costs associated with the transaction (please see the General Terms).

Real Estate Salesperson/Broker Acknowledgment: Although having a real estate agent real estate salesperson/broker is not required, if you are working with a real estate salesperson/broker, the real estate salesperson/broker must complete the Auction Bidder Representation Form available here: Auction Bidder Representation Form. In order for your real estate agent real estate salesperson/broker to be compensated, the Auction Bidder Representation Form must be completed and properly submitted no later than 6 a.m. on the day of the auction, which is 09/14/2026 (no exceptions). A registered real estate salesperson/broker can only represent one buyer at each auction event. If the auction at which you wish to bid has a live bidding component, your real estate salesperson/broker must attend the auction event in person regardless of whether you are bidding live in person on site or bidding online off site, and your real estate salesperson/broker must adhere to all terms.

Auction Premium: A 10% auction premium will be added to the Final Bid and will become part of the purchase price (10% Auction Premium Example: Bid Price: $100,000, Plus 10% Auction Premium of $10,000; Total Contract Price = $110,000). Auction Premium is non negotiable. Information is not Guaranteed; Sale is “AS IS” with all Faults: Please refer to the Property Information Packet for more details about this auction. All information and dimensions made available by Nicholls Auction concerning the property were derived from sources believed to be correct, but are not guaranteed to be correct. You agree to conduct your own investigation and inspection prior to bidding, and you agree to rely on your own information, judgment, and inspection of the property. Any reliance on any of the information or dimensions made available by Nicholls Auction concerning the property is solely at your risk. The property is being sold ’AS IS’ with any and all faults. Please review all information supplied and seek appropriate assistance prior to bidding. All announcements made on the day of the auction will take precedence over all previously provided material and any other oral statements made.

No Contingencies: This online auction, the sale of the property, and Buyer’s obligation to purchase the property are NOT contingent upon Buyer’s financing, the condition of the property, an appraisal, a survey (property lines), study period or inspections of any kind, or any other condition (except to the extent provided in the applicable contract documents or required by applicable law).

Contract for Sale of Real Property: This property is offered for sale by the seller under the specific terms provided in the “Real Estate Contract of Purchase” available at www.nichollsauction.com within the “DOCUMENTS” section. Please read and review the contract documents thoroughly prior to bidding on any property. If you have not read, reviewed and agree with the Real Estate Contract of Purchase, Do Not Bid!

Bidder Verification: The identity of all bidders will be and must be verified (via phone, email or text). Bidding rights are provisional, and if complete verification is not possible, Nicholls Auction Marketing Group, Inc. will reject your registration, and your ability to bid will be terminated.

Contract Package: At the close of the auction, and after seller confirmation, if you are the Buyer, Nicholls Auction will provide to you the contract package with all required contract documents for you to execute and return to Nicholls Auction. Contract packages will be sent by e-mail to Buyer, who must execute and hand deliver, email, fax or overnight mail the documents back to Nicholls Auction within 24 hours of receipt. If you are the Buyer and you do not execute and return all required contract documents with the remaining earnest money deposit within 24 hours of receipt, you will be in default and subject to legal action. This is a legally binding contract.

Administrative Fee: In the event you are the Buyer and you fail to submit the signed “Real Estate Contract of Purchase” and other contract documents and deposit earnest money as provided in these Auction Terms, you agree to pay Nicholls Auction (and you agree that Nicholls Auction is authorized to charge the credit card provided at registration) an administrative fee of $10,000. Additional default remedies are reserved by Nicholls Auction, and the seller, as provided in these Auction Terms, the General Terms and Conditions, and the “Real Estate Contract of Purchase” and related contract documents. All administrative fees are non-refundable.

Agency Disclosure: In all transactions, the auctioneer is acting as agent for the seller, not as buyer’s agent. Nicholls Auction Marketing Group, Inc. reserves the right to remove or cancel the bids and or bidding rights and privileges of any party deemed not to be in the best interest of the seller, at any time. At auctions with reserve, the seller and/or auctioneer reserves the right to bid.

Technical Issues: Neither Nicholls Auction nor any of its affiliates or vendors, shall be held responsible or liable for a missed bid or any failure of the software or other computer systems or technology used for online bidding to function properly for any reason. The online bidding and virtual auction will begin to close on Monday, September 14, 2026 @ 12:00 Noon  (Eastern). If there is bidding in the last few minutes before the auction closes, extended bidding will commence. If there are no bids within 2-3 minutes, the auction will end. This procedure prohibits any last second “sniping” from taking place. In the unfortunate event of a DDOS attack, server attack, shut down, internet disruption, or technological problem, Nicholls Auction reserves the right, but is not required, to change the bid closing deadline. To minimize the chance of being affected by internet or software issues, please use the “Max Bid” feature.

General Terms and Conditions also Apply: Please review our General Terms and Conditions (the “General Terms”) found here: “General Terms and Conditions”, which form a part of your agreement with us and govern your access to or use of any of our products or services, including, without limitation, our auctions, our website and our mobile applications.

• Event Type: Public Real Estate Auction
• Bidding Format: Online Only Bidding
• Seller:
  • By Order of the Trustees
• Property Summary:
  • Historic multi-tenant home (currently configured as a duplex)
  • Easily convertible to a single-family residence
  • 4 bedrooms
  • 2.5 bathrooms
  • 2,932 +/- gross square feet
  • 1.619 +/- acres
  • Circa 1820
• Auction Highlights:
  • Rare opportunity to acquire one of the largest undeveloped/redevelopment tracts within the Town of Madison, Virginia
  • Small-town downtown setting with regional accessibility
  • Adjacent properties also available for purchase:
    • 1.07 +/- acre multi-use vacant lot
    • 18,000+ square foot commercial building on 1.917 +/- acres
    • Combined acreage of all three parcels: 4.6 +/- acres
• Auction Closing:
  • Date: Monday, September 14, 2026
  • Time: 12:00 Noon Eastern
• Starting Bid:
  • $200,000
• Property Tour:
  • Date: Monday, August 31, 2026
  • Time: 12:00 Noon
  • Contact:
    • Tony Wilson
    • Phone: 540-748-1359
• Financing:
  • Financing information available through website financing menu
• Apartment 150A:
  • 2 bedrooms
  • 1.5 bathrooms
  • Large eat-in kitchen
    • Dishwasher conveys
  • Dining room
  • Living room
  • Large foyer
  • Covered porch
  • Flooring:
    • Hardwood throughout
    • Vinyl in kitchen
    • Vinyl in enclosed utility porch
  • Fireplaces:
    • Living room
    • Bedroom
  • Washer conveys
  • Dryer conveys
• Apartment 150B:
  • Separate exterior entrance
  • 2 bedrooms
  • 1 bathroom
  • Kitchen
    • Refrigerator conveys
    • Range conveys
  • Covered front porch
  • Attic with scuttle-hole access
  • Flooring:
    • Hardwood
    • Vinyl in bathroom
  • One fireplace
  • Washer conveys
  • Dryer conveys
• Basement/Cellar:
  • Walk-up exterior access
  • Interior access
  • Utility area
  • Mechanical equipment
• Mechanical Systems:
  • Heating:
    • Heat pump
  • Cooling:
    • Window AC units
  • Water heater:
    • Electric
• Water/Sewer:
  • Main residence currently served by shared well located on another parcel
  • Original well remains on property and can be returned to service
  • Public sewer available
• Detached Cottage:
  • Approximate size:
    • 16' x 20'
  • Metal roof
  • Aluminum siding
  • Chimney
  • Uses original well on property
• Additional Improvements:
  • Large covered carport
  • Detached 30' x 36' storage/garage/shop building
  • Additional outbuildings
• Access:
  • North Main Street
  • Washington Street
• Electric Utility:
  • Rappahannock Electric Cooperative
• Location Highlights:
  • Walking distance to downtown Madison
  • Minutes to Route 29
  • Approximately 30 minutes to Charlottesville
  • Approximately 25 minutes to Culpeper
  • Approximately 45 minutes to Fredericksburg
  • Approximately 90 minutes to Northern Virginia and Washington, DC
• Property Information:
  • Tax Map:
    • 39A-15
  • Deed Book:
    • 22/1643
  • Zoning:
    • A-1
  • Annual real estate taxes:
    • $1,917
  • Original construction:
    • 1820
  • Additions:
    • Added during the 1900s
• Auction Terms:
  • Deposit:
    • $10,000
  • Deposit methods:
    • Wire transfer
    • Certified check only
  • Deposit due:
    • Immediately after confirmation of final bid
  • Closing:
    • Within 45 days
  • Deed:
    • Guaranteed free and clear
• Realtor Participation:
  • Buyer representation permitted
  • Realtor must complete and submit auction bidder representation form
  • Broker form deadline:
    • 6:00 AM on September 14, 2026
  • All auction terms and requirements must be met for broker compensation