"Penn North"

Live Auction Bidders – A $25,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale.

Online Auction Bidders – A $25,000 deposit, payable by wire transfer or cashier’s check, is required before the start of the live auction. Deposit Escrow Agreement

A 5% buyer’s premium will be added to the final bid price. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page and see the Sample Contract.

To the Highest Bidder Above $250,000
Live Onsite & Simulcast Online Bidding

PENN NORTH

1.87± ACRE
COMMERCIAL PROPERTY
“Former Greenwood Towing”
57,000± SF Automotive, Retail
& Office Buildings ◆ Fenced Yard

Known As
1358-1370 W. NORTH AVENUE
Also Fronting on Whitelock Street
Baltimore, MD 21217

Online Bidding Opens
MONDAY, OCTOBER 21, 2024

Live Onsite Auction
WEDNESDAY, OCTOBER 23, 2024
AT 11:00 A.M.

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

GENERAL INFORMATION:
The auction includes two contiguous parcels – 1358-1360 W. North Avenue and 1370-1374 W. North Avenue, to be sold as an entirety. The entire parcel is chain link fenced. There are three detached buildings. A small portion of 1358-1360 is leased to a pharmacy.

LOCATION:
The property is located in the Penn North neighborhood of downtown Baltimore City, about one mile west of the Jones Falls Expressway (I-83). The surrounding area is a mixture of residential and commercial land uses. Significant new development, including the $100 million Reservoir Square townhouse community, is just east of the site. Coppin State University is several blocks west. MTA bus service is at the door and subway service is a short walk away.

SITE:
Two parcels comprise 1.87 acres of land, fronting 120′ along the north side of North Avenue and 456′ along the south side of Whitelock Street (also known as 1401 Whitelock Street). The lot is level, paved and clear, other than the existing buildings. Block Plat

Public utilities

Chain link fencing – front and rear with large drive-in gates

ZONING:
Zoning C-2, Commercial. C-2 zoning in Baltimore City is a commercial zoning category that’s intended for small to medium-scale commercial use, typically located along urban corridors. It’s designed to accommodate pedestrians and, in some cases, the automobile. Mixed-use development is appropriate within this district.

C-2 zoning allows live entertainment as an accessory use, but not on its own. The Department of Planning is considering a proposed change to the zoning code that would add a C-2 Entertainment Overlay District, which would allow live entertainment as a stand-alone use under certain conditions.

IMPROVEMENTS:
One story masonry office building – 12 offices and general office area, gas forced air heat and central air conditioning (not operating well), 4 rest rooms, acoustical tile ceilings, carpeting and vinyl flooring, florescent lighting

Two and three story automotive shop buildings – gas space heaters

One story building, occupied by Keystone Pharmacy, attached to two story shop building with 3 overhead drive-in doors and restroom. Keystone is currently paying $1,700 per month through November 30, 2026 and has two additional 5-year options and increased rentals. Their space fronts on North Avenue at the southeast corner of the site.

See Pharmacy Lease Exhibit A for site plan.

Single and three-phase electrical service

According to public tax records, the buildings comprise approximately 57,000 square feet of gross building area. The structures are in varying states of repair.

TITLE:
The property is in fee simple and sold free and clear of liens. Baltimore City Deed Book FMC 2528, Page 176.

TAXES:
1358 W. North Avenue – published annual real estate taxes are $6,715, based on a full value assessment of $290,467

1370 W. North Avenue – published annual real estate taxes are $20,438, based on a full value assessment of $866,000.

Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information: Assessment Appeal Process – dat.maryland.gov

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.

Live Auction Bidders – A $25,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale.

Online Auction Bidders – A $25,000 deposit, payable by wire transfer or cashier’s check, is required before the start of the live auction. Deposit Escrow Agreement

The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (company or personal checks for the increased deposit will be accepted at the sale site or wiring instructions will be provided). Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the purchaser. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of contract to date of settlement. All adjustments, including taxes, all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of the contract and assumed thereafter by the purchaser. The property will be sold in “AS IS, WHERE IS” condition, subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to the S&R Keystone Pharmacy, LLC lease and occupancy. The Property is being sold subject to building or housing code violation notices, if any. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Seller is unable to convey good and marketable title, the purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.

Certain personal property remaining in the property may or may not be removed prior to settlement.