"Downtown Baltimore -Market Center Historic District"

This auction has been CANCELED.
Sold prior to the auction.

Featuring Live & Simulcast Online Bidding
$175,000 Opening Bid

FOUR STORY BUILDING
– Zoned C-5 Commercial –

– SELLER FINANCING AVAILABLE –

Sale On Premises:
112 W. MULBERRY STREET
Near Park Avenue
Baltimore City, MD 21201

– CANCELED –
Sold prior to the auction.

Online Bidding Opens
FRIDAY, APRIL 9, 2021

Live Onsite Auction Begins
WEDNESDAY, APRIL 14, 2021
AT 2:00 P.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. Some interior photos have been digitally staged for marketing purposes. Fireplaces are not known to be operational.

LOCATION:
112 W. Mulberry Street is located in the heart of Downtown Baltimore. The property is within the Market Center Historic District, representing the core of retail business in Downtown Baltimore for the last two centuries, and providing purchasers an opportunity for historic tax credits. Being within a Federal Opportunity Zone and Maryland Enterprise Zone provides an array of additional potential tax and employment incentives.

World famous Lexington Market is approximately 5 blocks west. Developers have secured $40 million in funding that will be used to redevelop the market and surrounding areas, a project that is currently underway. Additional developments nearby include 500 and 520 Park Avenue (including the Mount Vernon Marketplace), L on Liberty, Howard Row, CenterWest, Chinatown and ongoing development and expansion of University of Maryland Baltimore.

Exposure and access to the site are strong. The assemblage has good frontage on W. Mulberry Street, a well utilized commuter route with an average daily traffic count of 18,721 vehicles (according to SHA statistics) in addition to cyclists and pedestrians. There are Metro, Light Rail and bus stops within a few blocks. Amtrak and MARC train service are available at Penn Station and Camden Yards, which are both within one mile. Major commuter routes, including I-95, I-395 and I-83 are also close-by. Ample public parking is located throughout the area, in addition to street parking.

For more information about the area, please visit:
Neighborhoods – livebaltimore.com
MDOT State Highway Administration – www.roads.maryland.gov
CityView Map – cityview.baltimorecity.gov

For more information about Opportunity Zones, Enterprise Zones, CHAP, nearby Master Plans and Urban Renewal, please visit:
Opportunity Zones – baltimoredevelopment.com
Enterprise Zones – baltimoredevelopment.com
Historical and Architectural Preservation – chap.baltimorecity.gov
Master Plans – planning.baltimorecity.gov

SITE:
Lot size: 20’7.5″ x 61′. Plat

All public utilities

ZONING:
Zoned C-5-HT: Downtown Historic and Traditional Subdistrict. Previously approved use as a rooming house.

According to the City Zoning Code, “The C-5 Downtown Zoning District is intended for Baltimore’s Downtown and accommodates a wide range of uses normally associated with the downtown of a major city.” More specifically, “the purpose of the C-5-HT Downtown Historic and Traditional Subdistrict is to establish these standards for structures in an area of Downtown containing substantial historic and traditional architecture that has evolved since the founding of the City. Given the character of that development, this district is designed to require relatively low heights and the use of materials that reflect the existing development context.

For more information, see the Baltimore City Zoning Code – ca.baltimorecity.gov

IMPROVEMENTS:
Four story brick inside-group building – constructed in 1840, containing 3,272 square feet of gross building area above grade plus basement space, according to public tax records. The building is currently arranged as a rooming house, with 7 rooming units, 6.5 baths, and common area. Exterior features include all brick exterior, flat built-up roof and mixed windows. Interior finishes are drywall, plaster, carpet and laminate. There are three gas fired forced air furnaces, three air conditioning units, one electric meter (formerly four) and one gas meter (formerly 3). Current zoning allows for continued residential use, or utilizing the property in a commercial or mixed-use capacity.

Floor Plan

TITLE:
In fee simple; sold free and clear of all liens.

TAXES:
Current annual real estate taxes are $4,293.61, based on a full value tax assessment of $181,933.

SELLER PROVIDED FINANCING IS AVAILABLE:
$50,000 down, 10% interest, 2% origination fee, amortized on a 20-year basis, maturing in 5-years. Purchasers are under no obligation to use the financing. If the purchaser would choose to use the seller provided financing, Land Settlements, LLC shall be engaged to conduct the closing without the closing credit as mentioned below.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $20,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price by 12:00 P.M., Thursday, April 15, 2021, at the Auctioneer’s office. Online bidders must post a 10% deposit by wire transfer or cashier’s check by 4:30 P.M. on the day of auction. 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 contract and assumed thereafter by the purchaser. The property will be sold in “AS IS” condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes the risk of loss from the date of contract forward. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. 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 except where otherwise mandated by local, State or Federal law. Seller to provide purchaser who is not using the seller provided financing a $500 closing credit if purchaser uses Land Settlements, LLC (Jasmin Torres, Attorney) for closing. Time is of the essence.

No Buyer’s Premium!