Email: info@ajbillig.com
6500 Falls Road, Baltimore, MD 21209
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$900,000 Suggested Opening Bid
LIBERTY HEIGHTS
BRICK GARDEN
APARTMENT COMPLEX
14 Units ◆ 100% Occupied
Extensively Renovated in 2016
Sale On Premises
Dorchester Apartments
4300 LIBERTY HEIGHTS AVENUE
Baltimore, MD 21207
WEDNESDAY, OCTOBER 14, 2020
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.
AUCTION SUMMARY:
Dorchester Apartments comprises 10 one-bedroom and 4 two-bedroom apartment units. The 10 one-bedroom units are subject to a HAP contract (Section 8). The auction is an asset sale of 4300 LIBERTY, LLC, the ownership entity, and is subject to existing leases and agreements, and the assumption of all outstanding debt.
Please complete the Confidentiality Waiver to obtain copies of:
SITE:
Level lot comprising 0.691 acre, fronting approximately 151′ on the north side of Liberty Heights Avenue by a depth of 199′.
Zoning R-5, multifamily residential
Public utilities – water, sewer, electric
Paved parking area in rear, accessed by macadam drive leading from Liberty Heights Avenue
Landscaping
IMPROVEMENTS:
Brick garden apartment complex, built in 1953 and gut-renovated in 2015-2016. The buildings are in a U-shaped configuration and comprise 17,856 square feet above ground, according to public tax records. There are 10 one-bedroom apartments and 4 two-bedroom units.
Exterior – two story buildings over concrete block basement, built-up asphalt roof and composition shingle roof on the center section, aluminum double-hung replacement windows.
Mechanical – Each unit has separate electric meters with 150-amp. service, separate heat pump/central air conditioning, and separate 40-gallon electric water heater. There is one water meter. The buildings are wet sprinklered.
Each unit comprises:
Basement is unfinished, has interior and exterior entrances, storage areas and laundry room with coin-operated machines. Central mailbox.
The units are Certified Lead Free, see MDE Property Registration No. 0328028300002.
TITLE:
The property will be sold subject to the terms and conditions contained in the Purchase Agreement. Baltimore City Deed Book FMC 15134, Page 1.
TAXES:
Published annual real estate taxes are $18,916, based on a full value assessment of $884,033.
SUMMARY TERMS OF SALE:
Please see the Purchase Agreement for complete terms.
A $50,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. 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. All adjustments, including taxes, rents, 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 settlement and assumed thereafter by the purchaser. The property will be sold in “AS IS” condition, and subject to existing leases, easements, agreements, restrictions or covenants of record affecting same, if any. 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. Members of the selling entity reserve the right to bid for their own account. The sale price includes the assumption of the existing Deed of Trust and Note with an approximate principal balance of $890,000. The balance due thereon will be deducted from the amount of cash due from the purchaser at settlement, pursuant to the assumption clauses in the Purchase Agreement. Security deposits shall be transferred at settlement. Time is of the essence.
No buyer’s premium.
