"Downtown Baltimore"

 REAL ESTATE AUCTION 

$200,000 Suggested Opening Bid

4 BUILDING ASSEMBLAGE
4 Storefronts And 8+ Apartments

– Zoned C5-DC – Downtown Core –

Sale On Premises
404-410 W. SARATOGA STREET
Between N. Eutaw and N. Paca Streets
Baltimore City, MD 21201

TUESDAY, JANUARY 28, 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.

LOCATION:
404-410 W. Saratoga Street comprises 4 adjoining buildings located in the heart of Downtown Baltimore. The buildings are situated just one block from the world famous Lexington Market, which according to a recent Baltimore Sun article is scheduled to be substantially renovated. There are a number of other substantial development projects nearby, and several more slated for construction in the coming year. Projects include 500 and 520 Park Avenue (including the Mount Vernon Marketplace), Howard Row, CenterWest, Chinatown and ongoing development and expansion of University of Maryland Baltimore, BioPark and Midtown Campus. Additional institutions nearby include the University of Baltimore, MICA and the Johns Hopkins Peabody School of Music. The area is also home to some of Baltimore’s best known High Schools, including the Baltimore School for the Arts and the Baltimore Leadership School. The Convention Center and Stadium Complex are located a few blocks south.

Exposure and access to the site are strong. There are Metro, Light Rail and Bus stops within one block. 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. According to Maryland SHA statistics, the annual average daily traffic count is 6,090 along the corridor of W. Saratoga Street in front of the property, in addition to pedestrian and other non-automotive commuters.

For more information about the area, please visit:
https://livebaltimore.com/neighborhoods/
https://www.roads.maryland.gov/index.aspx?PageId=838
http://cityview.baltimorecity.gov/

SITE:
Lot sizes:

All public utilities

Zoned C5-DC: Downtown Core Subdistrict – Approved use for carryout (404), barbershop (406), beauty salon & 8 dwelling units (408) and laundry (410)

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-DC Downtown Core Subdistrict is to establish these standards for structures located within the majority of Downtown. The standards recognize that this subdistrict is to be the most intensely developed portion of Downtown and is to be predominately pedestrian-oriented in nature.”

For more information, see the Baltimore City Zoning Code.

Additional information about nearby Master Plans, Neighborhood Plans and Urban Renewal plans can be found here: https://planning.baltimorecity.gov/master-plans

IMPROVEMENTS:
4 – adjoining three and four story buildings. 404-408 W. Saratoga Street are inside-group, and 410 is end-of-group with exposure from N. Paca Street.

406-410 comprise 3 interconnected four story buildings, arranged for 3 storefronts and 9 self-contained apartments. The apartments have common interior access, and are a mix of efficiency, 1 bedroom and 2 bedroom units. Six are currently occupied with a total monthly rent of $3,430 ($41,160 annually). The storefronts are vacant. Interior square footage totals 17,878 above grade plus basement, according to public tax records.

404 comprises a three story inside-group building arranged for a storefront and two apartments. Interior square footage is 2,035 plus basement. Currently vacant.

ADDITIONAL INFORMATION:
Please complete a Waiver and Confidentiality Agreement form to view the leases, MDE lead inspection certificates, multifamily dwelling license, and financial information.

TITLE:
406 is being sold subject to a $45 annual ground rent (unregistered). 404, 408 and 410 are in fee simple. All properties are sold free and clear of all liens

TAXES:

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:
https://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

MANNER OF SALE:
There will be three offerings. 406-410 will be offered with the high bid reserved. 404 will be offered with the high bid reserved. Then all four buildings will be offered as an entirety. The sale will be made in the manner producing the greater amount.

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $20,000 deposit for 406-410 W. Saratoga Street, $5,000 for 404 W. Saratoga Street, and $25,000 if sold as an entirety, 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 within 24 hours at the Auctioneer’s office. Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash (whether from purchaser or lender) 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. Security deposits, if any, shall be adjusted at the time of settlement. The property will be sold in “AS IS” condition, and subject to the existing leases of the tenants in place, 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 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 except where otherwise mandated by local, State or Federal law. Time is of the essence.

No Buyer’s Premium