"Lauraville"

 REAL ESTATE AUCTION 

$75,000 Suggested Opening Bid

MIXED-USE BUILDING
– Storefront & Two Apartments –

– $30,228/Year Gross Scheduled Income –

Sale On Premises
4602 HARFORD ROAD
Near E. Cold Spring Lane
Baltimore City, MD 21214

TUESDAY, APRIL 30, 2019
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:
4602 Harford Road is located in the Lauraville neighborhood in northeast Baltimore City. The property is located within the Hamilton – Lauraville Main Street Corridor, which is home to a number of Baltimore’s best known businesses, including Koco’s Pub, Zeke’s Coffee and the Silver Queen Café. The Hamilton – Lauraville Main Street Association sponsors a number of events throughout the year, including the Hamilton Street Festival, First Fridays, Student Art Show and Downhill Derby. Harford Road is a major thoroughfare for residents, commuters and visitors. The annual average daily traffic count is 19,701 along the corridor of Harford Road in front of the property.

Surrounding neighborhoods include Beverly Hills, Waltherson, Hamilton Hills and Arcadia. Lake Montebello is a short distance to the south. Morgan State University is at the northwest boundary of Lauraville, and Johns Hopkins University and Loyola University of Maryland are also within close proximity. Surrounding properties comprise a variety of retail businesses and offices, with a variety of home styles positioned a short distance off Harford Road.

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

SITE:
The lot comprises 2,706 square feet, according to public tax records

Fronts 22’11″‘ on Harford Road

Fenced side and rear yard

All public utilities

Zoned C-2: Commercial. According to TransForm Zoning District Summary, C-2 zoning is oriented to “Small to medium-scale commercial use, typically located along urban corridors. Designed to accommodate pedestrians and, in some instances, the automobile. Mixed-use development is appropriate within this district.” The property is also within the boundaries of the Urban Renewal Plan for the Lauraville Business District.

For more information, see the Baltimore City Zoning Code.

Urban Renewal Plan for the Lauraville Business District

IMPROVEMENTS:
Two story brick semi-detached storefront building – the building was constructed in 1900, contains 2,175 square feet of living area and 750 square feet of basement space, according to public tax records. The building is arranged for one retail space and two dwelling units. Total scheduled monthly rent is $2,519. MDE lead certificates on residential units.

The property is arranged as follows:

Exterior:
Brick exterior
Storefront entrance with show windows
Flat built-up roof
Vinyl-clad replacement windows
Three exterior entrances

Interior:
Retail Space – comprises the first floor front and basement. Finishes include drywall, laminate floor and drop ceiling. Arranged for an open office area, private office, full bathroom, storage area and unfinished basement/utility space. Rented for $750/month. Tenant pays utilities.

Unit 1 – comprises the second floor residential apartment. Arranged for an entry foyer (first floor), kitchen, living room, bathroom and bedroom. Rented for $802/month (HAP lease through 10/31/19). Tenant pays utilities.

Unit 2 – comprises the first floor rear. Arranged for living room, kitchen, bathroom and bedroom. Rented for $967/month (HAP lease through 2/29/20). Landlord pays utilities.

Basement/Mechanical
Unfinished basement with ample storage space
Forced air heat (heat pump) and CAC (2 units)
Electric hot water heaters (3 x 50 gallon units)
3 – electrical meters

MDE lead certificates and leases are available to view. Please complete the Waiver and Confidentiality Agreement form.

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

TAXES:
Published annual real estate taxes are $2,534.64 based on a full value assessment of $107,400

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $7,500 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 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 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. Purchaser waives the right of inspection for lead paint, as provided under current Federal and State law.  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