"Ridgely's Delight"

 REAL ESTATE AUCTION 

$100,000 Suggested Opening Bid

HIGH EXPOSURE
COMMERCIAL BUILDING
4,645± Sq. Ft. GBA ♦ Zoned C-1: Commercial

Sale On Premises
635 W. PRATT STREET
Corner Emory Street
Baltimore City, MD 21201

THURSDAY, MARCH 7, 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:
635 W. Pratt Street is located in the Ridgely’s Delight neighborhood in Baltimore City. Ridgely’s Delight is an historic neighborhood, characterized by historic architecture and a convenient location to major employment and visitor hubs in Baltimore City. The University of Maryland, Baltimore campus is opposite the property, and is well-known for the University of Maryland Medical Center, R. Adams Cowley Shock Trauma Center, Law School, School of Social Work and much more. Campus staff, students and visitors comprise a very large consumer base for businesses nearby. Oriole Park at Camden Yards is approximately 3 blocks southeast, providing a substantial consumer influx throughout much of the year. The Babe Ruth Birthplace and Museum is along Emory Street, one-half block south of the property. Additional attractions in the neighborhood include the Baltimore City Convention Center (4 bocks east), Royal Farms Arena (5 blocks northeast) and the Baltimore Inner Harbor (6 blocks east).

The property offers excellent exposure along W. Pratt Street. The annual average daily traffic count is 18,882 along the corridor of W. Pratt Street directly in front of the property. The west facing wall of the building provides excellent opportunities for signage, making use of eastbound traffic, and the north facing wall provides exposure to the University of Maryland buildings situated nearby. According to Baltimore Cityview, the property is within the Ridgely’s Delight CHAP Historic District, which may provide tax incentives in conjunction with the renovation of the building.

For more information, please see:
https://livebaltimore.com/neighborhoods/ridgelys-delight/
https://www.umaryland.edu/
https://www.roads.maryland.gov/index.aspx?PageId=838
http://cityview.baltimorecity.gov/
https://chap.baltimorecity.gov/historic-districts

SITE:
Rectangular lot – 18’9″ x 75′, more or less

18’9″ frontage on W. Pratt Street, and 75′ frontage on Emory Street

All public utilities

Zoning C-1: Commercial. According to TransForm Zoning District Summary, C-1 zoning is oriented to “Commercial clusters or pedestrian-oriented corridors of commercial uses that serve the immediate neighborhood. Ensures compatibility between neighboring residential and commercial uses.”

For more information, see the Baltimore City Zoning Code.

IMPROVEMENTS:
Three story brick free-standing building – the building was constructed in 1900 and contains 4,645 square feet of gross building area, according to public tax records. The building has four total floors including the lower level, and features a brick and stucco exterior, flat built-up roof, wood windows and multiple entrances. The interior is arranged as a restaurant: dining areas and two powder rooms, on the first floor; kitchen, bar area and powder room, on the second floor; open space on the third floor; dining areas, two offices and two powder rooms on the lower floor. The property needs full renovation.

The location, exposure and square footage of the building offer a variety of potential uses, including use as a restaurant, storefront, office, residential or mixed-use.

TITLE:
Subject to an annual $120 ground rent (due in semi-annual installments on 1/1 and 7/1); sold free and clear of all liens

TAXES:
Published annual real estate taxes are $8,244, based on a full value assessment of $276,500.

SUMMARY TERMS OF SALE:
Please refer to the contract of sale for complete terms.
A $15,000 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 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 on or before Tuesday, April 23, 2019. 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, ground rent, 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 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.