"Park Circle"

GALLERY AUCTION
16 BALTIMORE CITY PROPERTIES

12 RENTAL TOWNHOMES
$10,895 Scheduled Monthly Rent
At 92% Occupancy
&
4 ASSISTED LIVING FACILITIES
$5,450 Scheduled Monthly Rent
At 100% Occupancy

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.

GENERAL INFORMATION:
The sale consists of 16 residential properties located throughout northwest, west and southwest Baltimore City. The properties have substantial existing and potential cash flow. Currently 15 of the 16 properties are occupied, with $16,345 per month in scheduled income. The vacant units have potential for $1,800 or more per month. At full occupancy, the assets can generate over $200,000 per year in gross income. The auction represents an excellent opportunity to buy one or more multiple properties with long rental histories, excellent income and the potential for long term growth.

Buyers will be required to have a $2,500 cashier’s check for EACH PROPERTY they intend to purchase. Summary terms of sale are below, and a draft contract of sale will be made available for review prior to auction. Open houses for the properties may be scheduled the week prior to auction based on demand. Please email info@ajbillig.com or call 410.296.8440 if you would like to be notified about property access.

RENTAL TOWNHOMES:
The first portion of the auction features 12 rental townhomes, 11 of which are occupied. Scheduled monthly rentals total $10,895, or $130,740 annually. Occupied units have MDE lead certificates. Many of the tenants have resided in the properties for multiple years. Copies of lead certificates and leases are available to view by completing a non-disclosure/confidentiality form: Waiver and Confidentiality Agreement. The properties will be offered individually only.

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SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms – A $2,500 DEPOSIT ON EACH PROPERTY, 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. The properties 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. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.