"Mid-Town Belvedere"

 REAL ESTATE AUCTION 

COMMERCIAL
CONDOMINIUM UNITS
4,854± Sq. Ft. ◆ Zoned C-2
Former Restaurant and Lounge

Sale On Premises
BELVEDERE CONDOMINIUM
UNITS R3B & R3M
(Use Charles Street Entrance)
1 E. Chase Street – Corner Charles Street
Baltimore, MD 21202

THURSDAY, OCTOBER 18, 2018
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:
Mid-Town Belvedere is located in Downtown Baltimore, near the University of Baltimore, Maryland Institute of Art, Peabody Conservatory and Penn Station. The area is a mixture of commercial and residential land uses. Neighborhood homes, many of which are grand townhouses converted to apartments are typically tenant occupied.

According to Wikipedia, “The Belvedere is a Beaux Arts style building in Baltimore, Maryland. Designed by the Boston architectural firm of Parker and Thomas and built in 1902–1903, the Belvedere is a Baltimore landmark at the southeast corner of North Charles Street, facing north on East Chase Street in the city’s fashionable Mount Vernon-Belvedere-Mount Royal neighborhood. In 1991 it was converted into condominiums, though areas remain open to the public.” For complete building history and details, see the link below.

According to public tax records, the building contains 206 condominium units, which include several restaurants, a large event hall, apartments and offices. The auction units are located on the ground level of the building, at grade with the Charles Street entrance and accessible from the Chase Street main lobby by elevator or stairs.

Helpful links:
https://en.wikipedia.org/wiki/Belvedere_Hotel
https://livebaltimore.com/neighborhoods/mid-town-belvedere

AUCTION UNITS:
Two interconnected commercial condominium units will be sold together as an entirety. The units were formerly operated as a restaurant and lounge, known as the “Red Square”, and contain a bar/restaurant area with wood floor and bar, commercial kitchen with ceramic tile floor, office, two rest rooms, sprinkler system and multiple entrances. All public utilities are available. Renovation is needed. See condominium plat for layout. The units front on N. Charles Street.

*Published annual real estate taxes, shown above, are based on total full value assessments of $364,400. 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:
http://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

CONDOMINIUM ASSOCIATION:
Unit R3B has a monthly condominium fee of $2,993.16. Condominium Resale Package
Unit R3M has a monthly condominium fee of $2,993.16. Condominium Resale Package

ZONING:
The property is located in a C-2, commercial zoning district, permitting a wide variety of commercial land uses. For additional information see – Baltimore City Zoning Code

TITLE:
The units are sold free and clear of all liens. Baltimore City Deed Book 18337, Page 215.

SUMMARY TERMS OF SALE (refer to the contract for complete terms):
A $10,000 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 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. 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, condominium fees, 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. Purchaser agrees to waive any right of rescission under Maryland Condominium 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. Time is of the essence.

No buyer’s premium.