"Hampden Area - Medfield"

REAL ESTATE AUCTION

Two – 3-Unit
APARTMENT BUILDINGS
– 0.17± Acre Adjoining Lots –

Sale On Premises
4227 NEWPORT AVENUE &
4225 ELSA TERRACE
Baltimore City, MD 21211

WEDNESDAY, AUGUST 9, 2017
AT 11:00 A.M.

– Suggested Opening Bids: $75,000 –

      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:
4227 Newport Avenue and 4225 Elsa Terrace are located in the Medfield neighborhood in north Baltimore City. Surrounding neighborhoods include Hampden, Woodberry, Hoes Heights, Cross Keys and Roland Park. Medfield features a quiet, suburban feel, coupled with amazing access to area attractions in Hampden, Wooberry and Downtown. Loyola University of Maryland and Johns Hopkins University are a short distance to the east. Light rail service is available via the Cold Spring Lane and Woodberry stations.

Major redevelopment at Meadow Mill, Clipper Mill and Union Mill, coupled with long-time interest in the Hampden area, has sparked even more development in the Jones Falls corridor. Redevelopment of Mill No. 1, Whitehall Mill and the Rotunda are major current projects nearby. Further development is slated for industrial complexes immediately east of the Jones Falls Expressway (I-83) along W. 41st Street.

For more information about the area, please visit:
https://livebaltimore.com/neighborhoods/medfield/

SITE:
4227 Newport Avenue – Irregular shaped lot comprising approximately 4,900 square feet, or 0.11 acre, more or less.

The lot fronts 12′ on Newport Avenue and 74.68′ along Elsa Terrace, with depths of 121′ and 74.78′ along common property lines, and 12′ rear along the 16′ alley.

Grass front and side yards

Parking potential

All public utilities

4225 Elsa Terrace – Irregular shaped lot comprising approximately 2,750 square feet, or 0.06 acre, more or less.

The lot fronts 26’10” on Elsa Terrace, with depths of 100′ and 74.68′, and a rear lot line of 45.39′.

Grass front, side and rear yards

Parking potential

All public utilities

Zoning –
Both properties are zoned R-6, residential
For more information about Baltimore City Zoning, please visit:
http://planning.baltimorecity.gov/programs/transform-baltimore

Multi-family dwelling licenses:
4227 Newport Avenue – dwelling license
4225 Elsa Terrace – dwelling license

IMPROVEMENTS:
Two – 2 story brick end-of-group apartment buildings – the buildings were constructed in 1958, each contain 1,296 square feet of living area above grade and 648 square feet of partially finished basement space, according to public tax records. The buildings are arranged for three self contained dwelling units and a basement utility room. Features include new roofs (2015), updated gas furnaces, vinyl-clad replacement windows, hardwood floors, full ceramic tile bathrooms and MDE lead certificates.

First and second floor units each contain a living room, kitchen, bedroom, full bath and hall closet. Lower level units contain one room, kitchen and bath. Units require some updating and cosmetic repairs.

4227 Newport Avenue – 4 electric meters and 3 gas meters. Basement unit is rented for $645/mo. on a month-to-month tenancy to a long term tenant (approximately 5 years).

4225 Elsa Terrace – 4 electric and 4 gas meters. First floor is rented for $630/mo. on a month-to- month tenancy to a long term tenant (approximately 17 years). Basement unit needs full renovation.

MDE lead certificates:
4227 Newport Avenue – lead certificate
4225 Elsa Terrace – lead certificate

Roof information:
4227 Newport Avenue – roof info
4225 Elsa Terrace – roof info

TITLE:
Each property is subject to an annual $120 ground rent (due in semi-annual installments on 1/11 & 7/11); and sold free and clear of liens.

TAXES:
4227 Newport Avenue – Current annual taxes $3,912.88 per year, based on a full value assessment of $165,800.

4225 Elsa Terrace – Current annual taxes $3,912.88 per year, based on a full value assessment of $165,800.

MANNER OF SALE:
The properties will be offered separately and as an entirety

TERMS OF SALE:
A $10,000 deposit, for each property, and $20,000 if sold as an entirety, payable by certified check or 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. 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, ground rent, 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 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.

No Buyer’s Premium!