"West Arlington"

REAL ESTATE AUCTION

Four Unit
APARTMENT BUILDING
– $33,636 Gross Annual Rent –

Sale On Premises
4014 PENHURST AVENUE
Baltimore City, MD 21215

THURSDAY, MARCH 9, 2017
AT 11:00 A.M.

– Suggested Opening Bid: $60,000 –

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:
4014 Penhurst Avenue is located in the West Arlington neighborhood in northwest Baltimore City. Surrounding neighborhoods include Howard Park, Grove Park, Woodmere, Dolfield and Dorchester. Situated a short distance south of Wabash Avenue and Northern Parkway, the home is convenient to Metro subway service, bus service, shopping, dining and entertainment. I-83 is approximately 2.5 miles east via Coldspring Lane or Northern Parkway, and I-695 is about 3.5 miles west via Liberty Road. Surrounding properties are predominantly large single family homes of varying styles.

For more information about Baltimore City neighborhoods, please visit:
http://livebaltimore.com/neighborhoods/

SITE:
Rectangular lot – 67′ x 150′, more or less

Front and rear yards with mature trees

Rear vehicle accessible alley – potential for off-street parking

Zoning R-2, residential, 4 dwelling units

Public water, sewer, gas, electricity, telephone, cable TV

IMPROVEMENTS:
Three story free-standing apartment building – the building was constructed in 1910, contains 2,915 square feet of living area and 1,086 square feet of basement space. The fully-occupied building is arranged for four self-contained dwelling units, and features vinyl clad replacement windows, separate exterior entrances and multiple fire escapes. Tenants pay their own gas and electric. Each unit has an MDE lead certificate. The units are arranged as follows:

1E – $600 per month on a month to month lease (annual lease expired 4/30/16) contains 2 rooms, kitchen and bath.
1W – $753 per month on an annual HAP lease through 7/31/17
2E – $700 per month on a month to month lease (annual lease expired 3/1/16) contains 2 rooms, kitchen and bath.
2W – $750 per month on an annual lease, contains 3 rooms, kitchen and bath.
Total: $2,803 per month, $33,636 per year

For copies of the leases, lead certificates and dwelling license, please fill out the Waiver and Confidentiality Agreement form, sign it and return it to the office of the Auctioneer by fax: 410-296-4420 or email: info@ajbillig.com

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

TAXES:
Published annual real estate taxes are $4,800.24, based on a full value tax assessment of $203,400. 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

TERMS OF SALE:
A $5,000 deposit, 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 of the auction day and time, 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. All adjustments, including taxes, rents, 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 settlement 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 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!