"Midtown-Belvedere"

Live Auction Bidders – a $20,000 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 with 24 hours at the Auctioneer’s office (wire or cashier’s check).

Online Auction Bidders – a $20,000 or 10% deposit, whichever is greater, payable by cashier’s check or wire, will be required of the purchaser by 4:00 P.M. on the day of auction. When you register for an online auction, a “ping” will be placed on your credit card and immediately voided, you will not be charged the deposit amount.

A 5% buyer’s premium will be added to the final bid price. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page and see the Sample Contract.

Featuring Live & Simulcast Online Bidding
$150,000 Opening Bid

MIDTOWN – BELVEDERE

Three Story
MIXED-USE BUILDING
Storefront & Apartment – Zoned C-2

$27,960/Year
Gross Potential Income

Sale On Premises:
1110 CATHEDRAL STREET
Near W. Chase Street
Baltimore City, MD 21201

Online Bidding Opens
TUESDAY, MAY 7, 2024

Live Onsite Auction Begins
THURSDAY, MAY 9, 2024
AT 1:30 P.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:
1110 Cathedral Street is located in the Midtown-Belvedere neighborhood in Downtown Baltimore. Midtown-Belvedere is often included when discussing the larger Mount Vernon and Penn Station areas of the City. Midtown-Belvedere is at the cultural core of the City as home to some of the City’s most important institutions, architecture and entertainment venues, including the University of Baltimore, Meyerhoff Symphony Hall, Mount Royal Station, Lyric Opera House and The Belvedere itself. MICA and Penn Station are at the edges of the neighborhood. Other commercially and culturally important neighborhoods adjoining Midtown-Belvedere include Bolton Hill, Mount Vernon, Seton Hill, Charles North and the larger Station North Arts & Entertainment District.

The property is located near the intersections of Chase Street, Park Avenue, Maryland Avenue, Tyson Street and Howard Street. It is among the most convenient locations in Baltimore. Surrounding properties include restaurants, retail shopping, apartment complexes, an array of service providers, UB administration buildings, a number of entertainment venues and a variety of public transportation options. The State of Maryland Government complex, Social Security and collection of University campuses nearby provide substantial employment in the area, ideal for a source of customers or tenants in the location. The property is also located within a State of Maryland Enterprise Zone, offering both real property and employment based tax incentives. The auction provides an opportunity for both owner-occupants and investors to acquire a building with an excellent location and substantial upside.

For more information about the area, please visit:
Midtown-Belvedere – livebaltimore.com
City of Baltimore – www.baltimorecity.gov
CityView Map – cityview.baltimorecity.gov
Community Development Map – cels.baltimorehousing.org
Enterprise Zone Information – www.baltimoredevelopment.com

SITE:
Lot size – 13′ x 72′, according to public tax records. Plat

All public utilities

ZONING:
Zoned C-2 Commercial

According to Baltimore City’s Zoning District Summary, the C-2 zone comprises “Small to medium-scale commercial use, typically located along urban corridors. Designed to accommodate pedestrians and, in some instances, the automobile. Mixed-use development is appropriate within this district.”

For more information about zoning, please visit:
Department of Planning – planning.baltimorecity.gov

IMPROVEMENTS:
Three story in-line storefront building arranged for retail or office on the first floor and apartment on the second and third floors.

According to public tax records, the building was constructed in 1900 and contains 1,361 square feet of gross building area. The building has separate front entries for each space and rear access to the commercial space. Asphalt architectural shingle roof on the main portion of the building and torch down roof on the rear bump-out. Mixed windows. Two electric meters, one gas meter.

The first floor commercial space is arranged as one large, open room with LVT floors, exposed brick and beams, powder room and access to a storage basement. Forced air heat and central air conditioning. Previously rented to an events company for $900/month who vacated at the end of March. There have been discussions with two different tenants willing to lease the space for two years with a monthly rent of $1,080 plus utilities in year 1 and $1,125 in year 2. The space has been left vacant for purchasers intending to occupy the space.

The second and third floor apartment is rented through November of this year for $1,250/month. The lead-free unit was fully renovated a couple of years ago and is arranged as follows: open living room and kitchen, with vinyl flooring and carpet, stainless appliances and stacking washer/dryer, on the second floor; one bedroom and full ceramic tile bath with shower, on the second floor. Electric baseboard heat.

Lead Free Cert
Registration

ADDITIONAL INFORMATION:
Please complete the Waiver and Confidentiality agreement to view the lease.

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

TAXES:
Current annual real estate taxes are $3,759.48, based on a full value tax assessment of $159,300.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.

Live Auction Bidders – a $20,000 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 with 24 hours at the Auctioneer’s office (wire or cashier’s check).

Online Auction Bidders – a $20,000 or 10% deposit, whichever is greater, payable by cashier’s check or wire, will be required of the purchaser by 4:00 P.M. on the day of auction.

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 and assumed thereafter by the Purchaser. The property will be sold in “AS IS” condition, and subject to easements, agreements, the rights of the existing tenants, 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. 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. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.