Call: 410-296-8440
Email: info@ajbillig.com
6500 Falls Road, Baltimore, MD 21209

"Mount Vernon Area"

Retail Assemblage - Starbucks - Chipotle - Smoothie King - Subway - NNN Leases - Additional Lease-Up Opportunity
1209 N. Charles Street, Units A, B & C
Baltimore, MD
21201
Baltimore City
Show on Map
On-Site & Simulcast Bidding
May 12, 12:00 AM - May 13, 12:00 PM
Add to Calendar
Register & Bid Online
Agent/Broker Registration
Onsite Bidder Registration

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Showing and Inspection:

The property will be open 1 hour prior to the live onsite auction and is available to inspect by appointment:

For Agents: please schedule online via ShowingTime.

For Individuals:  Please contact the Auctioneer’s office, by phone: 410-296-8440 or email: info@ajbillig.com. Inspection requests are normally answered Monday-Friday 9 am-4 pm.

Terms Of Sale:

Live Auction Bidders – Deposits as stated below, payable by cashier’s check, will be required of the purchaser at time and place of sale.

Online Auction Bidders – Deposits as stated below, payable by cashier’s check or wire, will be required of all online bidders prior to the start of the live auction. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid.
Deposit Escrow Agreement

Deposit Amounts:

  • Unit A:    $200,000
  • Unit B:      $50,000
  • Unit C:      $25,000
  • Entirety: $275,000

The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (wire or cashier’s check). A 6% 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 please see the Sample Contract.

Baltimore, Maryland

REAL ESTATE AUCTION

Live Onsite & Online Simulcast Bidding

Mount Vernon Area
RETAIL ASSEMBLAGE
Starbucks ● Chipotle ● Smoothie King ● Subway
NNN Leases – Additional Lease-Up Opportunity

Known As:
1209 N. CHARLES STREET
Units A, B & C
Corner of Preston Street
Baltimore, Maryland 21201

$206,584± NNN Annual Income
At 42% Occupancy

Online Bidding Opens
MONDAY, MAY 12, 2025

Live Onsite Auction
TUESDAY, MAY 13, 2025
AT 12:00 NOON

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:
1209 N. Charles Street Units A, B & C comprises three separately owned retail condominium units in Twelve09 Condominium in Midtown-Belvedere. The three street level units are part of an expansive mixed-use complex north of Mount Vernon and 3 blocks south of Penn Station. The property is surrounded by the University of Baltimore and the Maryland Institute College of Art (MICA).

Unit A is 100% occupied, leased to Starbucks, Chipotle, Smoothie King and Subway on NNN leases with 3 18-year remaining terms (including options). Current scheduled annual rents are $206,584.44 plus percentage rent (Subway). Units B and C (a/k/a 1207 N. Charles Street) are vacant. Gross building area for all 4 units is approximately 14,000 square feet. By square footage, the assemblage is 42% occupied.

The auction will feature separate and entirety offerings conducted with both online and in-person bidding available. The sale presents an excellent opportunity to acquire a well located income producing asset with a significant lease-up opportunity. There may also be an opportunity to separate the units from the existing condominium regime after closing.

LOCATION:
1209 N. Charles Street, also referred to as the Twelve09 Building, is located in the Midtown-Belvedere neighborhood in Baltimore at the corner of N. Charles Street and Preston Street. Penn Station, featuring both Amtrack and MARC train service, is three blocks north. The building is nestled among the campus of University of Baltimore Undergraduate, Graduate and Law School campuses. MICA’s campus begins approximately three blocks away along both Mount Royal Avenue and Charles Street. Johns Hopkins University is approximately 1.5 miles north, and the Johns Hopkins Hospital East Baltimore Campus is approximately 2 miles east. Immediately surrounding neighborhoods include Mount Vernon, Bolton Hill, Charles North and the collection of neighborhoods comprising the Station North Arts & Entertainment District. The area has been a cornerstone of Baltimore’s educational, cultural, arts, architecture and music scene for most of the City’s history.

Twelve09 comprises a 5 story building constructed in 2007, containing approximately 100 predominantly residential units, in addition to in-building parking and storage units. The building features an impressive facade, interior courtyard and an array of amenities. According to MDOT statistics, traffic counts (AADT) at the building are 5,502 cars per day along N. Charles Street and 5,952 along E. Preston Street, with significant additional pedestrian and public transportation visibility. In addition to the train station, several bus stops are within 1 block. Street parking and public parking lots are throughout the immediate area. Access to the Jones Falls Expressway (I-83) is two blocks north along Charles Street and four blocks west along Guilford Avenue and Eager Street.

For more information about the area, please visit:
Neighborhoods – livebaltimore.com
CityView Map – cityview.baltimorecity.gov
Community Development Map – cels.baltimorehousing.org

UNIT DESCRIPTIONS:

Unit A – Starting Bid: $1,500,000
Street level retail condominium unit comprising 5,975 square feet of gross area according to tax records. Plat
Leased to:

Starbucks – 1,784 sq. ft – Corner Unit

  • $71,235.12 NNN annual rent.
  • Leased through 2/29/28 (commenced 6/7/07).
  • Three 5-year options remaining at increased rents.

Chipotle – 2,000 sq. ft.

  • $55,999.92 NNN annual rent.
  • Leased through 12/31/31 with rent increasing to $60,999.96/year starting 1/1/27.
  • Three 5-year options remaining at increased rents.

Smoothie King – 883 sq. ft.

  • $38,009.40 NNN annual rent.
  • Leased through 3/15/28. 3% rent increases every year on 4/1.

Subway – 1,318 sq. ft.

  • $41,340.00 NNN annual rent plus percentage rent.
  • Leased through 2/28/29.

See financial information and due diligence package for further details. Annual taxes are $21,150.32, paid on a pro-rata share by the tenants. Special Benefits District charges of approximately $1,200/year are also paid by tenants. Minor Privilege charges (outdoor seating) of approximately $400/year are also paid by tenant. Stores are available for viewing during normal business hours.

Unit B – Starting Bid: $300,000
Street level retail condominium unit comprising 5,947 square feet according to public tax records. The space is currently divided into two units, vacant, finished as shell space and formerly leased to a pet store and bank. Annual taxes are $21,051.20, plus Special Benefits District charges of approximately $1,200/year. Available for showing upon request. Plat

Unit C – Starting Bid: $50,000
First floor and terrace level condominium unit comprising half of the building known as 1207 N. Charles Street with 2,149 square feet of gross building area according to public tax records. Formerly occupied by Thai Landing restaurant. Annual taxes are $7,606.28, plus Special Benefits District charges of approximately $450/year. Available for showing upon request. Plat

Total condominium fees for all units are approximately $73,164.36 per year.

More details and photos coming soon!

FINANCIAL INFORMATION, LEASES, CONDO. DOCS AND DUE DILIGENCE:
Please complete the Waiver and Confidentiality agreement to receive copies of leases, amendments, drawings, condominium documents and other due diligence information.

MANNER OF SALE:
There will be individual offerings for each unit and an entirety offering for the entire assemblage.

Unit A will be offered first, and the high bid reserved. Units B and C will be offered in the same way successively. The bid amounts for all three units will be totaled with the assemblage offered above that total.

The sale will be made in the manner producing the greatest result in the sole discretion of the seller.

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

Live Auction Bidders – Deposits as stated below, payable by cashier’s check, will be required of the purchaser at time and place of sale.

Online Auction Bidders – Deposits as stated below, payable by cashier’s check or wire, will be required of all online bidders prior to the start of the live auction. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid.
Deposit Escrow Agreement

Deposit Amounts:

  • Unit A:    $200,000
  • Unit B:      $50,000
  • Unit C:      $25,000
  • Entirety: $275,000

The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (wire or cashier’s check). Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place by 5 P.M. Eastern Time on July 11, 2025. 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, rent, 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 settlement and assumed thereafter by the Purchaser. Security deposit(s), if any, shall be adjusted at the time of settlement. The property will be sold in “AS IS” condition, and subject to the existing lease(s) of the tenant(s) in place, the Declaration and by-Laws of the Twelve09 Condominium, easements, agreements, restrictions or covenants of record affecting same, if any. The Property will be sold subject to Baltimore City violation notices, 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 any right of rescission under Maryland Condominium Law, having reviewed the condominium resale package prior to the auction and execution of the contract of sale. 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 6% buyer’s premium will be added to the final bid price.

Sale in Collaboration with:
KLNB Commercial Real Estate Services

"Mount Vernon Area"
Retail Assemblage - Starbucks - Chipotle - Smoothie King - Subway - NNN Leases - Additional Lease-Up Opportunity
1209 N. Charles Street, Units A, B & C
Baltimore, MD
21201
Baltimore City
Show on Map
On-Site & Simulcast Bidding
May 12, 12:00 AM - May 13, 12:00 PM
Add to Calendar
Register & Bid Online
Agent/Broker Registration
Onsite Bidder Registration

New to A. J. Billig? Here's What You Need to Be Ready to Bid