"Gay Street - Johns Hopkins Area"

A $5,000 deposit or ten percent (10%) of the Purchase Price (whichever is greater), in a cashier’s check to be delivered to the Auctioneer’s office at 6500 Falls Road, Baltimore, MD 21209, or sent by wire transfer, by Thursday, November 3, 2022 at 4:00 P.M. 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.

Starting Bid: $35,000

GAY STREET
“Johns Hopkins Area”

TWO STORY
TOWNHOME
~Within Opportunity Zone~

Known As
1620 ASHLAND AVENUE
Off E. Broadway Street
Baltimore, MD 21205

BIDDING OPENS:
TUESDAY, NOVEMBER 1, 2022

BIDDING CLOSES:
THURSDAY, NOVEMBER 3, 2022 AT 11:30 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:
1620 Ashland Avenue is located in the Gay Street neighborhood of East Baltimore City. Surrounding neighborhoods include Eager Park, Dunbar-Broadway and Oldtown. The home is located in a bustling area of East Baltimore – close to the shops, restaurants and community services on N. Broadway and stabilized by the presence of world renowned Johns Hopkins Hospital. Being a half block away from Hopkins, the property benefits from the immense economic investments being made in the surrounding area not only from the hospital but by federal opportunity zones. Commuters within the area can take advantage of Orleans Street to the south for east/west travel and Broadway to the east for north/south travel. Various bus routes and a metro line are all within a short walk. Major employers in the area include Johns Hopkins Hospital, Johns Hopkins Bayview Campus and various industrial jobs throughout east Baltimore City.

For more information, please visit:
Neighborhoods – livebaltimore.com
East Baltimore Development Inc. – ebdi.org
East Baltimore Development Initiative – president.jhu.edu

SITE:
Lot size – 14’4” x 68′, more or less. Plat

Zoned R-8, residential

All public utilities

IMPROVEMENTS:
Two-story inside-group townhome – constructed in 1920, according to public tax records. The home is arranged for a living room, dining room, kitchen and half bathroom, on first floor; three rooms and bathroom, on second floor; unfinished basement with a flush.

The home needs renovation.

OPPORTUNITY ZONES:
The property falls within one of Baltimore’s opportunity zone areas. According to the Baltimore Development Corporation,”The program provides a federal tax incentive for investors, who invest in real estate projects and operating businesses located in designated low-income communities through deferral and partial tax reductions of reinvested capital gains, and forgiveness of tax on new capital gains.”

For more information about opportunity zones click the link below:
Opportunity Zones – baltimoredevelopment.com

TITLE:
Subject to a $68 ground rent, payable in semi-annual installments on 5/15 and 11/15; sold free and clear of liens.

TAXES:
Published annual real estate taxes are $1,770 based on a full value assessment of $75,000.

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $5,000 deposit or ten percent (10%) of the Purchase Price (whichever is greater), in a cashier’s check to be delivered to the Auctioneer’s office at 6500 Falls Road, Baltimore, MD 21209, or sent by wire transfer, by Thursday, November 3, 2022 at 4:00 P.M. 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 and 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. 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 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. A 5% buyer’s premium will be added to the final bid price.